LPL Financial reported that its net income for the third quarter fell $2.1 million to $34.3 million on a 2.8% increase in revenues to $907.2 million over the same period last year. Adjusted earnings, excluding certain non-cash charges and other adjustments, for the quarter climbed 2.8% to $53.0 million.
Over the last 12 months, the nation's largest brokerage firm has added 495 net new advisors, who have contributed to a 17.4% year-over-year increase in total advisory and brokerage assets to $371.4 billion. During the last quarter, LPL's assets climbed 5.3% from $353 billion.
LPL Financial CEO Mark Casady said that the uncertain economic environment was causing "individual investors to take a cautious approach to engaging with the markets," resulting in "subdued levels" of advisor productivity.
LPL continues to increase its market dominant position in the independent brokerage space. For the first nine months of 2012, it added 323 net new advisors.