LPL Financial Announces Second Quarter 2024 Results

Key Financial Results

• Net Income was $244 million, translating to diluted earnings per share ("EPS") of $3.23, down 12% from a year ago
• Adjusted EPS* decreased 2% year-over-year to $3.88
  • Gross profit* increased 9% year-over-year to $1,079 million
  • Core G&A* increased 10% year-over-year to $371 million
  • Adjusted EBITDA* increased 2% year-over-year to $533 million
    
    

Key Business Results

• Total advisory and brokerage assets increased 21% year-over-year to $1.5 trillion
  • Advisory assets increased 25% year-over-year to $829 billion
  • Advisory assets as a percentage of total assets increased to 55.4%, up from 53.3% a year ago
• Total organic net new assets were $29 billion, representing 8% annualized growth
  • Organic net new advisory assets were $27 billion, representing 13% annualized growth
• Recruited assets⁽¹⁾ were $24 billion
  • Recruited assets over the trailing twelve months were $93 billion, up approximately 55% from a year ago
• Advisor count⁽²⁾ was 23,462, up 578 sequentially and 1,520 year-over-year
• Total client cash balances were $44 billion, a decrease of $2 billion sequentially and $6 billion year-over-year
  • Client cash balances as a percentage of total assets were 2.9%, down from 3.2% in the prior quarter and 4.0% a year ago

Key Capital and Liquidity Results

• Corporate cash⁽³⁾ was $684 million
• Leverage ratio⁽⁴⁾ was 1.68x
• Dividends paid were $22.4 million
  
  

Key Updates

• Completed debt issuance: Issued $1 billion of senior unsecured notes, including $500 million of 5.700% notes due 2027 and $500 million of 6.000% notes due 2034. Net proceeds will be used for general corporate purposes, including financing the acquisition of Atria Wealth Solutions, Inc. ("Atria").
• Large OSJs: Announced a planned separation from two misaligned large OSJs on our platform that collectively have ~$20 billion of client assets, which began to off-board in July.

*See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures

SAN DIEGO, July 25, 2024 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (NASDAQ:LPLA) (the "Company") today announced results for its second quarter ended June 30, 2024, reporting net income of $244 million, or $3.23 per share. This compares with $286 million, or $3.65 per share, in the second quarter of 2023 and $289 million, or $3.83 per share, in the prior quarter.

"Over the past quarter, we remained focused on our mission of taking care of our advisors, so they can take care of their clients," said Dan Arnold, President and CEO. "This focus led to another quarter of solid business and financial results, reinforcing our momentum and the building appeal of our model. As we look ahead, we remain committed to delivering an industry-leading value proposition to advisors, as we strive to become the leader across the advisor-mediated marketplace."

"We delivered another quarter of solid results," said Matt Audette, CFO and Head of Business Operations. "We recorded strong organic growth across our affiliation models, closed the acquisition of Crown Capital, continued to build momentum in our Liquidity & Succession solution, and are preparing to onboard the wealth management businesses of Prudential Financial and Wintrust Financial. As we look ahead, our business momentum and financial strength position us well to continue creating long-term shareholder value."

Dividend Declaration

The Company's Board of Directors declared a $0.30 per share dividend to be paid on August 23, 2024 to all stockholders of record as of August 9, 2024.

Conference Call and Additional Information

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, July 25, 2024. The conference call will be available for replay at investor.lpl.com/events.

Contacts

Investor Relations

[email protected]

Media Relations

[email protected]

About LPL Financial

LPL Financial Holdings Inc. (NASDAQ:LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve⁽⁵⁾, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services, and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms "financial advisors" and "advisors" are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" section of our website.

Forward-Looking Statements

This press release contains statements regarding:

• the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Atria, Prudential Financial, Inc. ("Prudential") and Wintrust Financial Corporation ("Wintrust");
• the amount and timing of offboarding of client assets associated with the planned separation of misaligned large OSJs;
• the Company's future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company's core G&A expenses and client cash programs; and
• future capabilities, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.

