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Stories of Interest
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
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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.