LPL Financial Holdings, the US-listed parent of LPL Financial, the brokerage, reported net revenues in the second quarter of $1.018 billion, a year-on-year rise of 12.2 per cent.

Net income in Q2 was $45.1 million, a 14.1 per cent rise from the same period a year ago, the firm said in a statement late yesterday.

Total advisory and brokerage assets were $396.7 billion as of June 30, 2013, up 12.4 per cent compared to $353.0 billion as of June 30, 2012.

Advisory assets in the company's fee-based platforms were $132.4 billion at June 30, 2013 up 18.9 per cent from a year before. Net new advisory assets, which exclude market movements, were $3.7 billion for the three months ended June 30. Growth in advisory assets was primarily driven by strong advisor productivity and the growth in assets managed by independent registered investment advisors.

"Our second-quarter top-line results mark the strongest quarter in LPL's history, with net revenues surpassing $1 billion," said Mark Casady, chairman and chief executive of LPL Financial.

"Under these strong top-line conditions, we are able to generate more robust earnings growth and margin expansion as we leverage our infrastructure and control our expenses. This resulted in adjusted earnings per share increasing 25 per cent year-over-year to $0.61 per share for the quarter,” Casady said.

"To sustain this trajectory across market cycles, we are committed to investing in our business to enhance simplicity, increase loyalty and support the growth of our advisors," continued Casady. "To advance this commitment, we have focused on blending senior leaders who have grown and evolved with LPL with the perspective and experience of management from outside LPL who bring an established track record of managing through change and introducing innovation in large complex organizations,” he added.