LPL Financial has experienced a significant profit surge during the first quarter of the year, primarily attributed to higher interest rates and the unveiling of an incoming bank.
As part of BMO Financial Group's acquisition of Bank of the West, 85 financial advisors with $7.8 billion in client assets will join LPL Financial's Institution Services arm later this year. During an analyst call, LPL CEO Dan Arnold revealed that the addition of wealth management programs from Bank of the West and Commerce Bank is expected to contribute $11 billion in client assets in the second half of 2023.
LPL has experienced remarkable profit growth exceeding 150% compared to last year. This increase was driven by interest income and client cash yields, as well as the addition of a combined $34 billion in assets through recruiting efforts and organic growth, according to FinancialPlanning.com.
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