Shares of LPL Financial LPLA gained 2.2% in after-hours trading in response to better-than-expected second-quarter 2022 results. Adjusted earnings of $2.24 per share surpassed the Zacks Consensus Estimate of $2.01. The bottom line also reflects a 21% jump from the prior-year quarter.Results benefited from an improvement in revenues and robust assets balance, which were partly offset by higher expenses. Further, LPLA’s balance sheet position remained strong. After considering the amortization of intangible assets and acquisition costs, net income was $161 million or $1.97 per share, up from $119 million or $1.46 per share in the year-ago quarter.Matt Audette, chief financial officer of LPLA, said, “We recorded double-digit organic growth, while successfully onboarding CUNA, substantially completing the integration of Waddell & Reed, and signing an agreement to acquire Boenning & Scattergood. Additionally, we are looking forward to onboarding People’s United Bank later this year.”Revenues Improve, Expenses RiseTotal net revenues were $2.04 billion, up 7% year over year. An increase in all components of revenues, except for commissions and other revenues, drove the rise.Total expenses increased 5% to $1.83 billion. All expense components increased in the quarter, except for professional services.As of Jun 30, 2022, LPL Financial’s total brokerage and advisory assets were $1,064.6 billion, down 4% year over year.In the second quarter, total net new assets were $37.2 billion, down from $106 billion in the prior-year quarter. Total client cash balances grew 44% to $69.6 billion.Balance Sheet Position StrongAs of Jun 30, 2022, total assets were $7.74 billion, down modestly on a sequential basis. As of the same date, cash and cash equivalents totaled $700.4 million, down 31% from the end of the previous quarter.Total stockholders’ equity was $1.84 billion as of Jun 30, 2022, up 6% from the end of the prior quarter.Share Repurchase UpdateIn the quarter, the company repurchased 272,000 shares for $50 million.Our ViewLPL Financial’s recruiting efforts and solid advisor productivity will likely continue aiding advisory revenues. Strategic buyouts, including the planned acquisition of Boenning & Scattergood’s private client group business, will keep supporting financials. However, persistently mounting expenses are expected to hurt the company’s bottom line. LPL Financial Holdings Inc. Price, Consensus and EPS Surprise LPL Financial Holdings Inc. price-consensus-eps-surprise-chart | LPL Financial Holdings Inc. QuoteCurrently, LPL Financial sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Performance of Other Brokerage FirmsCharles Schwab’s SCHW second-quarter 2022 adjusted earnings of 97 cents per share handily beat the Zacks Consensus Estimate of 91 cents. The bottom line also jumped 39% from the prior-year quarter.Results gained from higher rates, which led to an increase in net interest income. Thus, SCHW’s revenues witnessed an improvement despite higher volatility hurting trading income. Also, lower fee waivers and growth in brokerage account numbers acted as tailwinds for Schwab.Interactive Brokers Group’s IBKR second-quarter 2022 adjusted earnings per share of 84 cents missed the Zacks Consensus Estimate of 91 cents. The bottom line reflects a rise of 2.4% from the prior-year quarter.IBKR recorded a decline in revenues and higher expenses in the quarter under review. A fall in daily average revenue trades further hurt the results. However, the capital position remained strong. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Charles Schwab Corporation (SCHW): Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report LPL Financial Holdings Inc. (LPLA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research