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LPL Financial Reports Third Quarter Results

LPL Financial Reports Third Quarter Results. Adviser, broker, broker-dealer, financial services, investment adviser, LPL Financial, registered investment advisor, RIA
LPL Financial Reports Third Quarter Results. Adviser, broker, broker-dealer, financial services, investment adviser, LPL Financial, registered investment advisor, RIA

LPL Financial LLC, the nation’s largest independent broker-dealer, announced results for its third quarter ended Sept. 30, 2023, reporting net income of $224 million, or $2.91 per share.

This compares with $232 million, or $2.86 per share, in the third quarter of 2022 and $286 million, or $3.65 per share, in the prior quarter.

LPL also reported that recruited assets during the quarter totaled $31 billion. Their recruited assets over the trailing twelve months were $78 billion.

The firm reported that their advisor count increased 246 during the quarter to 22,404, a year-over-year gain of 1,360.

“We continued to execute on our strategy of supporting our advisors and helping them further differentiate and win in the marketplace. These efforts drove another quarter of strong outcomes, as advisors continued to demonstrate their ongoing dedication and commitment to their clients,” said Dan Arnold, president and chief executive officer. “Looking ahead, we remain focused on our mission of taking care of our advisors and enterprises, so they can take care of their clients.”

The company’s board of directors declared a $0.30 per share dividend to be paid on Nov. 27, 2023, to all stockholders of record as of Nov. 9, 2023.

LPL’s share repurchases were $250 million and dividends paid of $23 million.

LPL supports approximately 22,000 financial advisors, 1,100 institution-based investment programs and 560 independent registered investment advisor firms nationwide.

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