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Milestones of an Industry Leader

LPL Financial was formed in 1989 through the merger of two brokerage firms, Linsco (established in 1968) and Private Ledger (founded in 1973). Today this diversified financial services company is the nation's largest independent broker/dealer.*

1980s – Envisioning a brave new world
In the 1980s, Linsco Financial Group Chairman, Todd Robinson, believed that unbiased advice and the ability for advisors to be truly independent would drive the future of the brokerage industry dramatically changing the relationships between brokers and their clients. He envisioned a world where technology would enable financial advisors to operate independently in a branch office with the resources previously available only from a wirehouse.

1989 – Vision meets reality
Mr. Robinson was so confident in this vision of the future that in 1989, he merged Boston-based Linsco Financial Group with Private Ledger in San Diego to form LPL Financial Services (LPL). Brokers who shared the vision of independence began seeking out this new firm to test their pioneering concept.



2000 – Self-clearing model is introduced
In 2000, LPL moved to a self-clearing model, creating scalable business processes and related efficiencies, resulting in cost savings that could be passed on to the firm’s financial advisors and their clients.

2005 – Private equity ownership ensures future growth
LPL took an important step in its evolution as a firm in 2005. LPL’s rapid growth drove the decision to transition from individual to institutional ownership to help ensure that LPL would be able to support the success of independent advisors and their clients for many years to come. Following an extensive due diligence and bidding process, investment affiliates Hellman & Friedman LLC and Texas Pacific Group (TPG), two leading private equity firms, were selected to become majority investors in LPL.

2006 – Critical mass drives cross-platform efficiencies
LPL’s commitment to business development and continual investment in systems and infrastructure led to achieving the scale and critical mass that drives efficiencies at both the firm and user levels. In 2006, LPL began offering clearing services and access to its advisory platform, research and technology services to other financial institutions with broker/dealer firms.

In December 2006, LPL established its clearing services division and entered into a clearing relationship with AXA Advisors, LLC, the broker/dealer for AXA Equitable. LPL continues to maintain similar relationships with hundreds of other financial institutions nationwide through its Financial Institutions Services (FIS) business.

2007 – UVEST joins the team
On January 2, 2007, LPL completed the acquisition of UVEST Financial Services (UVEST) and expanded Financial Institution Services. The combined entities provide support to over 700 banks and credit unions nationally. The Financial Institution Services division will continue to be an integral part of LPL’s overall growth strategy going forward.

In June 2007, LPL closed on a definitive agreement to acquire three of Pacific Life Insurance Company’s broker/dealers -- Mutual Service Corporation, Associated Financial Group and Waterstone Financial Group. This acquisition was a major cornerstone for LPL’s growth strategy in an industry where size and scale matter. It further validates LPL’s commitment to continual investment in its service capabilities technology, research, training, product and back office support platforms.

LPL Financial today and tomorrow
With its extensive history of serving independent financial professionals, and more than 11,000 financial advisors located in all 50 states and the District of Columbia, LPL Financial stands apart as the nation’s leading independent broker/dealer.* From self-clearing, to administration and technology, the support services that LPL Financial offers advisors and financial institutions are consistently recognized as superior across the financial services industry.
As reported by Financial Planning magazine, 1996-2007, based on total revenues.