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October 26, 2018 at 03:28 PM
LPL Financial President & CEO Dan Arnold speaks at the firm’s 2016 national event.
LPL Financial boosted its net income in the third quarter 84% from last year, reporting profits of $106.9 million, or $1.19 per share, vs. $58.1 million, or $0.63 per share, a year ago.
Revenue jumped 25% from last year to $1.33 billion. Of this, about $487 million was tied to commissions, $458 million to advisory fees and $249 to asset-based fees.
“Organic growth was solid, and momentum continued to build, driven by increased advisor recruiting, productivity and retention,” according to President and CEO Dan Arnold. “Looking forward, we remain focused on helping advisors win in the marketplace by enhancing capabilities, making it easier for advisors to do business with us, and investing in technology.”
In terms of asset growth by platform, the corporate platform saw year-over-year growth of 27% to about $185 billion, while the brokerage platform expanded 21% to $375 billion. LPL’s hybrid platform expanded 15% to $121 billion.
