Lpl Financial LLC

CRD#6413
Investment Advisor Firm

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Overview

Lpl Financial LLC operates as a financial advisor company that has its headquarters in Boston, Massachusetts. It manages $159.1 billion in total assets throughout 786,525 accounts, placing it among the largest firms in the country by assets under management (AUM). It has a very large group of 22,790 employees, including 15,717 financial advisors. Lpl Financial LLC is not a registered broker-dealer, meaning it is not able to buy and sell securities for its accounts and those of its clients and instead is required to go through a broker-dealer company to do so. Securities are exchangable financial assets like equities, options and bonds.

Lpl Financial LLC oversees more than half of the firm's client assets in a discretionary manner. Discretionary management signifies that transaction judgments for the client's account are made by an investment advisor without requiring the customer's consent. Lpl Financial LLC also has 12,029 non-discretionary accounts with a total of $594.3 million in assets under management. The advisory firm's average account size is $202,155. An average financial advisor at Lpl Financial LLC manages about 50 client accounts, placing it towards the middle in terms of personalization.

The firm's headquarters is at 75 State Street, 22Nd Floor, Boston, Massachusetts 2109. It is legally permitted to serve customers throughout 51 U.S. states and territories.

Assets Under Management

$159.1 billion

Number of Advisors

15,717

Disclosures

No

Office Location

75 State Street, 22Nd Floor
Boston, MA 02109

Lpl Financial LLC by the Numbers

Total Assets Under Management

$159.1 billion

National Average: $3.3 billion
Total Number of Employees

22,790

National Average: 31
Total Number of Accounts

786,525

National Average: 1,935
Average Account Size

$202.3 thousand

National Average: $1.7 million

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Products and Services

Lpl Financial LLC offers a number of financial services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers, educational seminars and other services. In the prior fiscal year, the firm provided financial planning services to 6500 of its customers. The company does sell products or offer services different than investment advisory services to its customers. The company is also affiliated with one or more other companies in the financial services industry, including with a broker-dealer or securities dealer, banking or thrift institution and insurance company or agency.

Core Advisor Services

  • Offered by 44% of firms

    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 61% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

  • Find a firm that offers this service

    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 23% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

  • Find a firm that offers this service

    Publication of Periodicals

    This is the publication of various financial education materials.

  • Offered by 10% of firms

    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Fees for financial advisory services typically vary depending on which service is offered. Fees charged by the firm can consist of any combination of the following fee structures: asset-based, hourly, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are offered by Lpl Financial LLC.

Available

  • Offered by 72% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 35% of firms

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Offered by 2% of firms

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Offered by 39% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 17% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 1% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 12% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

Lpl Financial LLC manages money for a broad range of investors. Lpl Financial LLC provides services to retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities, corporations and other. Out of its 786,525 clients, Lpl Financial LLC's biggest client type by number of accounts is retail investors, although it also caters to 166,895 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an investor who has at least $750,000 under management or a net worth of at least $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the firm's accounts are represented by people from outside of the U.S.

  • High-Net-Worth Individuals* - 27.49%
  • Other Individuals - 69.62%
  • Corporations - 2.6%
  • Charitable Organizations - 0.3%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Lpl Financial LLC does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Lpl Financial LLC

Eric Matthews
Fort Mill, SC
Jonathan Staiman
New York, NY
Franklin Borders
Charlotte, NC
Daniel Fowler
Pampa, TX
Mark Tonelli
Denver, CO
Steven Justice
San Diego, CA
Christopher Kemp
San Diego, CA
Gregory Antonakos
Montgomery, NY

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This content was compiled from the SEC and FINRA