NEW YORK Feb 9 LPL Financial Holdings Inc
, the largest U.S. independent brokerage and registered
investment adviser, reported a 55.6 percent jump in quarterly
earnings on higher revenue in its asset-based business and
higher transaction and fees.
The company's net income rose to $41.74 million, or 46 cents
per share, in the fourth quarter ended Dec. 31, from $26.81
million, or 28 cents per share, a year earlier.
Total net revenue fell 1.3 percent to about $1 billion.
These are the first quarterly earnings to come out since Dan
Arnold, previously LPL's president responsible for the firm's
long-term growth strategy, took over the top job from Mark
Casady on Jan. 3.
"I am honored to lead LPL into our next phase of growth,"
Arnold said in a statement. "We had a strong 2016 with our best
recruiting year ever, and we made significant progress on
service, technology and preparing for the DOL fiduciary rule."
The U.S. Department of Labor's fiduciary rule, passed by the
Obama administration, governs financial advice on retirement
products. It is set to take effect on April 10, but it may be
delayed as the agency reviews the rule at the instruction of
President Donald Trump.
Casady, 56, joined LPL in 2002. He will remain on LPL's
board of directors as a non-executive chair until he retires in
LPL provides products and support to more than 14,000
independent financial advisers and 700 banks and credit unions.
(Reporting By Elizabeth Dilts; additional reporting by Sruthi
Shankar in Bengaluru; Editing by Bernard Orr)