These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company's expectations and objectives as of July 25, 2024 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

• the failure to satisfy the closing conditions applicable to the Company's strategic relationship agreements with Prudential and Wintrust, or the Company's purchase agreement with Atria, including regulatory approvals;
• difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;
• disruptions in the businesses of the Company that could make it more difficult to maintain relationships with advisors and their clients;
• the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;
• the negotiation of definitive terms of separation with misaligned large OSJs;
• changes in general economic and financial market conditions, including retail investor sentiment;
• changes in interest rates and fees payable by banks participating in the Company's client cash programs, including the Company's success in negotiating agreements with current or additional counterparties;
• the Company's strategy and success in managing client cash program fees;
• fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;
• effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to market financial products and services effectively;
• whether the retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
• changes in the growth and profitability of the Company's fee-based offerings;
• the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;
• the cost of settling and remediating issues related to regulatory matters or legal proceedings, including actual costs of reimbursing customers for losses in excess of our reserves;
• the SEC's approval of the settlement agreement in connection with the settlement of the industry-wide civil investigation into compliance with records preservation requirements for business-related electronic communications stored on personal devices applicable to broker-dealer firms and investment advisors;
• changes made to the Company's services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company's gross profit streams and costs;
• execution of the Company's capital management plans, including its compliance with the terms of the Company's amended and restated credit agreement, the committed revolving credit facility and LPL Financial's committed revolving credit facility, and the indentures governing the Company's senior unsecured notes;
• strategic acquisitions and investments, including pursuant to the Company's Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company's capital management plans and liquidity;
• the price, availability and trading volumes of shares of the Company's common stock, which will affect the timing and size of future share repurchases by the Company, if any;
• the execution of the Company's plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;
• whether advisors affiliated with Atria, Prudential, and Wintrust will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;
• the performance of third-party service providers to which business processes have been transitioned;
• the Company's ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and
• the other factors set forth in the Company's most recent Annual Report on Form 10-K, as may be amended or updated in the Company's Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission. 

Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on statements contained herein as representing the Company's view as of any date subsequent to the date of this press release.

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Three Months Ended
	June 30,		March 31,				June 30,
	2024		2024		Change		2023		Change
REVENUE
Advisory	$	1,288,163	$	1,199,811	7	%	$	1,014,565	27	%
Commission:
Sales-based		423,070		385,235	10	%		298,961	42	%
Trailing		363,976		361,211	1	%		323,925	12	%
Total commission		787,046		746,446	5	%		622,886	26	%
Asset-based:
Client cash		341,475		352,382	(3	%)		378,415	(10	%)
Other asset-based		259,533		248,339	5	%		211,300	23	%
Total asset-based		601,008		600,721	—	%		589,715	2	%
Service and fee		135,000		132,172	2	%		123,122	10	%
Transaction		58,935		57,258	3	%		46,936	26	%
Interest income, net		47,478		43,525	9	%		37,972	25	%
Other		14,139		52,660	(73	%)		33,608	(58	%)
Total revenue		2,931,769		2,832,593	4	%		2,468,804	19	%
EXPENSE
Advisory and commission		1,819,027		1,733,487	5	%		1,448,763	26	%
Compensation and benefits		274,000		274,369	—	%		231,680	18	%
Promotional		136,125		126,619	8	%		102,565	33	%
Depreciation and amortization		70,999		67,158	6	%		58,377	22	%
Occupancy and equipment		69,529		66,264	5	%		65,005	7	%
Interest expense on borrowings		64,341		60,082	7	%		44,842	43	%
Brokerage, clearing and exchange		32,984		30,532	8	%		29,148	13	%
Amortization of other intangibles		30,607		29,552	4	%		26,741	14	%
Professional services		22,100		13,279	66	%		18,092	22	%
Communications and data processing		19,406		19,744	(2	%)		20,594	(6	%)
Other		62,580		37,315	68	%		34,178	83	%
Total expense		2,601,698		2,458,401	6	%		2,079,985	25	%
INCOME BEFORE PROVISION FOR INCOME TAXES		330,071		374,192	(12	%)		388,819	(15	%)
PROVISION FOR INCOME TAXES		86,271		85,428	1	%		103,299	(16	%)
NET INCOME	$	243,800	$	288,764	(16	%)	$	285,520	(15	%)
EARNINGS PER SHARE
Earnings per share, basic	$	3.26	$	3.87	(16	%)	$	3.70	(12	%)
Earnings per share, diluted	$	3.23	$	3.83	(16	%)	$	3.65	(12	%)
Weighted-average shares outstanding, basic		74,725		74,562	—	%		77,234	(3	%)
Weighted-average shares outstanding, diluted		75,548		75,463	—	%		78,194	(3	%)

