LPL Financial reports August total advisory, brokerage assets $2.26T

LPL Financial (LPLA) released its monthly activity report for August. Total advisory and brokerage assets at the end of August were $2.26T, an increase of $324.1B, or 16.7%, compared to the end of July. Total net new assets for August were $292.8B, which included $275B of acquired net new assets resulting from the acquisition of Commonwealth Financial Network. Total organic net new assets for August were $17.8B, translating to an 11% annualized growth rate. This included $13.8B of assets from First Horizon Bank that onboarded in August, and $2.2B of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $6.2B, translating to a 3.9% annualized growth rate. Total client cash balances at the end of August were $52.7B, an increase of $3.2B compared to the end of July. This included $3.9B resulting from the acquisition of Commonwealth. Net buying in August was $14.2B.