Despite severe volatility in equities that chipped away at advisory assets, LPL Investment Holdings benefited from a hastening shift to advisory business models away from brokerage ones and turned in huge net income gains for the third quarter. The report followed Raymond James Financial's similarly solid annual and fourth-quarter earnings report last week.

The Boston-based parent of LPL Financial reported third-quarter net income of $36.4 million, or $0.32 per diluted share, up 39.3% from $26.1 million in third-quarter 2010.

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