LPL Investment Holdings reported net income of $45.5 million on revenue of $894 million for the second quarter. Revenue rose 13.1% from $790 million in the same period last year, and chief financial officer Robert Moore said that 62% of it was from recurring revenues.
Revenues from advisory activities continue to outpace commission business. Asset-based fee revenue climbed 16.9% to $90.5 million.
During the quarter, the nation's largest independent brokerage firm attracted $3.1 billion in net new advisory assets, bringing total advisory assets to $103.2 billion, which is up 30.8% from the comparable period last year.
Moore said 80% of LPL's growth in the quarter was attributable to "organic" growth, with the remaining 20% coming from appreciation in the financial markets.
LPL's CEO Mark Casady said in a prepared statement that "while market conditions fluctuated, our advisors remained highly engaged with their clients in support of their comprehensive planning needs. Thus far, market volatility has not changed the outlook of our advisors."