LPL Financial Holdings Inc.

Overview

LPL Financial Holdings Inc. is a U.S. wealth-management company that provides brokerage, investment advisory and custody services. Rather than manufacturing financial products, it provides financial advisors and institutions with access to investment products, technology, trading and clearing, and practice-management support. Its stated mission is to “ensure the success of our clients every step of the way.” [1]+2

LPL serves advisors and financial institutions across the United States. At year-end 2025, it supported more than 32,000 financial advisors and approximately 1,200 financial institutions, with about $2.4 trillion in brokerage and advisory assets on its platform. It had approximately 10,000 employees and reported $16.99 billion in 2025 revenue.[1]+3 [1]+5

Products & services

LPL Financial offers advisors a platform for brokerage and fee-based investment advice. Its advisory offerings include wrap-fee and mutual-fund asset-allocation programs, digital advice, third-party advisory programs, financial planning and retirement-plan consulting. Advisors can access investments including mutual funds, ETFs, stocks, bonds, certain options strategies, unit investment trusts, institutional money managers and variable annuities; LPL says it does not offer proprietary financial products.[7][8]

Named advisory programs include Strategic Asset Management (SAM), an advisor-directed platform, and Model Wealth Portfolios (MWP), a centrally managed platform that can combine investment models and separately managed account strategies. ClientWorks provides an advisor workspace for client information, transactions and business tasks, while LPL Research supplies investment research and portfolio models. LPL also provides custody, clearing, account administration and transaction processing, along with insurance support, cash-management accounts and programs that sweep eligible client cash into bank deposits.[9]+6

In 2025, advisory fees accounted for approximately 48% of revenue, commissions for 27%, and asset-based revenue—including client-cash programs and other asset-based fees—for 18%. These are revenue categories rather than sales figures for individual products.[6][16] [7]+13

Geographic presence

LPL Financial Holdings’ footprint is predominantly in the United States. Its principal executive offices are in San Diego, California, and its primary offices are in San Diego; Fort Mill, South Carolina; Tempe, Arizona; Boston, Massachusetts; Austin, Texas; and New York City. LPL Financial is licensed to operate in all 50 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.[17][18] It also has limited international operations in Hyderabad, India.[19]

LPL reported approximately 10,000 employees at December 31, 2025, but did not provide a breakdown by location. It does not report revenue by country or region, and states that its revenue is not concentrated by geography.[5][20] [17]+4

Business segments

LPL Financial Holdings reports **one operating segment**, rather than separate advisory and brokerage segments. That segment provides an integrated platform of brokerage and investment-advisory services to independent financial advisors and advisors at financial institutions.[21]

Its revenue categories provide a more useful breakdown of the business. In 2025, advisory fees on client assets accounted for approximately **48%** of revenue, while commissions from investment-product sales and ongoing holdings accounted for **27%**. Asset-based revenue—principally from client cash programs, product-provider sponsorship and recordkeeping—contributed **18%**. The remaining revenue came from service and fee income (**4%**), transaction charges (**2%**), net interest income (**1%**) and other income (**1%**); percentages are rounded and may not sum to 100%. These are revenue categories, **not separately reported segments**.[22]+6 [21]+15

Company history

LPL Financial traces its origins to Linsco, established in 1968, and Private Ledger, established in 1973. The firms merged in 1989 to form LPL Financial.[28][29] In 2005, private-equity firms Hellman & Friedman and TPG acquired the business; LPL Financial Holdings went public in 2010, listing on Nasdaq under the ticker LPLA.[30][31]

The company expanded through acquisitions, including National Planning Holdings’ independent broker-dealer network in 2017 and Waddell & Reed’s wealth-management business in 2021.[32][33] It subsequently acquired Atria Wealth Solutions in 2024 and Commonwealth Financial Network in 2025.[34][35] [28]+7

Sources

• LPL Financial Holdings Inc. — Full financial report (2025 Y)
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• www.lpl.com[29]
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