Please note that we have posted a financial supplement on the Events section of the Investor Relations page on lpl.com. Before turning the call over to Mark, I’d like to note that comments made during this conference call may incorporate certain forward-looking statements. This may include statements concerning such topics as earnings growth targets, operational plans, and other opportunities we foresee.
Underpinning these forward-looking statements are certain risks and uncertainties. We refer our listeners to the Safe Harbor disclosures contained in the earnings release and our latest SEC filings to appreciate those factors that may cause results to differ from those contemplated in such forward-looking statements. In addition, comments during this call will include certain non-GAAP financial measures governed by SEC Regulation G. For a reconciliation of these measures, please refer to our earnings press release.
With that, I’ll turn the call over to Mark Casady.
Mark CasadyThanks Trap and thank you for joining today’s call. Second quarter presented uncertain market conditions that resulted in 1.5% revenue growth year-over-year. Our advisors have been clear and communicating to us the more cautious sentiment that exists among retails investors causing lower investment activity which intensify in June. While we continually strive to provide value added technologies and services to support our advisors to grow their businesses, when faced with this macro driven headwinds it is challenging to produce top line growth in the short-term. At the same time our performance has been impacted by our ongoing commitment to additional investment. Adjusted earnings for the quarter were $0.49 per share down 5.8% relative to the second quarter of 2011. While we are managing our ongoing operating expense to reflect the slowdown in top line performance, we continue to expand investments in key strategic areas to fuel future growth. Specifically, year-over-year earnings were impacted by the added expenses related to the acquisitions of Fortigent and Concord, investment in our retirement platform and the formation of NestWise to address advisor training and enter the mass market channel. In addition, as our business development pipeline remains very active we increased our investment in transition of systems to support new advisor growth.