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Stock impact report

LPL Retaining Larger, High-Quality Commonwealth Advisors [Yahoo! Finance]

LPL Financial Holdings Inc. (LPLA) 
Last lpl financial holdings inc. earnings: 4/30 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: investor.lpl.com
Company Research Source: Yahoo! Finance
Last fall, LPL Financial reported 80% retention of Commmonwealth Financial Network  assets. As of today, that's in the low 80% range of advisors that have signed agreements to stay with Commonwealth. Some news reports have suggested LPL will not meet its original target asset retention rate of 90%, but on its fourth quarter earnings call, executives said they still expect to hit that target.  “When you look at the advisors who have signed to stay with LPL so far, we're now just over 80%,” said Matt Audette, chief financial officer at LPL, on the firm's fourth quarter earnings call on Thursday. “And you look at those on average, they are larger; they're faster growing; and they're higher producers than those that have decided to go elsewhere.” LPL CEO Rich Steinmeier said the firm has its top recruiters focused on retention of Commonwealth advisors. “We are deeply connected between Commonwealth and LPL to help educate them on the continuing value proposition of Commonwealth,” St Show less Read more
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