LPL Financial (LPLA) said its net income fell 5% year over year to roughly $48 million, or $0.53 per share, in the second quarter of 2016, from $50 million, or $0.52 per share, a year earlier.
Analysts had expected earnings to be $0.44 per share.
Revenue dropped about 7% year over year to $1.02 billion in the second quarter of 2016.
“We delivered another strong quarter driven by improving business fundamentals and disciplined expense management, despite the volatile market,” Mark Casady, chairman and chief executive officer, said in a statement. “We also had good growth in the quarter with assets and advisors both up.”
Total assets on the platform are $488 billion, up 2% sequentially. Net new assets in the second quarter were $2.8 billion.
The IBD says its affiliated-advisor count was 14,193, which is up 100 from the prior quarter.
According to Matt Audette, LPL’s chief financial officer, the independent broker-dealer’s business model is generating “strong earnings and cash flow.”