LPL Financial reports total client cash balances at July-end $44B

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings released its monthly activity report for July 2024. Total advisory and brokerage assets at the end of July were $1.53T, an increase of $31.5B , or 2.1%, compared to the end of June 2024. Total net new assets for July were $9B , translating to a 7.2% annualized growth rate. This included $0.6 B of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Excluding these assets, total net new assets were $9.5B, translating to a 7.7% annualized growth rate. Total net new advisory assets were $6.8B , translating to a 9.8% annualized growth rate. Excluding the off-boarded assets from misaligned large OSJs, total net new advisory assets were $7.3B translating to a 10.6% annualized growth rate. Total client cash balances at the end of July were $44B unchanged compared to the end of June 2024. Net buying in July was $12.9B.