LPL Reports Record $1.74 Trillion in Client Assets, Fueled by Atria Acquisition and Adviser Recruitment

LPL Financial Holdings Inc. (Nasdaq: LPLA) reported record results for fiscal year 2024, led by robust asset growth, a strategic acquisition, and significant adviser recruitment. Total advisory and brokerage assets reached $1.74 trillion, a 29% increase over 2023.

The firm added more than 6,200 financial advisers during the year, bringing its total adviser count to 28,888. That growth included approximately 2,200 advisers and 160 institutions brought on through the acquisition of Atria Wealth Solutions, which was completed in the fourth quarter.

“This was a transformative year for LPL,” said Rich Steinmeier, chief executive officer of LPL. Steinmeier assumed the role in October 2024 after serving as chief growth officer. “We remained focused on supporting our advisers and institutions while expanding our capabilities and reach. Our momentum heading into 2025 is strong.”

As previously reported by AltsWire, Steinmeier’s promotion to CEO was announced in late 2024, succeeding longtime chief executive Dan Arnold, who was terminated by the company’s board of directors for “violating LPL’s commitment to a respectful workplace.” Steinmeier has been a driving force behind LPL’s growth strategy and expansion into new adviser segments.

LPL reported total revenue of $12.4 billion for 2024, a 23%increase from $10.1 billion in 2023. Net income held steady at $1.06 billion, and adjusted earnings per share rose to $16.51, up from $15.72 the year prior.

Recruited assets for the year totaled $149 billion, a 90% increase year over year. Of that, $71 billion came from the independent adviser channel, and $63 billion came through institutional relationships, including the onboarding of Prudential Financial Inc.’s retail wealth division.

“Our ability to provide flexible affiliation models and industry-leading service continues to resonate,” the company stated. “We’re uniquely positioned to serve advisers at every stage of their business evolution.”

Looking ahead, LPL stated it will continue to focus on expanding its adviser support.

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