LPL Financial

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LPL Financial
Industry Financial Services
Founded 1968
Headquarters 75 State Street
Boston, Massachusetts
Key people
Mark Casady, Chairman & CEO
Revenue Increase US$$4.37 billion (2014)[1]
Number of employees
Parent LPL Financial Holdings Inc.

LPL Financial is the largest organization of independent financial advisors in the United States.[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 13,840 in June 2014. LPL Financial has main office locations in Boston, Charlotte, and San Diego. Approximately 3,384[3] employees support financial advisors; financial institutions; and technology, custody, and clearing service subscribers with enabling technology, comprehensive clearing and compliance services, practice management programs and training, and independent research.[4]

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.[5]


In 2003, LPL Financial acquired Private Trust Company, its affiliate firm based in Cleveland, which manages trusts and family assets for high-net-worth clients in all 50 states.

In 2004, LPL Financial acquired the broker/dealer operations of the Phoenix Companies (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.[6]

In 2005, private equity firms Hellman & Friedman and Texas Pacific Group took a 60% stake in the firm.[7]

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.[7]

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.[8]

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.[9]

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.[10] The deal closed in November 2007.[citation needed]

On January 1, 2008, Linsco/Private Ledger Corp. (LPL Financial Services) changed its brand name to "LPL Financial".[7]

On November 18, 2010, LPL Investment Holdings Inc., the parent company of LPL Financial, become a publicly traded company on the NASDAQ Stock Market under ticker symbol LPLA.[3]

In 2011, LPL Financial acquired New Jersey-based Concord Capital Partners, which helps trust companies automate the business practices of their internal investment management activities.

In January 2012, LPL Financial acquired Rockville-based Fortigent, which provides high-net-worth solutions and consulting services to RIAs, banks, and trust companies.[11]

In November, 2015, LPL Financial announced its first advisor online tool suite certification for Investment Support Services.[12]


Key facts regarding LPL Financial include the following:[1]

  • 4.5 million funded accounts[3]
  • 14,000 financial advisors supported[3]
  • Approximately 4,500 technology, custody, and clearing service subscribers[3]
  • Approximately 700 financial institution partners[3]
  • $475 billion in advisory and brokerage assets[3]


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