LPL Financial pushed its industry-leading advisor headcount past 20,000 and bested earnings estimates in Q1 despite lower equity markets resulting in declining client assets.
Quarterly earnings statements released Thursday show rising profit, income and planners for the nation’s largest independent broker-dealer, and CEO Dan Arnold said in prepared statements that the firm plans to boost its wealth management platforms in 2022, “including the enhancement of our advisory solutions, in alignment with the secular trend towards advisory, which continues in our business and across the industry.”
“For example, in the first quarter, we expanded the investment options available in our centrally managed platforms by integrating separately managed accounts,” Arnold said. “Doing so makes it easier and more efficient for advisors to leverage separately managed accounts, which can drive higher utilization and further growth of centrally managed platforms. As a result, this enhancement increases our advisory platforms’ value to both existing and prospective advisors.”
To see the key takeaways from LPL’s earnings statements for financial advisors and other wealth management professionals, scroll down our slideshow. For coverage of the company’s earnings in the prior quarter, click here.