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
Battle of the business models
RIA NEWS JUN 07, 2020
Battle of the business models

RIAs keep gaining, while small broker-dealers are feeling increased pressure from the pandemic as well as the need to comply with Reg BI

$400 million hybrid joins LPL from Securities America
$400 million hybrid joins LPL from Securities America

Missouri-based Niklas Financial will align with JFC Financial Services, which moved to LPL from Securities America last month

Voya Financial sees $600 million AUM group jump to Cambridge
Voya Financial sees $600 million AUM group jump to Cambridge

Vision Financial Group moved to Cambridge the first week of May

The sound of silence
The sound of silence

Regulation BI must be implemented by June 30, so why aren’t we hearing more about how brokerages are going to change the way they deliver investment advice?

LPL picking up another small broker-dealer
LPL picking up another small broker-dealer

The IBD intends to buy E.K. Riley Investments, its second announced acquisition in a month

$400 million bank program shifts to LPL
$400 million bank program shifts to LPL

Landmark Bank had used the Raymond James platform before being acquired by Simmons Bank

Virtual Attraction
Virtual Attraction

There is no doubt recruiting has slowed as the financial advice industry deals with broad changes caused by the coronavirus. Can broker-dealers still recruit reps and advisers, even during a pandemic?

LPL to open tech center in Austin, Texas
LPL to open tech center in Austin, Texas

Firm is looking to hire now before site is completed

REIT sales tank during COVID-19, but one broker-dealer is still selling
ALTERNATIVES MAY 13, 2020
REIT sales tank during COVID-19, but one broker-dealer is still selling

Sales of nontraded REITs crashed in April, falling to just $310 million

Portfolio management platform Vise lands $14.5 million in funding
FINTECH MAY 12, 2020
Portfolio management platform Vise lands $14.5 million in funding

Its tool is already available on the Charles Schwab and TD Ameritrade Institutional platforms

Finra fines former LPL rep for trading away
Finra fines former LPL rep for trading away

Michael Mountjoy was also suspended for six months by the regulator

Advisor Group loses another giant team, this time to LPL
Advisor Group loses another giant team, this time to LPL

JFC Financial Services, with a reported $3 billion in assets, moves to LPL

Advisers should be able to use the pass-through deduction
OPINION MAY 04, 2020
Advisers should be able to use the pass-through deduction

Amid the unprecedented economic disruption, independent contractor financial advisers are among the small business owners adversely impacted

Instead of selling in May, advisers may need to get creative
RIA NEWS MAY 01, 2020
Instead of selling in May, advisers may need to get creative

Ride the summer returns, or try some seasonal sector rotation

LPL's Arnold sees different financial advice business post  COVID-19
LPL's Arnold sees different financial advice business post COVID-19

Less real estate and more reliance on artificial intelligence could be in the industry's future