LPL Financial beat analysts’ estimates for earnings and revenue in the period ending March 31. Its net income rose slightly from last year to $156 million, while earnings per share jumped 7% to $1.92.
Total revenues improved 7% from last year to $1.5 billion, with commissions up 9% to about $503 million and advisory revenues (or fees) up 28% to $579 million.
“We grew gross profit, stayed disciplined on expenses, and generated the highest quarter of earnings per share in our history,” according to CFO Matt Audette.
The independent broker-dealer’s total level of assets fell 2% from a year ago to $670 billion, though fee-based (or advisory) assets, jumped 3% to $322 billion.
Total net new asset inflows in the period were $12.5 billion, representing a 6.5% annualized growth rate. Recruited assets were $8.4 billion for Q1’20 and $36.2 billion for the past four quarters.