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Six Months Ended
	June 30,
	2024		2023		Change
REVENUE
Advisory	$	2,487,974	$	1,968,622	26	%
Commission:
Sales-based		808,305		585,033	38	%
Trailing		725,187		641,578	13	%
Total commission		1,533,492		1,226,611	25	%
Asset-based:
Client cash		693,857		796,690	(13	%)
Other asset-based		507,872		414,773	22	%
Total asset-based		1,201,729		1,211,463	(1	%)
Service and fee		267,172		242,109	10	%
Transaction		116,193		95,871	21	%
Interest income, net		91,003		75,330	21	%
Other		66,799		66,630	—	%
Total revenue		5,764,362		4,886,636	18	%
EXPENSE
Advisory and commission		3,552,514		2,819,397	26	%
Compensation and benefits		548,369		465,213	18	%
Promotional		262,744		200,788	31	%
Depreciation and amortization		138,157		114,431	21	%
Occupancy and equipment		135,793		125,178	8	%
Interest expense on borrowings		124,423		84,026	48	%
Brokerage, clearing and exchange		63,516		55,274	15	%
Amortization of other intangibles		60,159		50,833	18	%
Communications and data processing		39,150		38,269	2	%
Professional services		35,379		32,312	9	%
Other		99,895		67,599	48	%
Total expense		5,060,099		4,053,320	25	%
INCOME BEFORE PROVISION FOR INCOME TAXES		704,263		833,316	(15	%)
PROVISION FOR INCOME TAXES		171,699		208,912	(18	%)
NET INCOME	$	532,564	$	624,404	(15	%)
EARNINGS PER SHARE
Earnings per share, basic	$	7.13	$	8.01	(11	%)
Earnings per share, diluted	$	7.05	$	7.90	(11	%)
Weighted-average shares outstanding, basic		74,644		77,988	(4	%)
Weighted-average shares outstanding, diluted		75,529		79,083	(4	%)

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Financial Condition

(In thousands, except share data)

(Unaudited)

	June 30, 2024			March 31, 2024			December 31, 2023
ASSETS
Cash and equivalents	$	1,318,894		$	1,102,270		$	465,671
Cash and equivalents segregated under federal or other regulations		1,530,150			1,610,996			2,007,312
Restricted cash		109,618			114,006			108,180
Receivables from clients, net		563,923			591,503			588,585
Receivables from brokers, dealers and clearing organizations		74,432			103,236			50,069
Advisor loans, net		1,757,727			1,573,774			1,479,690
Other receivables, net		763,632			863,119			743,317
Investment securities ($73,463, $43,428 and $76,088 at fair value at June 30, 2024, March 31, 2024 and December 31, 2023, respectively)		89,853			57,451			91,311
Property and equipment, net		1,066,395			987,308			933,091
Goodwill		1,860,062			1,840,972			1,856,648
Other intangibles, net		783,031			690,767			671,585
Other assets		1,586,010			1,482,137			1,390,021
Total assets	$	11,503,727		$	11,017,539		$	10,385,480
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Client payables	$	1,963,988		$	2,486,605		$	2,266,176
Payables to brokers, dealers and clearing organizations		212,394			190,419			163,337
Accrued advisory and commission expenses payable		240,370			232,084			216,541
Corporate debt and other borrowings, net		4,442,840			3,853,794			3,734,111
Accounts payable and accrued liabilities		461,277			369,244			485,963
Other liabilities		1,667,511			1,615,512			1,440,373
Total liabilities		8,988,380			8,747,658			8,306,501
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 130,746,590, 130,704,541 shares and 130,233,328 shares issued at June 30, 2024, March 31, 2024 and December 31, 2023, respectively		131			131			130
Additional paid-in capital		2,038,216			2,016,666			1,987,684
Treasury stock, at cost — 55,985,188, 55,998,999 shares and 55,576,970 shares at June 30, 2024, March 31, 2024 and December 31, 2023, respectively		(4,101,955	)		(4,101,055	)		(3,993,949	)
Retained earnings		4,578,955			4,354,139			4,085,114
Total stockholders' equity		2,515,347			2,269,881			2,078,979
Total liabilities and stockholders' equity	$	11,503,727		$	11,017,539		$	10,385,480

LPL Financial Holdings Inc.

Management's Statements of Operations

(In thousands, except per share data)

(Unaudited)

Certain information in this release is presented as reviewed by the Company's management and includes information derived from the Company's unaudited condensed consolidated statements of income, non-GAAP financial measures and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures" in this release.

