Anonymous
map-marker Lexington, Kentucky

Lost over $50k in one year

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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!!

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Loss:
$51000
Reason of review:
Losing money left and right.

Preferred solution: I would like to move my trust fund money to a different firm.

Anonymous

We should join together and file class action lawsuit if can find contingent attorney to take case

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After revisiting this site where I vented my story, with my financial loss, I find a good bit in common with other complaints and I believe it is due to the lack of oversight by the LPL corporate group, and of course, on their particular field agent. They need to held accountable and return the monies they lost each of us due to their ineptness. It is apparent the investment strategy they follow under the LPL flagship is faulted and serves to line the pockets of the LPL agent ( financilal advisor) without any regard for the clients well being.
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Loss:
$16000
Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

Anonymous
map-marker Winter Garden, Florida

Horrible

run away as fast as you can. stay only if you want a good portion of your money lost and the small amount you have left will be impossible to get back. these people are scam artists. I have been trying to get what is left of my money back since Thanksgiving. It is now almost Easter. What a big mistake. Like I said run, don't walk. slam and double lock the door, pull down the shades and turn off the lights. Hide under the bed if you have to.
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Reason of review:
Poor customer service
Anonymous
map-marker Escondido, California

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!

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Reason of review:
Poor customer service
Anonymous

Unbelievable delays, conflicting stories from back office

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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.

View full review
Cons:
  • Contradictory advice
  • Awful
  • Endless delays in getting my money
Reason of review:
Poor customer service
Anonymous
map-marker Saranac Lake, New York

Replacing Suzzanna Dwyer

I was stunned when I heard that Suzanna Dwyer passed away. She was a wonderful human being and I highly respected her judgement. I really enjoyed working with her very much. I was one of Suzanna's accounts. I expected that her accounts would be continued or other was accounted for. My name is Timothy Burris. For two years I lived in Palm Bay, Florida. My new address is Timothy Burris, 8062 New Floyd Rd., New York 13440. How might we be able to rectify this situation. My phone number is 603-508-****. Thanks in advance.
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Anonymous
map-marker Germantown, Tennessee

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!

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Reason of review:
Problems with payment
1 comment
Guest

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.

Anonymous
map-marker Hockley, Texas

Lpl Financial Investment Service Review

Lost $12,000 in less than a year thoroughly disgusted with the lack of regard for others money, completely incompetent staff. I do highly discourage anybody from investing with them.
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Reason of review:
Problems with payment
Anonymous
map-marker Oceanside, California

5 months lost thousands.

I sold mutual funds and specifically asked what the charges would be and they quoted that they were $40.00 & $10 per mutual fund sold.. I had 5 but I get the check and it's thousands of dollars gone. They never told me that since I was selling "C" share mutual funds in less than a year, the mutual fund company would charge me 1%. They deny responsibility since they didn't charge it but when I called back, they knew exactly what happened so they were not upfront with me. I specifically asked them what it would cost. My monies were very mismanaged and I'm retired and don't earn. Don't use them!
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Reason of review:
Problems with payment
1 comment
Guest

Well, this has nothing to do with LPL Financial. They are merely a broker dealer and custodian for independent advisors. Your advisor is the one you should have a problem with and even at that, isn't it your responsibility to understand the fees and expenses of doing business?

Anonymous
map-marker Pretoria, Gauteng

Lpl Financial Staff Review

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One of the worst decisions we ever made with our money. Jason Holt made it sound so great. Well, it isn't. We have never done anything but lose money. We have never received a call from him to do an update or anything. Glad we didn't put all pur money there. Very disappointed in the company and in him. Once they get your money, they forget about you.
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Reason of review:
Not as described/ advertised
Anonymous
map-marker Brooklyn, New York

Advisor won't get it done

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LPL Financial: My mother died. Her LPL account was quickly turned into a joint account for my sister and me. That was fine. But now, we've been trying to separate the money for SIX MONTHS. We're on the third rendition of "having to fill the form out". I don't know what was wrong with the other 2, our financial advisor whiz must have gotten something wrong, allegedly. We don't even know how to fill the form out ourselves, don't know which account numbers to put where... The FA is telling us to fill the form out, LPL on the phone tells us to refer to the FA. We're in a circular loop here. I think they just want to keep the money. The SEC is going to get a call soon.... Is it incompetence or crookedness going on here?
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Cons:
  • Awful
Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

Aryannah Eho

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Fort Walton Beach, Florida

LPL looses me 10's of thousands

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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.

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Loss:
$30752
Reason of review:
Bad financial advise

Preferred solution: Let the company propose a solution

1 comment
Guest

I agree stay away.

Anonymous
map-marker Hoover, Alabama

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.

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Reason of review:
Poor customer service
3 comments
Guest

It happens time after time. I recently fired my adviser,requested to move my holdings to another investment firm.

30,000 is missing!-that just shouldn't happen! They are theives!

Guest

Whether it is needed during a critical time or not really isn't even the point. In fact, it is that sort of thinking that drives these "financial advisors" to the mindset that it is their money and not the client's.

Any time a client needs to withdraw from their accounts there is no explanation required as it is not any of their business. It's your money and they don't ask you what you are withdrawing cash out of the ATM for at your local bank. Who would tolerate that?

There needs to be some account ability from these companies because there is clearly something being put way ahead of customer service in these instances. It cannot be ethical and certainly may be legal for now, but if someone would look into this form of usury - I doubt Dad would have the patience.

Guest

Terrible experience in this day & age - when someone is is in desperate need of there own financial needs at most critical time.

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Anonymous
map-marker Grand Junction, Colorado

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.

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Loss:
$16000
Reason of review:
Poor customer service
Anonymous
map-marker Morrisonville, New York

Lpl Financial - Account Review from Morrisonville, New York

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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.

View full review
Reason of review:
Poor customer service
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