Founded by advisors, for advisors LPL Financial was formed in 1989 through the merger of two small brokerage firms, Lins co & Private Ledger (founded in 1968 and 1973, respectively).By merging these two companies, the founders of LPL sought to create a trusted alternative to Wall Street firms, one in which financial advisors could build highly competitive businesses while always doing what is right for their clients. Today, we are the largest independent broker/dealer in the country* supporting more than 16,000 financial advisors. In 2005, LPL sold a 60% ownership stake to two private equity partners, Hellman & Friedman LLC and Texas Pacific Group, both strongly committed to maintaining the independence of the firm.