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LPL Financial Holdings Inc. (LPLA)

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  • LPL Financial Announces Completion of Senior Unsecured Notes Offering
    GlobeNewswire

    LPL Financial Announces Completion of Senior Unsecured Notes Offering

    SAN DIEGO, May 18, 2021 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced that its wholly owned subsidiary, LPL Holdings, Inc. (“LPL Holdings”), has completed its previously announced offering of $400 million of senior unsecured notes due 2031 (the “senior notes”). LPL Holdings used the net proceeds from the senior notes offering, together with corporate cash, to repay borrowings on its existing revolving credit facility related to its acquisition of the wealth management business of Waddell & Reed Financial, Inc. on April 30, 2021, and to pay fees and expenses related to the senior notes offering. The senior notes bear interest at a rate of 4.375% to be paid semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The senior notes were priced at 100% of the aggregate principal amount, and will mature on May 15, 2031. LPL Holdings’ outstanding indebtedness, following the senior notes offering, and after using proceeds from the offering to repay borrowings on its revolving credit facility, is summarized in the following table: Outstanding Principal Amount(dollars in thousands) Current ApplicableMargin Yield At Issuance MaturityRevolving Credit Facility (a)$— ABR + 25 bps 3/15/2026Senior Secured Term Loan B (b) 1,056,625 LIBOR + 175 bps 11/12/20262027 Senior Unsecured Notes (c) 400,000 4.625% Fixed 4.625% 11/15/20272029 Senior Unsecured Notes (d) 900,000 4.000% Fixed 4.000% 3/15/20292031 Senior Unsecured Notes (e) 400,000 4.375% Fixed 4.375% 5/15/2031Total$2,756,625 Secured borrowing capacity of $1 billion at LPL Holdings, Inc. After using proceeds from the senior notes offering to repay borrowings on the revolving credit facility, the revolving credit facility was undrawn.The LIBOR rate option is one-month LIBOR rate and subject to an interest rate floor of 0 basis points.The Senior Unsecured Notes were issued in November 2019 at par.The Senior Unsecured Notes were issued in March 2021 at par.The Senior Unsecured Notes were issued in May 2021 at par. LPL Holdings incurred approximately $4 million of costs as a result of the senior notes offering, which is expected to be capitalized and amortized over the life of the debt. As a result of the senior notes offering, and taking into account related costs, the Company (as defined below) estimates approximately $18 million of additional annual interest expense. The senior notes offering was managed by an arranger group of 12 banks led by JPMorgan Chase Bank, N.A. This press release does not constitute an offer to sell or the solicitation of an offer to buy the senior notes. The senior notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The senior notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States only to non-U.S. investors pursuant to Regulation S under the Securities Act. Forward-Looking StatementsStatements in this press release regarding LPL Holdings’ future amortization of debt issuance costs and interest expense, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's historical performance and its plans, estimates, and expectations as of the date hereof. The words “expects”, “intends”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that the future results, plans, intentions, or expectations expressed or implied will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive, and other factors, which may cause actual results, or the timing of events, to be materially different from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include: differences between the debt issuance costs we expect to incur and the costs that we actually incur, and potential changes to applicable accounting standards. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect the business of LPL Financial Holdings Inc. (together with its subsidiaries, the “Company”), including the risk factors set forth in Part I, “Item 1A. Risk Factors” in the Company's 2020 Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on statements contained herein as representing the Company's views as of any date subsequent to the date of this press release. About LPL FinancialLPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker/dealer(+) and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions. + Based on total revenues, Financial Planning magazine June 1996-2020. Securities and Advisory Services offered through LPL Financial LLC, a Registered Investment Advisor. Member FINRA/SIPC. Investor Relations - Chris Koegel, (617) 897-4574Media Relations – Lauren Hoyt-Williams, (980) 321-1232

  • LPL Financial and Gladstone Wealth Partners Welcome Women-Led Platinum Wealth Management of Buckhead
    GlobeNewswire

    LPL Financial and Gladstone Wealth Partners Welcome Women-Led Platinum Wealth Management of Buckhead

