For the fourth consecutive quarter, LPL Financial Holdings beat analysts’ earnings estimates.

The San Diego-based company announced yesterday that its net income during the fourth quarter of 2024 was $271 million, or $3.59 in diluted earnings-per-share, representing a 26% jump from a year ago. Adjusted earnings per share grew 21% year-over-year to $4.25 on revenue of $3.5 billion, a year-over-year jump of nearly 33%. The results beat consensus analyst estimates of $3.96 per share on revenue of $3.34 billion. 

Quarterly gross profits for the nation’s largest independent broker-dealer were more than $1.2 billion, which is 22% higher than a year ago.

CEO Rich Steinmeier called it “another record-breaking quarter and year.” 

For the year, net income was $1.1 billion, or $14.03 per diluted share, a 2% year-over-year gain. At the same time, adjusted EPS increased 5% year-over-year to $16.51. Gross profit leapt 12% from 2023, to $4.5 billion.

“Against an evolving market backdrop, we remain focused on serving our advisors and institutions, growing our business and delivering shareholder value,” said Steinmeier, who became CEO in October 2024.

He pointed to the onboarding of Prudential Advisors, the retail wealth management operations and its $63 billion of assets under management, of which $40 billion had already transitioned to LPL in the fourth quarter; the recent acquisition of Wintrust Financial’s wealth management business and its private client operations under Great Lakes Advisors, representing $16 billion of assets under management; and the recent acquisition of Atria.

Steinmeier said the deals highlight the firm’s “strategic plan for growth, [with] both organic and inorganic initiatives.”

He said management’s “three priorities” are to maintain client centrality, empower employees to keep delivering “exceptionally for advisors and clients” and deliver improved operating leverage.

"Asset retention remains industry leading” as the firm continues to work to “enhance the advisor experience,” he said.

The total number of advisors grew 27% year-over-year and 22% from the prior quarter to 28,888. Advisory assets for the quarter jumped 30% sequentially and 7% year-over-year to $1.6 billion.