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Stories of Interest
- FINRA Board of Governors - Election Notice
- Trump Signs Biggest Rollback of Bank Rules Since Financial Crisis
- SEC Commissioners Hold Investor Town Hall in Atlanta
- SEC Proposes FAIR Act Rules to Promote Research Reports on MFs, ETFs, Other Funds
- FINRA Markup/Markdown Analysis Report - Phone Workshop, WebEx Presentation
- NASAA Announces Coordinated International ICO and Crypto Crackdown
- New York Investment Advisor Settles SEC Insider Trading Charges
- Supreme Court Backs Companies Over Worker Class-Action Claims
- Bank of America Introduces Erica, Its AI Financial Assistant
- Banks Are Getting Another Volcker Rule Win
- Citigroup to Pay $7.3Mn Fine for Substandard IPO Work
- FINRA Stretches Definition of Participating in a Private Securities Transaction - Bill Singer
- Post Mortem Auto-Pilot Trading Sends Stockbroker's Career into Head-On Regulatory Crash
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
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NEWSLETTERS & ALERTS
LPL Financial Enjoys Big Gains in Stock Market
On a day when most financial stocks lost money, LPL Financial Holdings had a huge day closing at $42.48 a share, up 10.28%. While the $3.96 jump in share price - including after-hours trading - could not be directly attributed to any transaction, we came across 2 stories featuring the company:
- LPL Awaits Fiduciary Rule ‘Disruption, After Profit Drop (WSJournal, 4/27 6:18 pm)
- LPL Financial’s Earnings Decline (Barron's, 4/28 1:13 pm)
Here's what we learned from those articles. LPL Financial just reported its Q1 earnings, which exceeded analyst expectations even though they fell from one year earlier. In terms of dealing with the transitory nature of the fiduciary rule, LPL Financial expects the rule to eventually take effect and benefit its business. While the firm has been pushing its business toward fee-based revenues, it will nonetheless permit its brokers to continue charging commissions - subject to certain restrictions. This is unlike the approach that Merrill, JPMorgan and other rivals are taking, and the firm is confident that this different approach will work to its benefit.