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
Team managing $440 million joins LPL from Royal Alliance
Team managing $440 million joins LPL from Royal Alliance

The eight-adviser Monteverde Group is based in Pittsburgh.

Hybrid managing $260 million switches to LPL from First Allied
Hybrid managing $260 million switches to LPL from First Allied

The Fox Alliance, a 15-person team that includes six advisers, is based in Austin, Texas.

LPL recruiting loans jump again in 2020
LPL recruiting loans jump again in 2020

The largest independent broker-dealer reported forgivable loans to recruits of $419.2 million at the end of last year. Forgivable loans are one of the most common ways broker-dealers use to attract recruits.

LPL, Cetera gear up for fight over Voya advisers
LPL, Cetera gear up for fight over Voya advisers

Cetera is offering a standard range of transition money to Voya's 900 advisers while LPL is flexing its muscle, according to several market sources.

Adviser managing $315 million at Wells Fargo goes indie with LPL
Adviser managing $315 million at Wells Fargo goes indie with LPL

Richard Pakes starts CVG Wealth Management in Santa Barbara, California

Team managing $350 million makes U-turn to LPL
Team managing $350 million makes U-turn to LPL

Foran Financial Group of Somerville, New Jersey, is rejoining the independent broker-dealer after spending six years at Raymond James.

LPL updates branding message
LPL updates branding message

'Your Greatness Is Our Goal' is the independent broker-dealer's new theme, referring to the value it brings to its advisers.

Let’s innovate by reaching clients via mobile apps
OPINION FEB 15, 2021
Let’s innovate by reaching clients via mobile apps

Technology is often one of the most noticeable areas in need of support — especially when compared to other retail or consumer channels, and specifically in terms of mobile apps.

LPL kicks off program to help advisers buy or sell practices
LPL kicks off program to help advisers buy or sell practices

Its new effort, called M&A Solutions, includes ‘strategic support’ and online tools to help advisers considering a transaction.

LPL hanging onto Waddell & Reed advisers and assets
LPL hanging onto Waddell & Reed advisers and assets

LPL Financial said it will likely surpass its target to bring aboard Waddell & Reed advisers, according to CEO Dan Arnold. The company reported adviser headcount was 17,287, up 119 from the end of September and 823 year-over-year.

DeNoyior named head of Hub’s wealth management business
DeNoyior named head of Hub’s wealth management business

The former CEO of Washington Financial Group succeeds the late David Reich in the role of national president of Hub Retirement and Private Wealth.

UBS team managing $245 million goes indie with LPL
UBS team managing $245 million goes indie with LPL

Brendan Biruk and Dan Rattigan form Washington Crossing Financial Group in Washington Crossing, Pennsylvania.

Cetera zeroes in on user experience with Riskalyze
FINTECH JAN 22, 2021
Cetera zeroes in on user experience with Riskalyze

The broker-dealer is leveraging its enterprise partnership with Riskalyze to automate risk management and enhance customer experience, which are now available to Cetera’s network of 8,000 advisers via the AdviceWorks platform.

Tennessee bank program moves to Raymond James
Tennessee bank program moves to Raymond James

FirstBank’s investment unit, with 17 advisers, had been affiliated with LPL Financial.

IBDs saw decent year in 2020 wirehouse recruiting
IBDs saw decent year in 2020 wirehouse recruiting

Independent broker-dealers saw gains in recruiting coveted wirehouse advisers despite the massive disruptions caused by COVID-19. Firms are also building out registered investment advisory platforms to lure advisers.