LPL buying spree yields robust results

The firm reported income of $53.3 million over the first nine months of the year, compared to $20.4 million a year ago.
NOV 19, 2007
By  Bloomberg
The acquisition strategy of LPL Investment Holdings Inc., the parent of Linsco/Private Ledger Corp. and other broker-dealers, is yielding impressive results. LPL Investments, which is based in Boston, reported net income of $53.3 million over the first nine months of the year, compared to $20.4 million in the same period last year. For the third quarter, its net income was $11.6 million versus $5.2 million last year. Revenue for the first nine months of the year was $1.94 billion compared to $1.27 billion for the same period last year, an increase of 53%. Revenue for the third quarter was $725 million compared to $421 million in 2006, an increase of 72% LPL has more that 10,000 affiliated reps. This year, it has acquired four broker-dealers and some 2,900 reps and advisers. In January, it acquired UVEST Financial Services Group, Inc of Charlotte, with some 800 reps who work in banks and financial institutions. In June, LPL acquired three broker-dealers and 2,100 reps and advisers from the Pacific Life Insurance Co. of Newport Beach, Calif.: the Mutual Service Corp. of West Palm Beach, Fla.; Associated Securities Corp. of El Segundo, Calif.; and Waterstone Financial Group of Itasca, Ill.

Latest News

Senate wants changes to Trump’s tax bill; here’s what’s expected
Senate wants changes to Trump’s tax bill; here’s what’s expected

‘Revenge tax’ on foreign investors could be scrapped in new version.

CFTC’s regulatory pioneer Bagley dies aged 96
CFTC’s regulatory pioneer Bagley dies aged 96

Veteran legislator helped set the standard for derivatives regulation.

Getting your head round AI when compliance is a big concern
Getting your head round AI when compliance is a big concern

As industry edges closer to the technology, an expert explains the options.

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave