Independent broker-dealer LPL Financial (LPLA) says its total client assets rose nearly 1% in May from to $486 billion compared with their April level, though client cash sweep balances weakened 1% to $29.2 billion.
This follows a 1% jump in assets in April and a 3% decrease in cash sweep balances, according to the firm. (About $291.6 billion of its client assets are in brokerage accounts, while about $194 billion are in advisory accounts.)
The IBD also says that its departure from the Financial Services Institute several months ago “was completely unrelated to the matter of dues” payments to the lobby organization.
“As part of our growing government relations focus, LPL continuously evaluates where we are focusing our efforts around advocacy and the best way to use our time and resources to support the interests of investors and clients,” it said in a statement. “While we respect the work of FSI, having grown our internal government relations efforts considerably over the past few years, and now with our own office in D.C., we felt it best that we focus more of our attention on driving our own advocacy agenda and voicing our distinct views on the issues affecting our industry.”
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Earlier this month, LPL announced that it was opening an office near Capitol Hill in Washington.
“With the Great Recession and Dodd-Frank [legislation], we knew we were at a point where as a firm and as an industry leader … we felt we should be speaking out and having a seat at the table from a leadership perspective,” said Peggy Ho, head of government relations for LPL, in an interview. “We started investing in our government-relations efforts in 2009-2010 and working more with industry groups.”