LPL said it ended the second quarter with 16,973 advisors, up 812 — or about 5% — from the year-ago quarter, and up 251 — or about 1% — from the prior period.
“In the second quarter, recruited assets were a new high at $11.1 billion … ,” said President and CEO Dan Arnold on a call with analysts Thursday. “Looking at the past year, recruited assets were nearly $39 billion, which is also a new high for the team.”
LPL’s advisors now have average yearly fees and commissions of $226,000, and average assets of $45 million. The firm’s total assets stand at $762 billion, with overall net new assets in Q2 hitting $13 billion.
“These results, against the backdrop in which industry advisor movement was down by over 30% from a year ago, are a testament to the appeal of our model and the performance of our business development team,” Arnold explained.
The independent broker-dealer’s revenue fell 2% from a year ago to $1.37 billion. Its net income, though, decreased 30% to $102 million as earnings per share dropped 26% to $1.27.
Raymond James’ Results
For its part, Raymond James said it ended the most recent quarter with 8,155 independent and employee advisors. That’s up 251, or about 3%, from a year ago, and seven advisors from the quarter ending March 31.