On March 23, 2023, after market hours, LPL Financial issued a press release entitled “LPL Financial Reports Monthly Activity For February 2023” in which LPL Financial disclosed that its total net new assets plunged 40% to $5.2 billion in February 2023 as opposed to January of 2023. Further, release revealed that LPL Financial’s total advisory and brokerage assets were $1.15 trillion at the end of February 2023, down 1.5% from the end of January 2023. In addition, the release revealed that LPL Financial’s total client cash balances declined from $59.7 billion in January 2023 to $56.2 billion in February 2023, a decline of 5.9%.

On this news, LPL Financial’s stock price fell $11.88 per share, or 5.8%, to close at $192.00 per share on March 24, 2023.