LPL Financial topped analysts’ estimates for Q3 earnings despite a slight 3% decline in earnings. It also reported a strong quarter in terms of recruiting and asset growth. It also laid out its growth plan for the future which involves expanding its capacity to serve all types of advisors. 

LPL added 462 advisors on a quarterly basis and 1,360 on an annual basis. It attributed this growth in part to its new affiliation models and to boosting its offerings to serve a wider variety of advisors. CEO Dan Arnold remarked that LPL’s goal is to eventually be able to compete for all 300,000 advisors on the marketplace.

Q3 was LPL’s best quarter for asset growth since Q2 of last year when it added $43.5 billion. In Q3, the firm added $31.2 billion in assets with $12 billion from Bank of the West and Commerce. However, the company believes that its current growth is higher quality and more durable.

Richard Steinmeier, managing director of business development, said “We are strengthening in the way that individual advisors and groups of advisors are choosing to come to [LPL] in a much more material way even than Q2 2022.” 

Finsum: LPL Financial reported strong Q3 results in terms of recruiting and asset growth. The firm has ambitious growth plans for the future.