LPL Financial was formed in 1989 through the merger of two small brokerage firms. Linsco & 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 14,000 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. In November 2010, the parent company of LPL, LPL Financial Holdings Inc., first became publicly traded on NASDAQ under symbol LPLA. As we continue to grow and look to the future, LPL is committed to remaining a trusted and unbiased resource for our advisors and their clients. The financial services industry, markets, and world are changing fast, while people are living longer and facing more complex financial needs. At the same time, investors are increasingly seeking to partner with advisors who offer unbiased guidance to help them face today's financial planning challenges. These factors mean that providing Americans with independent investment advice has never been more important than it is today. Financial advisors and institutions need a partner that can help them meet the evolving needs of their clients. As a market leader, LPL is well positioned to enable our customers to help their clients do just that.