At Lorio Wealth Management, our priority is delivering the best possible client experience for you and your family. We believe that this is done through the relationship you have with our family. Like any business though, there are many necessary tasks that have nothing to do with delivering an exceptional client experience. And, like any business in this situation, we were faced with a decision. Were we going to hire the significant employee count necessary to be exceptional at the numerous tasks that are unrelated to delivering exceptional client service or were we going to partner with a firm to allow us to remain focused on you?
We chose you. And we always will.
That’s why we are proud to introduce you to our partner, LPL Financial, and the 4,000+ employees that provide us with the research, resources, and technology that empower us to deliver exceptional client experiences to you and your family.
1989
LPLA
4,343
Joined in 1994
$764 Billion
$2.2 Billion
$1 Billion
35
In LPL Financial, we saw ourselves. People absolutely devoted to their clients and with a desire to change the financial world for the better. A commitment to fiduciary standards and the use of technology to empower its people to do more. This was self-evident from LPL Financial’s credo, shown on the right, which was developed by its founder, Todd Robinson.
Todd Robinson was a student of the business, and a successful stockbroker in his own right. However, he felt that the financial world needed to change. Thinking back on it, he said, “I had become less and less comfortable operating within a traditional brokerage firm environment, where the firm’s product focus was no the open architecture model it is today”.
At the age of 28, Todd purchases Linsco, a Boston based broker/dealer, for $300,000. There, he saw an opportunity, "to provide a place to land for reps who were - as I had been - dissatisfied with the product bias at other brokerage firms and looking to run their own shop."
LPL Financial Representatives: 20.
Todd and his new partner, David Butterfield, purchase another broker/dealer, Private Ledger, a San Diego based firm. Thus, Linsco Private Ledger (LPL) was created. With headquarters on both coasts, it is able to grow rapidly. However, with the new acquisition, and the troubles that Private Ledger had under its old ownership, there was anxiety among advisers at both broker/dealers.
LPL Financial Representatives: 700
Jim Putnam, a former Vice President of Private Ledger, now a new partner in the combined Linsco Private Ledger, recalled, "there was a real sense of tension early on." Long time San Diego representatives wanted to know if the firm would be "moving to Boston". For the purchase of Private Ledger to be a success, it was critical that Linsco Private Ledger retain its newly acquired Private Ledger representatives. According to Putnam, "It takes time to develop trust, but Todd's roundtables helped build a sense of partnership and teamwork between management and advisors."
From the inception of Linsco Private Ledger, Todd stressed a relentless focus on supporting the advisor and their independence. He developed the following credo, "Our Committement to LPL Financial Advisors.
• LPL Financial Advisors are the most important people in this company.
• LPL Financial Advisors are not dependent on us. We are dependent on them.
• LPL Financial Advisors are not an interruption of our work. They are the purpose of it. We are not doing them a favor handling their inquiries. They are doing us a favor by giving us the opportunity to earn their business.
• LPL Financial Advisors are not the be argued or matched wits with. No one ever wins an argument with an LPL Financial Advisor.
• LPL Financial Advisors rely on us to help them prosper. It is out job to do so profitably."
In March of 1991, Todd was at a roundtable with 30 or so financial advisors. One asked about a possible product, a way to package mutual funds together in a single account, allowing the advisor to charge clients based upon a fiduciary agreement with an annual fee instead of commissions.
In November of 1991, Linsco Private Ledger launched the Strategic Asset Management (SAM) platform to make this a reality.
Given the less-than-universal enthusiasm for the direction LPL was moving the industry with its focus on fee-based management, a fiduciary standard, and a lack of proprietary products, it would serve as a benchmark when, in the late 1990's, Todd Robinson became involved at the highest levels of industry self governance. Todd would serve 7 years on the National Association of Security Dealers (NASD) Board of Directors and 5 years as Chairman of the NASD's Regulatory Board. "Given the growth of LPL and other independent firms, and the way the internet was changing out business, it was critical to have the independent perspective represented," said Todd Robinson.
Today, we are the largest independent broker/dealer in the country* supporting more than 16,000 financial advisors.
* As reported in Financial Planning magazine June 1996-2019, based on total revenues
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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