SAN DIEGO, April 16, 2015 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer*, a custodian for registered investment advisors (RIAs), and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today issued the following statement in response to the Department of Labor's (DOL) proposed definition of fiduciary:
LPL supports the intentions behind the DOL's proposed definition of the term, "fiduciary," and its application to investment advice. We are encouraged by the best interest contract exemption provided in the rule proposal and look forward to working collaboratively with the Department of Labor during this comment period to refine the conditions and requirements and ensure access to brokerage products and services for all investors who benefit from them. At LPL, we believe that access to independent, objective advice is a fundamental need for everyone, and we are committed to advocating for choice and transparency in that advice.
*Based on total revenues, Financial Planning magazine, June 1996-2014
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is a leader in the financial advice market and serves $475 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions. LPL Financial has been the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2014), is one of the fastest growing RIA custodians with $91 billion in retail assets served, as of Dec. 31, 2014 , and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $115 billion in retirement plan assets served. In addition, LPL Financial supports approximately 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,300 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
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CONTACT: Media Contact: Brett Weinberg LPL Financial Phone: (980) 321-1904 Email: Brett.Weinberg@lpl.com