LPL Financial Reports Rise in November Brokerage & Advisory Assets

LPL Financial LPLA witnessed a rise in total brokerage and advisory assets in November 2025. The metric was $2.36 trillion, which increased 0.5% from the previous month and 34.3% year over year.

LPLA’s November Performance Breakdown

Of the company’s total assets, brokerage assets were $977.6 billion, whereas advisory assets amounted to $1.39 trillion. Brokerage assets increased marginally from October 2025 and 24.4% year over year. On the other hand, advisory assets rose 0.8% from the previous month and 42.3% from November 2024.

Total organic net new assets (NNAs) were $6.7 billion. It included $0.1 billion of assets from First Horizon Bank that were onboarded in November, and $0.3 billion of off-boarded assets as part of the previously disclosed planned separation from misaligned large offices of supervisory jurisdiction. Prior to these impacts, organic NNAs were $6.8 billion.

LPL Financial reported $54.6 billion of total client cash balance for November 2025, down 0.5% from the prior month but up 8.1% from November 2024. Of the total balance, $36.9 billion was insured cash, $13.6 billion was deposit cash and the remaining was money-market sweep and client cash balance.

Our Take on LPL Financial

LPL Financial’s solid advisor productivity and recruiting efforts will likely continue to support advisory revenues. The company is expected to keep expanding inorganically, which will help diversify operations. However, uncertainty about the performance of the capital markets and substantial goodwill on its balance sheet are worrisome.

In the past six months, LPLA shares have declined 6.2% against the industry’s growth of 22%.

Currently, LPL Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of LPLA’s Peers

For November 2025, Charles Schwab’s SCHW total client assets were $11.83 trillion, up 14.8% from November 2024 and marginally sequentially, driven by strong investor engagement during the month.

Client assets receiving ongoing advisory services were $5.97 trillion, growing 15.4% from the year-ago period and 1% from the prior month. Schwab’s core NNA of $40.4 billion in November 2025 surged 40.3% from the prior-year month but declined 9% sequentially. 

Interactive Brokers Group, Inc.’s IBKR Electronic Brokerage segment, which deals with the clearance and settlement of trades for individual and institutional clients globally, reported a rise in client Daily Average Revenue Trades (DARTs) in November 2025.

IBKR’s total client DARTs in November were 4,273,000, representing a 29% increase from November 2024 but a decline of 4% from October 2025. On an annualized basis, cleared average DARTs per customer account were 214. The metric declined 6% on a year-over-year basis and 7% from October 2025.

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This article originally published on Zacks Investment Research (zacks.com).

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