LPL Financial
Reviews and Complaints
Lost over $50k in one year
I moved my trust fund to LPL in Dec of 2014. I HAD $685k to start with.
They have successfully lost over $50k just this past year, 2015, alone. Initially, I was told I would receive around $3000/mo income. That quickly changed to $2300 and the $3000 quote was denied that it was ever mentioned. The $2300 was supposed to be for one year, beginning Jan 2015, then they would reassess the expected income and decide my income for the next year, being THIS year, 2016.
Ha. In July 2015, I got a letter saying that they have reviewed my account and that I was NOW going to get $2200 per month. NOW they have reviewed my account and I am down from $685k to $634k and my income beginning in one week will be $2100 per month.
Not going to wait to find out how much more principal will be lost or how low can they go with my income. Already talking to a new investment specialist who comes HIGHLY recommended from a satisfied customer!!
Preferred solution: I would like to move my trust fund money to a different firm.
We should join together and file class action lawsuit if can find contingent attorney to take case
Preferred solution: Let the company propose a solution
Horrible
Lost their edge....no one with talent left
LPL has changed....significantly.
When I first started working with them, I could reach out to LPL people in Marketing, Insurance, and service and there would be talented people answering the phone and solving my issues - quickly, accurately and thoroughly.
NOT so anymore. Once the company went public there was a clear change in the vibe at LPL and I could tell that many of my "friends" there were being pushed to save the dime, with less focus on how they worked with advisors.
No one there can help with providing informed input......my wife has been more help to me, as a self-learned strategist and marketer now.
All the solid, informed, client sensitive senior leaders and many middle management folks that were my "good contacts" are no longer there. Fired, layed-off for left for a more honorable firm.
So disappointing and disheartening.
I'm moving on to another firm!
Unbelievable delays, conflicting stories from back office
My father died, leaving money in a TOD account for myself and my siblings. 5 and a half months later I have yet to gain control of a single penny or share of stock, and I have been told that it would have been quicker to go through probate than to have this TOD (Transfer On Death) account.
LPL refused to divide and distribute the account because some of the securities were not divisible by the number of recipients, and they also refused for months to liquidate the account or any part of it in order to accomplish a divisible number of shares. LPL suggested we needed to have the executor open an account and take control of the TOD! The executor informed us that this would be illegal.
Based on this experience I would not recommend that anyone ever put funds in a TOD account at LPL. Confusing, conflicting advice, terrible customer service - LPL gets my lowest rating.
- Contradictory advice
- Awful
- Endless delays in getting my money
Replacing Suzzanna Dwyer
Lpl Financial - Review in Financial Services category from Germantown, Tennessee
Today is March 8, 2016 and I have received absolutely nothing for my taxes. Same thing last year.
I moved all of my money to Schwab first of last year so luckily this is my last time to wait for LPL. Good riddance!
Lpl Financial Investment Service Review
5 months lost thousands.
Lpl Financial Staff Review
Advisor won't get it done
- Awful
Preferred solution: Let the company propose a solution
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Verified Reviewer | Fort Walton Beach, FloridaLPL looses me 10's of thousands
I invested $200K through a Certified financial planner in Ft. Walton Beach, FL and in under two years it is worth exactly $169,248.
I reviewed almost quarterly and was told in each meeting we should keep the funds where they are. My CFP advised me to stay put for the best chances of regaining my losses. While he did waive his commission fee, First City and LPL still continued to make their 0.5% each. That is to be expected.
We had 2 plans, once in REITs and one was supposed to be in a low risk asset class.
They were both poor performers. Stay far away from LPL.
Preferred solution: Let the company propose a solution
Disappointed Customer
I'm writing complain about one of your Advisor's, namely Brad Dismuke at Avadian Credit Union in Hoover Al. I went into his office on 08-25-2015 to withdraw from my Roth IRA. I was then told that it'll take up to 3 business days because he had to sell some stock. I spoke with his Receptionist, Elizabeth, on 08-31-2015 and she advised that the funds would be in my account on 09-03-2015. I expressed to her that I needed a date because unfortunately my Father passed and I need to take care of the funeral expenses. I checked myaccount on 09-03-2015 and no deposit had been made. I called that same day and left 2 or 3 voicemails with no call back. I sent a message to Brad via the LPL website and from my personal email and still no response. I've called and left messages and again today with no response. I know what I have going on may not be as important to others but it's highly stressful to myself. I'm trying to take care of my Father's final wishes and my Financial Advisor seems to not care. I sure hope that this is not the image for this company. All I want is for my deposit to come so that the Funeral Home will not see me as a deadbeat due to the communication I'm not receiving from my Advisor.
One disappointed customer.
Inappropriate investments and lack of attention to account = significant losses
I turned my IRA over to Dallas Grabow to manage since I had been disappointed in a previous investment advisors, thinking that he would do a much better job for me. However I was totally disappointed in the inappropriate investments, the lack of attention to my account, the inability to correctly mitigate losses, and the overall ineptness of the direction he was taking with my funds.
All of this resulted in a loss of $16,000 in just the few months he was in charge of my funds before I pulled out my investments. I cannot recommend LPL Financial or their consultant, Dallas Grabow to handle or advise on any financial matters.
An expensive relationship!
J. L.
Lpl Financial - Account Review from Morrisonville, New York
Well, here we go again. Call LPL directly because FA will not return emails, or phone calls.
Leave messages for him at the bank branch he is suppossedly at.....still no return call. So, as I stated, call LPL directly, this time because I have had enough and closing my account. Speak to a rep. and like always seems very helpful at first.
Fill out the forms, send them in, email them to make sure they received them, and they are correctly filled out.......can't even get a response back. Do customers even matter at this place? At this point, I really want to file charges because I feel like they will not grant my request....FOR MY MONEY. If I did this, I would be accused of stealing.
For 30 years I worked for a major shipping company.
I took care of my customers. This is just blatant disregard and disrespect.
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I totally agree with you about not getting anything for my taxes, one fellow I spoke with says one thing, and another lady I spoke with told me " Oh yeah, they will send out the tax papers soon". Come to find out, since I didn't move any of the money, they won't send anything for the IRS.
Apparently all the employees that work there, don't get the proper training.
I could have filed my taxes earlier with the proper information.
I moved my cash out of there and into a proper financial institution, what a bunch of losers.
Should have done it last year. They just rip you off with fees from out of the blue.