LPL Financial (LPLA) released its monthly activity report for May. Total advisory and brokerage assets at the end of May were $1.85T, an increase of $66.6B, or 3.7%, compared to the end of April. Total organic net new assets for May were $6.5B, translating to a 4.4% annualized growth rate. This included $1B of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $7.5B, translating to a 5% annualized growth rate. Total client cash balances at the end of May were $49.2B, a decrease of $2.6B compared to the end of April. Net buying in May was $13.5B.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LPLA:
- EverMark launches with support from LPL Strategic Wealth
- LPL Financial: Runyan Capital joins broker-dealer, RIA, custodial platforms
- Tesla, Intuitive Surgical downgraded: Wall Street’s top analyst calls
- LPL Financial price target raised to $450 from $400 at Barclays
- LPL Financial upgraded to Buy from Neutral at Redburn Atlantic