WS Griffith and Main Street
LPL's first prominent pick up is from 2004 when it acquired two broker-dealers, WS Griffith Securities Inc. and Main Street Management Co., owned by The Phoenix Companies Inc., an insurer. The two firms, respectively, had 747 and 270 reps and advisers. LPL would continue to buy broker-dealers from insurance companies. At the time, more than 5,100 reps and advisers were registered with LPL.