LPL Highlights Q4 Results; Earnings Per Share Up 26% Year-Over-Year

LPL Financial Holdings Inc. highlighted results for the fourth quarter ended Dec. 31, 2024, reporting net income of $271 million, or $3.59 per share. This compares with $218 million, or $2.85 per share (a 26% increase per share) in the fourth quarter of 2023; and $255 million, or $3.39 per share, in Q3 2024.
“2024 marked another milestone year for LPL,” said Rich Steinmeier, chief executive officer. “We delivered double-digit organic asset growth, including the onboarding of one of our largest institutional partners, closed on our acquisition of Atria, continued to advance our pioneering Liquidity and Succession program, and reported record adjusted earnings per share.
LPL’s total advisory and brokerage assets increased 29% year-over-year to $1.7 trillion. Advisory assets as a percentage of total assets increased to 55%, up from 54.3% one year ago.
Total organic new assets for the company were $68 billion, which represented 17% annualized growth. This included $40 billion of assets from Prudential Advisors with the continued movement and onboarding, and $2 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $30 billion, translating to an 8% annualized growth rate.
The company reported $479 million in corporate cash, a leverage ratio of 1.89x. Share repurchases were $100 million, and dividends paid were $23 million.
For the full year, net income was $1.1 billion; recruited assets were a record of $149 billion, up approximately 86% from a year ago; and share repurchases were $170 million, and dividends paid were $90 billion.
LPL’s adviser count was 28,888, up 5,202 sequentially and 6,228 year-over-year. It included approximately 2,200 advisers from Atria Wealth Solutions Inc. and approximately 2,800 from Prudential.
“Looking ahead to 2025, our business momentum and financial strength position us well to continue expanding our leadership across the adviser-mediated marketplace and delivering long-term shareholder value,” added Steinmeier.
Just this month, LPL onboarded the wealth management business of Wintrust Investments LLC and certain private client business at Great Lakes Advisors LLC with $16 billion of brokerage and advisory assets, of which $15 billion transitioned onto the LPL platform to-date. Also, LPL’s board of directors declared a $0.30 per share dividend to be paid on March 25, 2025, to all stockholders of record as of March 11, 2025.
LPL Financial Holdings Inc. serves nearly 29,000 financial advisers nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled $1.7 trillion as of Dec. 31, 2024.