	Quarterly Results
	Q2 2024			Q1 2024			Change		Q2 2023			Change
Gross Profit(6)
Advisory	$	1,288,163		$	1,199,811		7	%	$	1,014,565		27	%
Trailing commissions		363,976			361,211		1	%		323,925		12	%
Sales-based commissions		423,070			385,235		10	%		298,961		42	%
Advisory fees and commissions		2,075,209			1,946,257		7	%		1,637,451		27	%
Production-based payout(7)		(1,812,050	)		(1,686,332	)	7	%		(1,419,659	)	28	%
Advisory fees and commissions, net of payout		263,159			259,925		1	%		217,792		21	%
Client cash(8)		361,316			373,408		(3	%)		396,238		(9	%)
Other asset-based(9)		259,533			248,339		5	%		211,300		23	%
Service and fee		135,000			132,172		2	%		123,122		10	%
Transaction		58,935			57,258		3	%		46,936		26	%
Interest income, net(10)		27,618			22,482		23	%		20,136		37	%
Other revenue(11)		6,621			3,382		96	%		3,431		93	%
Total net advisory fees and commissions and attachment revenue		1,112,182			1,096,966		1	%		1,018,955		9	%
Brokerage, clearing and exchange expense		(32,984	)		(30,532	)	8	%		(29,148	)	13	%
Gross Profit(6)		1,079,198			1,066,434		1	%		989,807		9	%
G&A Expense
Core G&A(12)		370,912			363,513		2	%		337,025		10	%
Regulatory charges		7,594			7,469		2	%		6,600		15	%
Promotional (ongoing)(13)(14)		147,830			132,311		12	%		106,535		39	%
Acquisition costs(14)		36,876			9,524		n/m			4,091		n/m
Employee share-based compensation		19,968			22,633		(12	%)		16,777		19	%
Total G&A		583,180			535,450		9	%		471,028		24	%
EBITDA(15)		496,018			530,984		(7	%)		518,779		(4	%)
Depreciation and amortization		70,999			67,158		6	%		58,377		22	%
Amortization of other intangibles		30,607			29,552		4	%		26,741		14	%
Interest expense on borrowings		64,341			60,082		7	%		44,842		43	%
INCOME BEFORE PROVISION FOR INCOME TAXES		330,071			374,192		(12	%)		388,819		(15	%)
PROVISION FOR INCOME TAXES		86,271			85,428		1	%		103,299		(16	%)
NET INCOME	$	243,800		$	288,764		(16	%)	$	285,520		(15	%)
Earnings per share, diluted	$	3.23		$	3.83		(16	%)	$	3.65		(12	%)
Weighted-average shares outstanding, diluted		75,548			75,463		—	%		78,194		(3	%)
Adjusted EBITDA(15)	$	532,894		$	540,508		(1	%)	$	522,870		2	%
Adjusted EPS(16)	$	3.88		$	4.21		(8	%)	$	3.94		(2	%)

LPL Financial Holdings Inc.

Operating Metrics

(Dollars in billions, except where noted)

(Unaudited)

	Q2 2024			Q1 2024			Change		Q2 2023			Change
Market Drivers
S&P 500 Index (end of period)		5,460			5,254		4	%		4,450		23	%
Russell 2000 Index (end of period)		2,048			2,125		(4	%)		1,889		8	%
Fed Funds daily effective rate (average bps)		533			533		—bps			499		34bps
Advisory and Brokerage Assets(17)
Advisory assets	$	829.1		$	793.0		5	%	$	661.6		25	%
Brokerage assets		668.7			647.9		3	%		578.6		16	%
Total Advisory and Brokerage Assets	$	1,497.8		$	1,440.9		4	%	$	1,240.2		21	%
Advisory as a % of Total Advisory and Brokerage Assets		55.4	%		55.0	%	40bps			53.3	%	210bps
Assets by Platform
Corporate advisory assets(18)	$	567.8		$	537.6		6	%	$	442.1		28	%
Independent RIA advisory assets(18)		261.3			255.4		2	%		219.5		19	%
Brokerage assets		668.7			647.9		3	%		578.6		16	%
Total Advisory and Brokerage Assets	$	1,497.8		$	1,440.9		4	%	$	1,240.2		21	%
Centrally Managed Assets
Centrally managed assets(19)	$	126.9		$	121.7		4	%	$	99.8		27	%
Centrally Managed as a % of Total Advisory Assets		15.3	%		15.3	%	—bps			15.1	%	20bps

LPL Financial Holdings Inc.

Operating Metrics

(Dollars in billions, except where noted)

(Unaudited)

