LPL Financial reported second quarter net income of $39.5 million, down $6 million compared to $45.5 million in the same quarter of 2011. Net revenues for the second quarter of 2012 increased 1.5% to $907 million, from $894.0 million in the prior year period.

"Investors are exhibiting more cautious behavior in light of the uncertain market conditions, which manifests itself in lower investment activity and reduced trading," Mark Casady, LPL's chairman and CEO, said in a statement.  "At the same time, our performance has been impacted by our ongoing commitment to additional investment.  This strategy is driven by our confidence in the strength of our underlying business and in our competitive position, but has placed further pressure on our bottom-line results this quarter. 

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access