LPL Financial Reports Monthly Activity for February 2024
SAN DIEGO, March 21, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for February 2024.
Total advisory and brokerage assets at the end of February were $1.40 trillion, an increase of $41.5 billion, or 3.0%, compared to the end of January 2024.
Total net new assets for February were $6.8 billion, translating to a 6.0% annualized growth rate. Total net new advisory assets were $6.4 billion, translating to a 10.4% annualized growth rate.
Total client cash balances at the end of February were $46.5 billion, a decrease of $0.8 billion compared to the end of January 2024. Net buying in February was $13.0 billion.
| (End of period $ in billions, unless noted) | February | January | Change | February | Change | |||
| 2024 | 2024 | M/M | 2023 | Y/Y | ||||
| Advisory and Brokerage Assets |
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| Advisory assets | 768.4 | 740.7 | 3.7% | 606.1 | 26.8% | |||
| Brokerage assets | 634.9 | 621.1 | 2.2% | 541.7 | 17.2% | |||
| Total Advisory and Brokerage Assets | 1,403.3 | 1,361.8 | 3.0% | 1,147.8 | 22.3% | |||
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| Total Net New Assets |
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| Net new advisory assets | 6.4 | 2.4 | n/m | 4.3 | n/m | |||
| Net new brokerage assets | 0.4 | (0.4) | n/m | 1.0 | n/m | |||
| Total Net New Assets | 6.8 | 2.0 | n/m | 5.2 | n/m | |||
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| Organic Net New Assets |
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| Net new organic advisory assets | 6.4 | 2.4 | n/m | 4.3 | n/m | |||
| Net new organic brokerage assets | 0.4 | (0.4) | n/m | 1.0 | n/m | |||
| Total Organic Net New Assets | 6.8 | 2.0 | n/m | 5.2 | n/m | |||
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| Net brokerage to advisory conversions | 1.3 | 1.0 | n/m | 0.8 | n/m | |||
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| Client Cash Balances |
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| Insured cash account sweep | 33.2 | 33.7 | (1.5%) | 40.7 | (18.4%) | |||
| Deposit cash account sweep | 9.0 | 8.9 | 1.1% | 10.3 | (12.6%) | |||
| Total Bank Sweep | 42.2 | 42.6 | (0.9%) | 51.0 | (17.3%) | |||
| Money market sweep | 2.3 | 2.4 | (4.2%) | 2.8 | (17.9%) | |||
| Total Client Cash Sweep Held by Third Parties | 44.5 | 45.0 | (1.1%) | 53.8 | (17.3%) | |||
| Client cash account | 2.0 | 2.3 | (13.0%) | 2.4 | (16.7%) | |||
| Total Client Cash Balances | 46.5 | 47.3 | (1.7%) | 56.2 | (17.3%) | |||
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| Net buy (sell) activity | 13.0 | 12.0 | n/m | 12.4 | n/m | |||
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| Market Drivers |
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| S&P 500 Index (end of period) | 5,096 | 4,846 | 5.2% | 3,970 | 28.4% | |||
| Russell 2000 Index (end of period) | 2,055 | 1,947 | 5.5% | 1,897 | 8.3% | |||
| Fed Funds daily effective rate (average bps) | 533 | 533 | —% | 457 | 16.6% | |||
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For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.
