LPL Financial Loses $1B AUM in Colorado as Earnings Outlook Weakens
Modern Wealth’s acquisition of Brown & Company transfers $1bn client assets and eight advisors formerly affiliated with LPL in Denver, shrinking LPL’s partner network in Colorado. Wall Street expects LPL Financial’s upcoming earnings report to lack key drivers for a beat, signaling potential downside risk.
1. Brown & Company Asset Acquisition
Modern Wealth Management has agreed to acquire Brown & Company’s assets, including roughly $1 billion in client assets and an eight-member advisory team, marking Modern Wealth’s first Colorado office. Brown & Company was formerly affiliated with LPL Financial, so the deal reduces LPL’s partner network presence in the Denver market.
2. Earnings Outlook for LPL Financial
Analysts expect LPL Financial’s upcoming earnings report will lack sufficient revenue and cost-management drivers to beat estimates, pointing to muted growth and potential margin headwinds ahead of publication.