LPL Financial Reports $339 Million Net Income in First Quarter of 2023

LPL Financial Holdings Inc., the nation’s largest independent broker-dealer, announced results for the first quarter ended March 31, 2023, reporting net income of $339 million, or $4.24 per share.

This compares with $134 million, or $1.64 per share, in the first quarter of 2022 and $319 million, or $3.95 per share, in the prior quarter.

LPL also reported that recruited assets during the quarter totaled $13 billion. The firm reported that their advisor count increased 246 during the quarter to 21,521, a year-over-year gain of 1,430.

“Over the past quarter, we remained focused on our mission of taking care of our advisors, so they can take care of their clients,” said Dan Arnold, president and chief executive officer. “At the same time, we continued to invest in our model and thus enhance its appeal, which led to another quarter of solid business results and increased market share.”

The company’s board of directors declared a $0.30 per share dividend to be paid on June 1, 2023, to all stockholders of record as of May 18, 2023.

“As we move into 2023, we remain focused on serving our advisors, growing our business, and delivering shareholder value,” said Matt Audette, chief financial officer and head of business operations. “In the first quarter, we continued to grow assets organically in both our traditional and new markets, closed two strategic acquisitions, continued our momentum with our liquidity and succession capability, and are preparing to onboard Commerce Bank and Bank of the West in the second half of the year. As we look ahead, our business momentum and financial strength position us well to continue creating long-term shareholder value.”

LPL’s share repurchases were $275 million and dividends paid of $24 million. Their recruited assets over the trailing twelve months were $85 billion, a 12% increase from a year ago.

As The DI Wire reported earlier this week, financial advisor Dustin Mac Brown has joined LPL Financials’ broker-dealer, registered investment advisor and custodial platforms with $190 million in advisory, brokerage and retirement plan assets.

LPL supports more than 21,000 financial advisors, 1,100 institution-based investment programs and 500 independent RIA firms nationwide.

Click here to visit The DI Wire directory page.