COMPANIES

LPL Financial

Office address: 4707 Executive Drive, San Diego, CA 92121
Website: lpl.com
Year established: 1989
Company type: financial services
Employees: 9,000+
Expertise: wealth management, investment advisory, retirement planning, brokerage services, portfolio management, research, compliance support, technology solutions, institutional services, succession planning
Parent company: LPL Financial Holdings
Key people: Rich Steinmeier (CEO), Matt Audette (CFO), Marc Cohen (chief growth officer), Greg Gates (chief technology and information officer), Emily Field (chief people officer), Matthew Enyedi (chief client officer), Aneri Jambusaria (chief wealth officer)
Financing status: corporation

LPL Financial is a San Diego-based independent wealth management company. The firm has additional offices in Fort Mill, Austin, and Boston. It supports over 28,000 financial advisors and offers investment products, technology, and research tools. The company is known for its flexible business models and broad, non-proprietary investment options.

History of LPL Financial

LPL Financial came to life in 1989 when Linsco and Private Ledger merged to form a new kind of firm. The founders wanted to give independent advisors more support, better technology, and a wide set of investment choices. Their goal was to help advisors serve clients with more freedom and better tools.

Expanding reach and influence

The company quickly grew by focusing on advisor independence and client choice. In 2010, LPL formed a political action committee to represent advisors and clients in Washington. This move showed the firm’s commitment to keeping financial advice objective and accessible.

Key acquisitions and industry growth

LPL made big moves in the industry by acquiring several firms. In 2017, it bought National Planning Holdings, which added four broker-dealers to its network.

The company also acquired AdvisoryWorld in 2018, bringing new technology for portfolio analytics and modeling. In 2020, LPL expanded further by purchasing E.K. Riley Investments, Lucia Securities, and Blaze Portfolio, adding more advisors and new trading technology.

LPL Financial’s expansion initiatives

The company completed its acquisition of Commonwealth Financial Network in 2025. This added around 3,000 advisors and $305 billion in assets. This move brings Commonwealth’s award-winning service culture and improves LPL’s market position.

LPL also welcomed Tennant Financial, a team with $1.3 billion in assets, to its platform in 2025. The group joined from Northwestern Mutual and brought years of experience in serving high-net-worth clients. This move showed LPL’s commitment to holistic planning and advanced technology.

LPL Financial products and services 

LPL Financial provides many investment and banking solutions for independent advisors and their clients:

Investment and wealth solutions

  • wealth management: tailored strategies for client portfolios
  • investment advisory: independent advice with broad product selection
  • retirement planning: IRAs, 401(k)s, annuities, and pension solutions
  • alternative investments: access to REITs, private equity, and hedge funds
  • brokerage services: trading and execution for stocks, bonds, and ETFs

Banking and lending services

  • cash management: solutions for liquidity and client cash needs
  • lending services: credit and loan products for individuals and businesses

Technology and advisor support

  • advisor technology: digital platforms for account management and business operations
  • compliance tools: regulatory resources and risk management support
  • practice management: business growth, succession planning, and transition support

LPL Financial is also recognized for its strong research, advisor training, and customizable business models. Advisors benefit from a national network, consultative support, and 24/7 client account access.

Culture and corporate values

According to the company, staff are encouraged to think ahead and focus on customer needs by finding new ways to solve challenges. LPL Financial also highlights a range of benefits for employees:

  • campus amenities: free parking, fitness center, wellness and mothers’ rooms, onsite dining and coffee shop
  • time off: paid vacation, holidays, and volunteer leave
  • education support: tuition reimbursement for continued learning
  • insurance coverage: life, AD&D, and supplemental insurance options

LPL Financial reports that it values a workplace where different perspectives are respected and welcomed. The firm created a dedicated role to support women advisors and attract more women to its network. It states that diversity and inclusion help strengthen the financial advice profession and its community.

About CEO Rich Steinmeier and key people

Rich Steinmeier began serving as CEO of the firm since 2024 and previously held leadership roles at the company. Before joining LPL, Steinmeier worked in senior positions at UBS and Merrill Lynch. He earned degrees from Stanford Graduate School of Business and The Wharton School.

