LPL Financial
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| Type | Private |
|---|---|
| Founded | 1968 |
| Headquarters | San Diego, Boston, Charlotte |
| Number of locations | Over 7,000 |
| Key people | Mark Casady, Chairman & CEO |
| Industry | Financial Services |
| Revenue | ▲ US$3.1 billion (2008)[1] |
| AUM | US$246.6 billion[1] |
| Employees | Approximately 2,450 |
LPL Financial is the nation’s largest organization of independent financial advisors.[2] LPL Financial was formed in 1989 through the merger of two brokerage firms—Linsco (established in 1968) and Private Ledger (established in 1973)—and has since expanded its number of independent financial advisors from a few hundred to more than 12,000 in 2009.[3] LPL Financial has headquarters in Boston, Charlotte, and San Diego. Approximately 2,450 employees support financial advisors; financial institutions; and technology, custody, and clearing service subscribers with enabling technology, comprehensive custody and clearing services, practice management programs and training, and independent research.
LPL Financial advisors help clients meet investment goals with a number of financial services, including equities, bonds, mutual funds, annuities, insurance, and fee-based programs. Unlike many other brokerage firms, LPL Financial does not develop its own investment products, enabling the firm’s investment professionals to offer financial advice free from broker/dealer-inspired conflicts of interest.[4]
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[edit] Timeline
In 2004, LPL Financial acquired the Phoenix Companies’ broker/dealer operations (WS Griffith Securities and Main Street Management), boosting its broker ranks and offering Phoenix the chance to sell its products through the LPL Financial network.
In August 2006, LPL Financial expanded its client base following the purchase of UVEST Financial Services, which provides independent brokerage services to more than 300 regional and community banks and credit unions throughout the United States.
In June 2007, LPL Financial finalized its acquisition of several broker/dealers under the Pacific Select Group (a.k.a. Pacific Life) umbrella, adding 2,000 financial advisors to its books.
On August 6, 2007, LPL Financial experienced technological issues that impacted all of its financial advisors. The issues were resolved on August 9. Public representatives from LPL Financial have stated that the issues were caused by a technical malfunction during a major upgrade to the system.
In September 2007, LPL Financial and Sun Life Financial announced a definitive agreement under which an affiliate of LPL Financial acquired Independent Financial Marketing Group, Inc. (IFMG), from Sun Life Financial. Sun Life Financial is a leading international financial services organization. The LPL Financial Institution Services business unit, which manages the IFMG business, is the nation’s top provider of investment and insurance services to banks and credit unions[5]. The deal closed in November 2007.
On January 1, 2008, Linsco/Private Ledger Corp. (LPL Financial Services) changed its brand name to “LPL Financial.”
[edit] Key Facts*
$3.1 billion in revenue
12,294 advisors licensed with LPL Financial and subsidiaries
Over 7,000 branch offices
Service to 780 financial institutions
Approximately 2,450 employees with headquarters in Boston, Charlotte, and San Diego
$246.6 billion in assets under management
$57.5 billion in assets under management in the LPL Financial fee-based (advisory) platforms
- As of 3/31/09[1]
[edit] References
- ^ a b c LPL Financial website – Financials
- ^ Based on total revenues, as reported by Financial Planning magazine (1996-2009)
- ^ LPL Financial website – Corporate Snapshot
- ^ JoinLPL.com – LPL Financial Research
- ^ Based on number of financial institutions, as reported in a 2008 Kenneth Kehrer study
