LPL Financial, one of the largest financial services organizations in the nation, announced on Thursday that it had outperformed its earnings projections for the first quarter of 2019,
First quarter earnings per share rose by 77 percent year-over-year to $1.79, and net income for the firm increased by 66 percent year-over-year to $155 million for the quarter. Earnings per share calculated before amortization of intangible assets were $1.93, 34 cents above the projected $1.59, LPL said.
“We continue to focus on providing differentiated capabilities to help our advisors win in the marketplace,” said Dan Arnold, LPL Financial president and CEO. "In the first quarter, we introduced new CRM capabilities, rolled out goals-based planning, and integrated our AdvisoryWorld acquisition. These capabilities will help our advisors digitize their workflows to more efficiently turn prospects into clients.”
LPL marked other successes for the quarter, including setting a record for total brokerage and advisory assets at $684 billion, an increase of 6 percent year-over-year.
The firm had 16,189 advisors at the end of the quarter, an increase of 122 year-over-year. The firm had a retention rate of 96 percent.
The shareholders received a capital return of $146 million, which translates to $1.68 per share. The firm repurchased 1.7 million shares at an average purchase price of $71.57 for a total of $125 million.
LPL Financial has cash on hand for corporate use of $376 million at the end of the first quarter.
“Looking ahead, we remain focused on our strategic priorities of growing our core business and executing with excellence,” Arnold said.