The leadership team at LPL Financial brings a range of experience and skills to support the firm’s mission:

  • Aneri Jambusaria, as group managing director and chief wealth officer, oversees business, planning, and advice services
  • Matt Audette leads as president and CFO and manages financial strategy and reporting
  • Marc Cohen drives growth as chief growth officer; guides strategy and business development
  • Greg Gates is chief technology and information officer; he advances digital tools and platforms
  • Emily Field, as chief people officer, supports employee engagement and culture
  • Matthew Enyedi is chief client officer and focuses on advisor and client relationships

These key people at LPL Financial aim to help clients succeed and simplify the advisor experience. Their goal is to let advisors focus on serving clients, not on business complexity.

The future at LPL Financial

To help advisors plan for the future and protect their businesses, LPL Financial has launched its Liquidity and Succession program in 2025. The company offers creative solutions like partial book sales and business exit planning, which let advisors focus on clients while optimizing their practice. This approach supports long-term growth for both LPL and its advisors, which makes it more adaptable as the industry changes.

After the company completed its $2.7 billion acquisition of Commonwealth Financial Network, it aimed to keep 90 percent of Commonwealth’s advisors. Although about 5 percent of these advisors left for competitors, LPL continues to focus on retaining top talent. This effort helps provide stability for clients and strengthens the firm’s position in a competitive market.

Displaying 2439 results
Massachusetts' Galvin fines LPL $250,000 over senior certifications
Massachusetts' Galvin fines LPL $250,000 over senior certifications

Firm agrees to pay up to settle charges that some of its brokers were using titles that did not comply with Massachusetts' senior designation regulations.

LPL Financial fined $11.7 million for 'widespread supervisory failures'

Citing 'widespread supervisory failures,' Finra says the firm failed to properly supervise sales of complex products, including certain ETFs, variable annuities and non-traded REITs.

Adviser: Clients won't know you exist without a strong digital presence
FINTECH JUL 01, 2015
Adviser: Clients won't know you exist without a strong digital presence

Firms need a committed online strategy and must ensure the message matches the media.

Breaking down the best robos for your practice
FINTECH JUN 23, 2015
Breaking down the best robos for your practice

Advisers have a lot to consider when picking an automated investment service to use with their clients — here is a rundown of the features and functionality of the top adviser-targeted platforms.

Securities America snags $800 million firm from LPL

BEAM Asset Management brings over 32 advisers and $6.5 million in revenue.

Latest Obamacare ruling could spark a sell-off in health care sector stocks
EQUITIES JUN 09, 2015
Latest Obamacare ruling could spark a sell-off in health care sector stocks

Sudden volatility could create short-term buying opportunity.

Cetera factor dampens M&A activity among independent broker-dealers

The ongoing woes of Cetera's parent company, RCS Capital and inflated sale prices expected to deter deals among independent broker-dealers. </br><b><i>(Plus: <a href="//www.investmentnews.com/section/specialreport/20150118/IBDREPORT2015&quot;" target="&quot;_blank&quot;" rel="noopener noreferrer">Don't miss our full 2015 Top IBD special report</a>)</b></i>

Investors see few benefits of lower fees in adviser-sold investments
Investors see few benefits of lower fees in adviser-sold investments

Managed accounts sold by advisers deflect trend toward lower-fee money management as brokers work to maintain profits: Cerulli.

RIA NEWS MAY 25, 2015
Emerging markets offering bigger returns

Investors find bonds with plumper yields, and stocks that beat the S&amp;P 500

EQUITIES MAY 24, 2015
Smaller economies offering bigger returns in the emerging markets sector

Investors are finding bonds with plumper yields, and stocks that beat the S&amp;P 500

RIA NEWS MAY 11, 2015
Recent fine may hasten LPL Financial's shift to fee compensation

The broker-dealer acknowledges the growing importance of its fee and advisory businesses

Creating new position, LPL hires a chief technology officer
FINTECH MAY 10, 2015
Creating new position, LPL hires a chief technology officer

McGraw-Hill's David Wright named to the new role

LPL hires E*TRADE CFO Audette to replace Dan H. Arnold

Manager known as a 'turnaround artist' to take financial helm after Arnold bumped to president to replace Moore.

Ex-LPL broker barred over loans for luxury Hawaii vacation rental
Ex-LPL broker barred over loans for luxury Hawaii vacation rental

Raymond Schmidt borrowed some $2.25 million from customers to build an island retreat without notifying his firm, Finra said.

New Hampshire wants LPL to pay $3.6M over nontraded REIT sales
ALTERNATIVES APR 30, 2015
New Hampshire wants LPL to pay $3.6M over nontraded REIT sales

Case, involving 48 sales, stems from an 81-year-old investor who lost a substantial amount on the product.