LPL Financial Holdings April Metrics Update

LPL Financial reported April operating metrics featuring $3.0bn in Net New Assets (1.6% organic growth) and a $3.6bn decline in client cash balances, which outperformed management's original $4.5bn decline forecast.

Key Takeaways

• 1.LPLA's April metrics showed in-line organic growth of 1.6% and a better-than-expected decline in cash balances.
• 2.Client cash balances fell by $3.6bn to $55.5bn, which was $0.9bn less severe than management's previous guidance.
• 3.Core cash balances underperformed peers Charles Schwab (+1% m/m) and Raymond James (-4% m/m).

Table of Contents

• Monthly highlights
• Price Target and Valuation
• Downside Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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