LPL Services Group, which operates a proprietary technology platform, posted revenue of $34 million in the quarter, on an annualized basis, a jump of approximately 51% from a year ago. The group has grown to some 4,200 subscriptions.
The total number of financial advisors that LPL Financial serves leapt more than 7% year-over-year to 21,044, including advisors at approximately 1,100 institution-based investment programs and at some 500 RIAs.
Overall, San Diego-based LPL has more than $1 trillion in client assets, split roughly 50-50 between advisory and brokerage businesses. That total is roughly double where it was five years ago. By revenue, it is the nation’s largest independent broker-dealer.
“Continued growth, combined with an improved interest rate environment, meaningfully improved our earnings power—driving down our leverage ratio,” the company announced in its earnings call, referring to the company’s projected ability to meet its financial obligations.
In effect, it means that LPL is well-positioned for future economic cycles, with a strong balance sheet and sufficient capital to continue investing for growth. It also plans to increase share repurchases from $75 million in the third quarter to $150 million in the final quarter of 2022.