LPL Financial Holdings Inc.’s LPLA total brokerage and advisory assets of $792 billion at the end of July 2020 grew 4% from the prior month and 11% year over year. Of the total assets, brokerage assets were $399.2 billion and advisory assets totaled $392.7 billion.
The rise resulted from improved equity markets, including a 5.5% rally in the S&P 500 Index from the prior month.
Total net new assets were $2.9 billion for July. This was in line with the June 2020 level but compared unfavorably with $5.4 billion in July 2019.
LPL Financial reported $45.1 billion of total client cash balance, down 0.4% from June 2020 but up 50.8% from July 2019. Of the total, $33.2 billion was insured cash and $7.6 billion was deposit cash, while the remaining was money market balance.
Shares of LPL Financial have gained 33.5% over the past three months, outperforming 24.7% rally recorded by the industry.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Brokerage Firms
Interactive Brokers Group IBKR released the Electronic Brokerage segment’s performance metrics for July 2020. The segment, which deals with clearance and settlement of trades for individual and institutional clients globally, reported a substantial surge in Daily Average Revenue Trades (DARTs) on a year-over-year basis. Total client DARTs were 1,795,000, surging 124% from July 2019 but declining 4% from June 2020.
Among others, Charles Schwab SCHW and E*TRADE Financial ETFC are likely to come out with July numbers in the coming days.
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