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LPL Financial

SEC-registered adviser since 1975Fort Mill, SCCRD 6413

$819.1B
AUM
1,986,990
Clients
See fees
Fee
36,280
Advisory staff

From Form ADV filed 21 September 2026 · data retrieved 15 October 2026SEC record

LPL Financial is an investment adviser headquartered in Fort Mill, South Carolina, and registered with the SEC since 1975. Its clients include high-net-worth individuals, other individuals, and corporations and other businesses. High-net-worth individuals account for 67% of its regulatory assets under management.

Its services include financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and educational seminars. Fee arrangements include a percentage of assets under management, hourly charges and fixed fees. LPL Holdings, Inc. owns 75% or more of LPL Financial, and Richard C Steinmeier is its CEO.

Clients

LPL Financial serves 1,986,990 clients, 671,511 of them high-net-worth individuals. The average client has about $412,000 with the firm, and high-net-worth clients hold 67% of its $819.1 billion in assets.

Regulatory assets by client type
  • Individuals1,291,397 clients28%
  • High-net-worth individuals671,511 clients67%
  • OtherPension and profit-sharing plans, Charitable organizations, State or municipal government entities, Corporations and other businesses, Other4%
Show client breakdown
Individuals (other than HNW)
Clients
1,291,397
Regulatory AUM
$231,449,434,763
Share
28.3%
Avg. per client
$179K
High-net-worth individuals
Clients
671,511
Regulatory AUM
$552,710,877,427
Share
67.5%
Avg. per client
$823K
Pension and profit-sharing plans
Clients
10,450
Regulatory AUM
$13,293,264,108
Share
1.6%
Avg. per client
$1.27M
Charitable organizations
Clients
5,086
Regulatory AUM
$7,586,643,901
Share
0.9%
Avg. per client
$1.49M
State or municipal government entities
Clients
5
Regulatory AUM
$8,850,860
Share
0.0%
Avg. per client
$1.77M
Corporations and other businesses
Clients
8,528
Regulatory AUM
$14,063,341,801
Share
1.7%
Avg. per client
$1.65M
Other
Clients
13
Regulatory AUM
$5,416,965
Share
0.0%
Avg. per client
$417K

Total

Clients
1,986,990
Regulatory AUM
$819,117,829,825
Share
100%
Avg. per client
$412K

What it does

LPL Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, educational seminars and other activities. It is paid through a percentage of assets, hourly charges and fixed fees.

LPL Financial provided financial planning to 24,500 clients last fiscal year and advises no private funds.

99.9% of assets ($818.32B across 2,849,049 accounts) are managed with discretion; $797.9M across 1,945 accounts are not. $598.57B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 209,600 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks16%
  • Funds78%
    • Registered funds77%
    • Pooled vehicles1%
  • Bonds2%
    • U.S. government and agency bonds1%
    • High-yield corporate bonds1%
  • Cash3%
  • Other1%
    • Structured products, pending purchase, precious metals, rights, units.1%

Custodians

LPL Financial has custody of $806.43B for 1,958,674 clients.

Managed account assets by custodian
  • All other custodians$819.12B100%

Ownership and leadership

LPL Holdings, Inc. owns 75% or more of LPL Financial, and Richard C Steinmeier is its CEO.

Who owns the firm
LPL Financial LLC· the adviser

  • LPL Holdings, Inc.

    Control person · since April 1989

    Owns 75% or more of LPL Financial LLC

Leadership

  • Richard C Steinmeier
    Chief Executive Officer and Director
  • Matthew Jon Audette
    President and Chief Financial Officer
  • James McHale
    Executive Vice President, Chief Compliance Officer
  • Judith Kohoskie Ricketts
    Executive Vice President, Operations and Principal Operations Officer
  • Matthew Klaus Enyedi
    Group Managing Director, Chief Client Officer
  • Gregory Gates
    Group Managing Director, Chief Product & Technology Officer
  • Aneri Jambusaria
    Group Managing Director, Chief Wealth Officer
  • Steven Thomas Malfitano
    SVP, Finance Capital Management and Principal Financial Officer
  • Matthew Edwin Morningstar
    Group Managing Director, Chief Legal Officer
  • Brent Blain Simonich
    Managing Director, Chief Risk Officer, Head of Business Operations

Staff

  • 41,879 employees
  • 36,280 in advisory functions
  • 23,099 state-registered reps
  • 32,010 broker-dealer reps
  • 26,112 insurance agents
  • 307 soliciting firms

Reported holdings

LPL Financial’s reported 13F holdings total $445.10B across 6,201 positions, and the ten largest make up 14.3% of it.

$445.10B
Reported 13F value
6,201
Positions
14.3%
In the 10 largest
+18.2%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. iShares TR · Core S&P500 ETF2.5%
  2. Invesco Qqq TR · Unit Ser 11.8%
  3. State Str SPDR S&P 500 ETF T · TR Unit1.7%
  4. Apple Inc.1.6%
  5. Nvidia Corporation1.5%
  6. SPDR Series Trust · ST Str P500etf1.3%
  7. SPDR Series Trust · ST Str P500grw1.1%
  8. iShares TR · Core MSCI Eafe1.0%
  9. Vanguard Index Fds · S&P 500 ETF Shs1.0%
  10. Amazon Com Inc.0.9%

Together, the ten largest are 14.3% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 7 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $445.10B is not its $819.12B in regulatory assets and does not represent any individual client's portfolio.

Fees

LPL Financial is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees).

LPL Financial’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, LPL Financial has 20,864 offices, with 26 listed addresses across 16 states.

Listed office addresses by state

South Carolina · 2 listed addresses

  • 1055 LPL Way, Fort MillHQ
  • 360 Kingsley Park DR Ste 100, Fort Mill

Other business names

LPL Financial has reported 2 other business names to the SEC.

  • LPL
  • LPL Financial

Registration details

Legal name
LPL Financial LLC
Headquarters
1055 LPL Way, Fort Mill, SC 29715
Phone
704-733-3300
Website
Not reported
SEC file
801-10970
Structure
California LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does LPL Financial have?

LPL Financial has 1,986,990 clients and manages $819.1 billion for them, as of September 2026. They include 1,291,397 other individuals, 671,511 high-net-worth individuals and 10,450 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 21 September 2026

What services does LPL Financial offer?

LPL Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, educational seminars and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does LPL Financial have?

LPL Financial has 23,099 investment adviser representatives registered with state securities authorities, out of 41,879 employees, and 36,280 perform investment advisory functions. 32,010 are registered representatives of a broker-dealer and 26,112 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does LPL Financial invest in?

At the end of its last fiscal year, LPL Financial’s separately managed accounts held 77% registered funds (mutual funds, ETFs, BDCs), 16% exchange-traded equities, 3% cash and equivalents, 1% U.S. government and agency bonds, 1% high-yield corporate bonds, 1% pooled vehicles (private funds and similar) and 1% structured products, pending purchase, precious metals, rights, units.. It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns LPL Financial?

LPL Financial is owned through a holding company by LPL Financial Holdings Inc. Its direct owner is LPL Holdings, Inc. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 21 September 2026

How does LPL Financial get paid?

LPL Financial is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 21 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 6413.
  3. Form 13F-HR, filed 7 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with LPL Financial LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.