LPL Financial Provides $1M of Relief to Local and National Organizations in Response to COVID-19 Disruption
LPL and its charitable foundation, the LPL Financial Foundation have extended a combined $1 million in financial support to national and local organizations serving those in need during the COVID-19 crisis.
CHARLOTTE, N.C. – May 5, 2020 – LPL Financial LLC, a leading retail investment advisory firm, RIA custodian and independent broker-dealer, today announced that the firm and its charitable foundation, the LPL Financial Foundation have extended a combined $1 million in financial support to national and local organizations serving those in need during the COVID-19 crisis.
“The coronavirus pandemic is creating crises at the national and local levels. As a result, charitable organizations are under stress to address the growing need for their support,” said Sallie Larsen, LPL Financial managing director and Chief Human Capital Officer. “We applaud the efforts of our charity partners to quickly adapt and evolve the support and care they provide. Their commitment to our communities creates access to such fundamental needs as nourishment and education. We want to do our part to help.”
In an effort to address the national impact, LPL has funded one million meals through a donation to Feeding America, given in recognition of LPL advisors. In addition, to fight hunger in LPL’s home office locations of San Diego and Fort Mill, the Foundation provided donations to the Jacobs & Cushman San Diego Food Bank and Second Harvest Food Bank of Metrolina in the Carolinas, both of which have benefited from LPL volunteers over the years. “LPL Financial has been such a wonderful supporter of the Food Bank in San Diego, and we miss your team in our warehouse,” said Sandy Rabourne, San Diego Food Bank Director of Corporate & Community Partnerships. The donations have the potential to impact up to 400,000 individuals.
Recognizing the challenges that families face to provide resources for home-schooling, LPL partnered with two organizations that are helping to prevent learning loss. Carolinas-based partner Promising Pages works with the school system to provide free books to students at the daily meal distribution locations. In San Diego, Computers 2 Kids is addressing the digital divide by providing refurbished computers to families in need.
In addition, the LPL Financial Foundation accelerated grants to its 16 existing community partners so they could quickly act to address the needs of their clients due to the disruption. Junior Achievement, which is an LPL Financial Foundation partner in both San Diego and the Carolinas, will use donated funds to secure the technology necessary to move to virtual education opportunities to support at-home learning. Another partner, Carolinas-based university Johnson C. Smith University leveraged the grant to assist students without the financial means to unexpectedly return home due to the closure of campuses nationwide.
In addition to these direct donations, the LPL Financial Foundation offers a Matching Gifts program, which can double the impact of any charitable contribution made by an LPL advisor or employee.
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer*. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
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*Based on total revenues, Financial Planning magazine June 1996-2019