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.
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.
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.
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.
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 provides many investment and banking solutions for independent advisors and their clients:
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.
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:
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.
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:
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.
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.
Mr. Kleintop predicts that the U.S. economy will emerge from the recession in the second half of 2009. He also expects the economy to experience a deflationary period earlier in the year, leading to the return of inflation toward its end.
Mutual fund liquidations could reach record levels in 2009 as assets decline and fund management companies trim overhead.
The following is an edited transcript of the round-table discussion.
Despite intense pressure from regulators to tighten recruiting standards for brokers with marks on their records, these bad apples are still being hired by new firms, recent cases illustrate.
EMoney Advisor produces the eMoney 360 and 360Pro wealth- and goal-planning applications used by financial advisers, while Redtail provides a popular web-based client relationship management application intended for advisers.
With the equity market wreaking havoc on retirement portfolios, advisers are helping clients reassess their priorities and determine which objectives to fund first.
National and state securities regulators disagree over the use of encryption in storing and communicating client information.
Regional and independent brokers such as LPL Financial, D.A. Davidson & Co., Raymond James Financial Inc. and Stifel Financial Corp. are thriving while brawnier brokers struggle, but the firms' executives have deep concerns even as they rev up their recruiting.
LPL Financial plans a spirited defense against claims that it was negligent in its supervision of a rogue broker who allegedly stole $5 million from at least 40 victims, many from his church in Phoenix.
Charles Schwab & Co. Inc., the pioneer of discount brokerage and the first broker to focus a business unit solely on independent investment advisers, appears to have proved once again that it pays to be first.
LPL Financial of Boston has tapped Allison Couch to be president of Associated Securities Corp., its El Segundo, Calif., subsidiary.
The AIG Advisor Group has seen a massive defection from one of its broker-dealers, involving a network of reps that produced more than $41 million in gross revenue last year.
Inflation is no longer the nation's chief economic problem; it is deflation, according to Jeffrey L. Knight, deputy head of investments and chief investment officer at Putnam Investments of Boston.
The broker-dealers in the AIG Advisor Group Inc. will be included as part of the massive asset sale that parent company American International Group Inc. could unveil as early as tomorrow, according to an investment banking source who asked not to be identified.
Last week's implosion on Wall Street has given financial advisers and their clients a jolt of unprecedented proportions.
