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 to more than 13,840 in June 2014. LPL Financial has main offices 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 with a number of financial services, including equities, bonds, mutual funds, annuities, insurance, and fee-based programs. 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 1989 LPL Financial was created through the merger of two small brokerage firms, Linsco and Private Ledger.[6]

In 2003, LPL Financial acquired Private Trust Company, 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, which offered Phoenix the chance to sell its products through the LPL Financial network.[7]

In 2005, private equity firms Hellman & Friedman and Texas Pacific Group took a 60% stake in the firm.[8]

In August 2006, LPL Financial expanded its client base following the purchase of UVEST Financial Services, which provided independent brokerage services to more than 300 regional and community banks and credit unions throughout the United States.[8]

In June 2007, LPL Financial finalized its acquisition of several broker/dealers under the Pacific Select Group (a.k.a. Pacific Life) umbrella, which added 2,000 financial advisors.[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".[8]

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][12]

In November, 2015, LPL Financial announced its first advisor online tool suite certification for Investment Support Services.[13]


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]


  1. ^ a b LPL Financial website – Financials Cite error: Invalid <ref> tag; name "" defined multiple times with different content (see the help page).
  2. ^ Based on total revenue. "Total Revenue" (PDF). 12th Annual Independent Broker-Dealer Guide. Financial Planning magazine. p. 29. Retrieved 4 August 2011. 
  3. ^ a b c d e f g
  4. ^
  5. ^ – LPL Financial Research
  6. ^ "Golden Pond Wealth Management -". Retrieved 2016-06-22. 
  7. ^
  8. ^ a b c
  9. ^
  10. ^ Based on number of financial institutions, as reported in a 2012 Kenneth Kehrer study
  11. ^
  12. ^ "LPL Moves Fortigent Operations to Charlotte". Retrieved 2016-06-22. 
  13. ^ "LPL Financial Earns First Advisor Online Tool Suite Certification for Investment Support Services". Retrieved 2015-11-25. 

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