LPL Financial reports July advisory, brokerage assets $1.94T

LPL Financial (LPLA) released its monthly activity report for July. Total advisory and brokerage assets at the end of July were $1.94T, an increase of $20.2B, or 1.1%, compared to the end of June. Total organic net new assets for July were $5.4B, translating to a 3.4% annualized growth rate. This included $1.8B 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 $7.2B, translating to a 4.5% annualized growth rate. Total client cash balances at the end of July were $49.5B, a decrease of $1.1B compared to the end of June. Net buying in July was $13.7B.