Advisor productivity and healthy recruiting activity helped drive net revenues at
Advisor recruitment also continued to bounce back, as
Net income, meanwhile, soared 20% to
Advisors began weighing partnering with different IBDs midway through the year, according to LPL's chief financial officer,
Productivity by advisors was driven by investor engagement, strong market conditions "and, in particular, elevated levels of alternative investment sales, resulting in annualized commissions per advisor of
LPL also highlighted its ability to retain advisors, with Arnold citing a 97% retention rate for 2013. The total number of advisors grew 2.4% to 13,673 last year from 13,352 in 2012.
Advisory and brokerage assets jumped 17% to
Revenue generated by advisors increased by nearly 12% for both the fourth quarter and full-year 2013. The rise, LPL said in its earnings announcement, reflected both an increase in net new advisors and improving commissions per advisor. Commission revenue from advisors increased 14% in 2013, with a particular spike in the fourth quarter, which jumped 19% compared with the same period last year.
Last year LPL focused on its core platform and invested in compliance and service capabilities, the company's chairman and chief executive officer
In addition, LPL announced it would raise its quarterly dividend 26% to
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