BOSTON – LPL Investment Holdings, parent of broker dealer LPL Financial, on Monday said first quarter net income almost doubled to $49 million, amid growing activity by the company’s advisors spread through more than 2,000 credit unions and banks.
First quarter revenues surged 17.5% to $873.9 million as the company launched a fee-based variable annuity option in the first quarter. LPL also introduced a new client relationship management tool from Salesforce.com and a portfolio rebalancing solution, which it said enables advisors to more efficiently rebalance multiple accounts, is helping its advisors increase their productivity, and spend more time and effort on growing their businesses.
“We began the year with solid results, driven primarily by the increased activity of our advisors,” said Mark Casady, chairman and CEO of LPL Financial. “Improving investor sentiment and market conditions provided a strong backdrop for our advisors to grow their businesses.”
During the first quarter, LPL announced plans to consolidate UVEST Financial Services Group, which it acquired in 2007, onto its self-clearing platform. The company also announced last week it is acquired Concord Capital Partners, a wealth management firm which it said will help introduce trust services to its credit union and bank customers.
During the quarter, assets under custody reached $99.7 billion.
