July 23, 2024

LPL Financial Holdings Inc. (NASDAQ:LPLA) Q1 2024 Earnings Call Transcript

LPL Financial Holdings Inc. (NASDAQ:LPLA) Q1 2024 Earnings Call Transcript April 30, 2024

LPL Financial Holdings Inc. misses on earnings expectations. Reported EPS is $3.51 EPS, expectations were $3.77. LPL Financial Holdings Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon, and thank you for joining the First Quarter 2024 Earnings Conference Call for LPL Financial Holdings Inc. Joining the call today are the President and Chief Executive Officer, Dan Arnold; and Chief Financial Officer and Head of Business Operations, Matt Audette. Dan and Matt will offer introductory remarks, and then the call will be open to the questions. The company would appreciate if analysts would limit themselves to one question and one follow-up each. The company has posted its earnings press release and supplementary information on the Investor Relations section of the company’s website, investor.lpl.com. Today’s call will include forward-looking statements, including statements about LPL Financial’s future financial and operating results, outlook, business strategies and plans, as well as other opportunities and potential risks that management foresees.

Such forward-looking statements reflect management’s current estimates and beliefs and are subject to known and unknown risks and uncertainties that may cause actual results or the timing of events to differ materially from those expressed or implied in such forward-looking statements. For more information about such risks and uncertainties, the company refers listeners to the disclosure set forth under the caption forward-looking statements in the earnings press release, as well as the risk factors and other disclosures contained in the company’s recent filing with the Securities and Exchange Commission. During the call, the company will also discuss certain non-GAAP financial measures. For a reconciliation of non-GAAP financial measures to the comparable GAAP figures, please refer to the company’s earnings release, which can be found at investor.lpl.com.

An experienced financial advisor discussing investment options with a client.An experienced financial advisor discussing investment options with a client.

An experienced financial advisor discussing investment options with a client.

With that, I would now like to turn the call over to Mr. Arnold.

Dan H. Arnold: Thank you, Michelle, and thanks to everyone for joining our call today. Over the past quarter, our advisors continue to provide their clients with personalized financial guidance on the journey to help them achieve their life goals and dreams. To help support that important work, we remain focused on our mission, taking care of our advisors, so they can take care of their clients. During the first quarter, we continued to see the appeal of our model grow due to the combination of our robust and feature-rich platform, the stability and scale of our industry leading model and our capacity and commitment to invest back into the platform. As a result, we continue to make solid progress in helping advisors and institutions solve challenges and capitalize on opportunities better than anyone else, and thereby serve as the most appealing player in the industry.

With respect to our performance, we delivered another quarter of solid results, while also continuing to make progress on the execution of our strategic plan. I’ll review both of these areas starting with our first quarter business results. In the quarter, total assets increased to $1.4 trillion, as continued solid organic growth was complemented by higher equity markets. Regarding organic growth, first quarter organic net new assets were $17 billion representing 5% annualized growth. This contributed to organic net new assets over the past 12 months of $96 billion representing approximately an 8% growth rate. In the first quarter, recruited assets were $20 billion which represents a quarterly record excluding periods when onboarding large institutions.

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To continue reading the Q&A session, please click here.

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