New York, NY - November 18, 2010 -- LPL Investment Holdings Inc., parent company of independent broker-dealer LPL Financial Corporation, today announced that LPL common stock has commenced trading on the NASDAQ Stock Market under the ticker symbol "LPLA."
To celebrate the first day of trading for the Company's stock, Mark Casady, LPL chairman and chief executive officer, rang today's opening bell on the NASDAQ Stock Market.
"Our firm's public listing on the NASDAQ Stock Market is an exciting next step for our company," said Mr. Casady. "We selected the symbol 'LPLA' to show our commitment to independent, unbiased advice. The 'A' represents our advisors and the objective advice they give to Main Street investors."
“This is a seminal event for the independent brokerage industry,” said Rafael Velez, Managing Director of Summit Financial Advisors. “As a publicly traded company, LPL will enjoy greater financial flexibility to serve advisors and their clients. With a full open architecture delivered in an environment unencumbered by conflicts from product manufacturing, underwriting or market making, LPL continues to raise the bar.”
Summit Financial Advisors, LLC is a SEC Registered Investment Adviser providing private account and wealth management services to clients in Northern California and across the country. Founded in 1998, the firm combines a total wealth management approach to financial planning strategies with a disciplined asset management program. Customized financial planning strategies and investment portfolios are constructed to each client’s unique situation.
LPL Financial is an independent broker-dealer with over 2,500 employees and offices in Boston, Charlotte, and San Diego. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,000 independent financial advisors and financial advisors at financial institutions. Additionally, the company supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions.