Citi analyst William Katz downgraded LPL Financial to Neutral from Buy with a price target of $79, down from $110. He has lowered his FY20-22 EPS estimates and reduced his target multiples for retail broker dealers following the rates reset that compresses their earnings power and reignites the "lower for longer" risks for the sector, Katz tells investors. Given that the sector is tightly correlated to short and long-term rates and spreads, and that Citi analysts are calling for potentially another 75 basis points of rate cuts, he thinks it is too soon to step in, Katz said.

LPL Financial announced that financial advisors Chris Mukoda, Brad Travis, Jr., CFP, and David Crouse have joined LPL Financial's broker-dealer, RIA and custodial platforms, aligning with Momentum Wealth Partners, an existing firm supporting LPL-affiliated advisors. They reported serving approximately $415 million in advisory, brokerage and retirement plan assets, and join LPL from PNC Investments. With the move, the team - which shares more than 75 years of combined financial services experience - launches Sussex Wealth Partners, an independent financial practice based in the Sussex County town of Lewes, Del. The new practice, located inside a former art gallery, was designed by the team's partner and office manager, Natalie Fowler, and brought to life by her husband, Anthony. The space gives an elevated and intimate feel - much like the experience the Sussex Wealth team strives to offer its wide variety of clients.