LPL Financial reports total client cash balances $43.3B at August-end

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings released its monthly activity report for August 2024. Total advisory and brokerage assets at the end of August were $1.56T , an increase of $30.8 B or 2.0%, compared to the end of July 2024. Total net new assets for August were $6.8 B which included $0.3 B of acquired net new assets resulting from Liquidity & Succession activity. Total organic net new assets for August were $6.6B, translating to a 5.2% annualized growth rate. This included $3.8B of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Excluding these assets, organic net new assets were $10.4B translating to a 8.1% annualized growth rate. Total organic net new advisory assets were $5.4B, translating to a 7.7% annualized growth rate. Excluding the off-boarded assets from misaligned large OSJs, total organic net new advisory assets were $9.1B translating to a 12.8% annualized growth rate. Total client cash balances at the end of August were $43.3 B a decrease of $0.7B compared to the end of July 2024. Net buying in August was $12.6 billion.