History of LPL Financial in Timeline

LPL Financial, founded in 1989, is the largest independent broker-dealer in the U.S. With over 17,500 financial advisors and over $1 trillion in advisory and brokerage assets as of 2021, it generated approximately $10.3 billion in revenue for the 2023 fiscal year. LPL Financial maintains offices in Boston, Fort Mill, Austin, and San Diego, and is a member of FINRA and the SIPC.

1968: Life Insurance Securities Corp Established

In 1968, Life Insurance Securities Corp was established, later known as Linsco.

1973: Private Ledger Established

Private Ledger was established in 1973 as a brokerage firm.

1987: AdvisoryWorld Founded

AdvisoryWorld was founded in 1987, and its products include proposal generation, portfolio and investment analytics and portfolio modeling capabilities.

1989: LPL Financial Founded

In 1989, LPL Financial Holdings Inc. was founded and has become the largest independent broker-dealer in the United States.

2010: Blaze Portfolio Founded

In 2010, Blaze Portfolio was founded as a Chicago-based fintech firm.

August 15, 2017: LPL Financial Acquires National Planning Holdings

On August 15, 2017, LPL Financial Holdings Inc. finalized the acquisition of the independent broker-dealer network of National Planning Holdings, Inc. (NPH).

May 2, 2018: $26 Million Settlement Arising from Unregistered Securities

On May 2, 2018, LPL Financial agreed to a $26 million settlement arising from unregistered securities.

December 3, 2018: LPL Financial Acquires AdvisoryWorld

On December 3, 2018, LPL Financial Holdings Inc. acquired AdvisoryWorld, a technology company serving the wealth management industry.

June 26, 2019: Settlement with the Commonwealth of Massachusetts

On June 26, 2019, LPL Financial settled with the Commonwealth of Massachusetts at a cost of $1.1 million and underwent a review of certain internal controls due to compliance matters related to licensing of advisors/supervisors and late reportings.

December 26, 2019: Settlement with FINRA Related to UGMA/UTMA Accounts

On December 26, 2019, LPL Financial paid a fine of $300,000 as part of a settlement with FINRA primarily related to its systems and procedures related to Uniform Gifts to Minors Act (UGMA) and Uniform Transfer to Minors Act (UTMA) accounts.

August 18, 2020: LPL Financial Acquires E.K. Riley Investments, LLC

On August 18, 2020, LPL Financial Holdings Inc. announced its purchase of E.K. Riley Investments, LLC, a broker-dealer and registered investment advisor (RIA) based in Seattle.

August 20, 2020: LPL Financial Completes Purchase of Lucia Securities

On August 20, 2020, LPL Financial Holdings Inc. reported it had completed its purchase of the San Diego–based firm Lucia Securities and Lucia Wealth Services.

October 27, 2020: LPL Financial Acquires Blaze Portfolio

On October 27, 2020, LPL Financial Holdings Inc. announced its acquisition of Blaze Portfolio, a Chicago-based fintech firm founded in 2010.

December 30, 2020: Settlement with FINRA for Failure to Supervise and Maintain Adequate Records

On December 30, 2020, LPL Financial paid a fine of $6.5 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) for failing to supervise and maintain adequate records.