	Q2 2024			Q1 2024			Change	Q2 2023			Change
Net New Assets (NNA)(20)
Net new advisory assets	$	26.8		$	16.2		n/m	$	18.1		n/m
Net new brokerage assets		7.2			0.5		n/m		3.6		n/m
Total Net New Assets	$	34.0		$	16.7		n/m	$	21.7		n/m
Organic Net New Assets
Organic net new advisory assets	$	26.6		$	16.2		n/m	$	18.1		n/m
Organic net new brokerage assets		2.5			0.5		n/m		3.6		n/m
Total Organic Net New Assets	$	29.0		$	16.7		n/m	$	21.7		n/m
Net brokerage to advisory conversions(21)	$	3.7		$	3.6		n/m	$	2.2		n/m
Organic advisory NNA annualized growth(22)		13.4	%		8.8	%	n/m		11.7	%	n/m
Total organic NNA annualized growth(22)		8.1	%		4.9	%	n/m		7.4	%	n/m
Net New Advisory Assets(20)
Corporate RIA net new advisory assets	$	23.4		$	13.9		n/m	$	11.8		n/m
Independent RIA net new advisory assets		3.4			2.3		n/m		6.4		n/m
Total Net New Advisory Assets	$	26.8		$	16.2		n/m	$	18.1		n/m
Centrally managed net new advisory assets(20)	$	4.4		$	3.6		n/m	$	2.0		n/m
Net buy (sell) activity(23)	$	39.3		$	37.8		n/m	$	32.3		n/m

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc.

Client Cash Data

(Dollars in thousands, except where noted)

(Unaudited)

	Q2 2024			Q1 2024			Change		Q2 2023			Change
Client Cash Balances (in billions)(24)
Insured cash account sweep	$	31.0		$	32.6		(5	%)	$	36.0		(14	%)
Deposit cash account sweep		9.2			9.2		—	%		9.5		(3	%)
Total Bank Sweep		40.2			41.8		(4	%)		45.5		(12	%)
Money market sweep		2.3			2.4		(4	%)		2.3		—	%
Total Client Cash Sweep Held by Third Parties		42.5			44.2		(4	%)		47.9		(11	%)
Client cash account (CCA)(25)		1.5			2.1		(29	%)		1.7		(12	%)
Total Client Cash Balances	$	44.0		$	46.3		(5	%)	$	49.6		(11	%)
Client Cash Balances as a % of Total Assets		2.9	%		3.2	%	(30bps)			4.0	%	(110bps)

Note: Totals may not foot due to rounding.

	Three Months Ended
	June 30, 2024					March 31, 2024					June 30, 2023
Interest-Earnings Assets	Average Balance (in billions)		Revenue		Net Yield (bps)(26)	Average Balance (in billions)		Revenue		Net Yield (bps)(26)	Average Balance (in billions)		Revenue		Net Yield (bps)(26)
Insured cash account sweep	$	31.7	$	250,804	318	$	33.2	$	266,792	323	$	36.9	$	296,994	322
Deposit cash account sweep		9.0		89,070	399		8.9		83,978	378		9.6		79,612	333
Total Bank Sweep		40.7		339,874	336		42.1		350,770	335		46.5		376,606	325
Money market sweep		2.3		1,601	28		2.3		1,612	28		2.5		1,809	30
Total Client Cash Held By Third Parties		43.0		341,475	320		44.4		352,382	319		49.0		378,415	310
Client cash account (CCA)(25)		1.7		19,841	472		1.8		21,026	467		1.6		17,823	441
Total Client Cash		44.7		361,316	326		46.2		373,408	325		50.6		396,238	314
Margin receivables		0.5		10,521	889		0.5		10,249	890		0.5		10,133	865
Other interest revenue		1.3		17,097	545		0.9		12,233	535		0.8		10,003	490
Total Client Cash and Interest Income, Net	$	46.5	$	388,934	337	$	47.6	$	395,890	334	$	51.9	$	416,374	322

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc.

Monthly Metrics

(Dollars in billions, except where noted)

(Unaudited)

	June 2024		May 2024		Change		April 2024			March 2024
Advisory and Brokerage Assets(17)
Advisory assets	$	829.1	$	809.4	2	%	$	775.5		$	793.0
Brokerage assets		668.7		655.0	2	%		637.5			647.9
Total Advisory and Brokerage Assets	$	1,497.8	$	1,464.4	2	%	$	1,413.0		$	1,440.9
Net New Assets (NNA)(20)
Net new advisory assets	$	9.2	$	9.9	n/m		$	7.6		$	7.5
Net new brokerage assets		1.6		1.3	n/m			4.3			0.4
Total Net New Assets	$	10.8	$	11.2	n/m		$	12.0		$	7.9
Net brokerage to advisory conversions(21)	$	1.2	$	1.2	n/m		$	1.2		$	1.3
Organic Net New Assets (NNA)
Net new advisory assets	$	9.2	$	9.9	n/m		$	7.4		$	7.5
Net new brokerage assets		1.6		1.3	n/m			(0.4	)		0.4
Total Organic Net New Assets	$	10.8	$	11.2	n/m		$	7.0		$	7.9
Client Cash Balances(24)
Insured cash account sweep	$