In the second quarter, LPL Financial's total assets topped $1 trillion for the first time, rising 46% from $762 billion a year ago to hit $1.11 trillion.
The firm also reported that its advisor headcount surpassed 19,000 advisors to end the period at 19,144, up 13% from just under 17,000 a year ago and up 8% from roughly 17,700 in the prior quarter. The number of net new advisors in Q2 was 1,442, including more than 900 advisors from Waddell & Reed and 200-plus advisors from M&T Bank.
LPL also reported a 17% year-over-year jump in net income, which was $119 million in Q2. Earnings per share rose 15% to $1.46 per share, topping analysts' estimates. Revenues for the latest period were $1.9 billion, an increase of 39% from a year ago.
"This [asset] increase was primarily driven by continued organic growth, our Waddell & Reed acquisition and equity market appreciation," said president & CEO Dan Arnold in his prepared remarks about the firm's latest results, which were released late Thursday.
"Our continued growth in recruited assets, including new quarterly and full year highs, reflects our ongoing progress on enhancing the appeal of our model and expanding our addressable markets during the quarter," Arnold explained.
