LPL Financial reports total advisory, brokerage assets $1.16T at end of January

LPL Financial released its monthly activity report for January 2023. Total advisory and brokerage assets at the end of January were $1.16 trillion, an increase of $54.1 billion, or 4.9%, compared to the end of December 2022. Total net new assets for January were $8.6 billion, which included $3.2 billion of acquired net new assets resulting from the acquisition of Boenning & Scattergood on January 31. Total organic net new assets for January were $5.4 billion, translating to a 5.8% annualized growth rate. Total organic net new advisory assets were $3.1 billion, translating to a 6.4% annualized growth rate. Total client cash balances at the end of January were $59.7 billion, a decrease of $4.4 billion compared to the end of December 2022. Net buying in January was $11.1 billion, a new monthly high.