Broker-Dealers’ Assets Bounce Back in July
The brokerage industry got some relief in July, as the S&P 500 gained 9.1 percent following a 20.6 percent decline in the first half of the year. That turned into a significant increase in assets for major broker-dealers Raymond James Financial and LPL Financial. On Wednesday, Raymond James Financial reported close to $1.19 trillion in client assets under administration at the end of July, an increase of 6 percent from the end of June. Likewise, LPL Financial reported that total advisory and brokerage assets at the end of July were $1.12 trillion, an increase of 5.6 percent compared to the end of June.
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