    CHARLOTTE, N.C., May 17, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that financial advisors Gena Barbato, Beth Woodward and Daniel Kundla CFP® have joined LPL Financial’s broker-dealer, corporate registered investment advisor (RIA) and custodial platforms, aligned with Gladstone Wealth Partners, a large enterprise supporting LPL-affiliated advisors. The team reported having served approximately $215 million in advisory and brokerage assets*. They join LPL from UBS Financial Services. Based in Atlanta’s Buckhead community, managing partners Barbato and Woodward have worked together since 2001, officially merging their business 16 years ago. Kundla joined the team in 2016 as a college intern, and the job blossomed into his current role as senior vice president-investments. “Over the years, we’ve found that a team approach can be an effective method to help clients who have a wide variety of needs as they maneuver through a complex financial-services world,” Barbato said. Their reasons for becoming financial professionals are deeply personal for the team, having observed many of their family and friends wishing for a more holistic connection with their financial advisors. “We believe that with our understanding of personal finance, coupled with our training as financial professionals, we can help people better prepare for their futures,” said Barbato, who specializes in retirement planning for upper level managers at major corporations. She noted the firm also serves several multigenerational clients and small business owners. Seeking more independence and the ability to run their business on their own terms, the team chose to partner with LPL and Gladstone. “We appreciate that LPL gives us the freedom and the flexibility to offer more services that enhance the client experience. With less restrictions for social media and digital marketing, we’ll be able to expand our brand and presence within the industry,” Barbato said. “Gladstone offers an additional layer of support and resources. By joining Gladstone’s partner model, we have a unique opportunity to grow the way we want to, through acquisitions and by bringing in turnkey advisors to join our practice. We are excited to see what’s ahead with this new partnership.” Richard Frick, managing partner and CEO at Gladstone Wealth Partners, said, “Today Gladstone and LPL helped launch an elite team of women-led advisors. We are excited to see Platinum Wealth Management of Buckhead, headed by Gena and Beth, become their own independent practice. Atlanta is an important market for wealth management, and to have these women launch our first Partner office in the Buckhead area is nothing short of amazing. Gladstone and Platinum put a stake in the ground together, and we are here to support their growth.” Scott Posner, LPL executive vice president, Business Development, said, “On behalf of LPL, we congratulate Gena and Beth for launching their independent practice. They have built successful careers as financial advisors and we are honored they recognized the value in partnering with LPL and Gladstone as they seek ways to expand their business. We are committed to supporting advisors with leading capabilities and resources to help them differentiate their business and address the diverse needs of their clients. We’re also deeply committed to fostering connections between our advisors and welcome Gena and Beth to LPL's active women advisor business community. We congratulate Gladstone on growing its network of quality advisors, and we look forward to supporting both Gladstone and Platinum Wealth Management of Buckhead for many years to come.” Learn more how LPL supports Women Advisors. Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com. Advisors, find an LPL business development representative near you. About LPL FinancialLPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader** in the markets we serve, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients. ** Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report) *Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial. Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC. Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website. Platinum Wealth Management of Buckhead, Gladstone Wealth Partners and LPL Financial are separate entities. Connect with Us! https://twitter.com/lpl https://www.linkedin.com/company/lpl-financial https://www.facebook.com/LPLFinancialLLC https://www.youtube.com/user/lplfinancialllc Media Contact:Lauren Hoyt-Williams(980) 321-1232Lauren.Hoyt-Williams@lpl.com

  • LPL Financial Welcomes Financial Advisor Jeffrey Schiffman
    GlobeNewswire

    LPL Financial Welcomes Financial Advisor Jeffrey Schiffman

    Florida advisor joins new Linsco by LPL Financial employee modelCHARLOTTE, N.C., May 13, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that financial advisor Jeffrey Schiffman CFP® has joined LPL, affiliating with Linsco by LPL Financial, the firm’s new W2 employee advisor model. Schiffman reported having served approximately $150 million in advisory, brokerage and retirement plan assets*. He joins LPL from UBS Financial Services. Based in Palm Beach Gardens, Fla., Schiffman Wealth Planning was founded with a mission to provide customized and timely financial planning strategies to help families work toward achieving their dreams and aspirations for generations to come. Schiffman specializes in offering financial planning and tax-based investment strategies, and he said he takes pride in providing clients a high level of service, ongoing communication and regular portfolio reviews. Stability and support from Linsco by LPL Financial Schiffman said he chose LPL to have more control of his practice and serve his clients’ best interests. With the move, he is returning to his entrepreneurial roots, having owned a mortgage banking firm for 14 years before becoming a financial advisor. While afforded the comprehensive and turnkey support of the Linsco employee advisor model, Schiffman also has brand autonomy, owns his book of business and owns the decisions around how to run his business. “Over the years, I’ve come to recognize that my business lends itself to more of an independent practice. Wirehouses were very restrictive, and at times I felt like I was working in a bubble. I was excited to learn of LPL’s employee model,” he said. Schiffman appreciates the open architecture of LPL’s technology platform so he has choice among tools and capabilities to run his practice. He also is eager to take advantage of marketing opportunities to reach new clients and other advisors. “With Linsco by LPL Financial, I’m allowed to buy other practices. That’s usually unheard of in the employee model,” Schiffman said. “LPL is extremely committed to supporting its advisors and letting them flourish.” Scott Posner, LPL executive vice president, Business Development, said, “We welcome Jeff to the LPL community and congratulate him on taking control of his business and client relationships. Advisors deserve to be able to serve their clients the way they think is best and build a business with value. LPL is committed to meeting advisors where they are, providing them with choice and flexibility to launch, grow and monetize a business of their design. We are excited to work with Jeff and look forward to a long-lasting partnership with Schiffman Wealth Planning.” RelatedInside the Linsco by LPL model Learn more about Schiffman Wealth Planning by LPL Financial. Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com. Advisors, find an LPL business development representative near you. About LPL Financial: LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader** in the markets we serve, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients. ** Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report) *Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial. Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC. Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website. Connect with Us! https://twitter.com/lplhttps://www.linkedin.com/company/lpl-financialhttps://www.facebook.com/LPLFinancialLLChttps://www.youtube.com/user/lplfinancialllc Media Contact:Lauren Hoyt-Williams(980) 321-1232Lauren.Hoyt-Williams@lpl.com