LPL Financial
Reviews and Complaints
Where is my money?
One week ago today, I initiated a last minute trip to the Middle East and needed to quickly sell some stock for the trip. Per a phone message, my advisor was not available and I was referred to a Justin Jolly.
Jolly's message said that he was out of the office until Sept 21 (This was Mon, Sept 28) and to leave a message or call an 800 number for someone else. I left a message. He called the next day and initiated a sell order that he said would complete that day and be electronically deposited in my bank by Friday. (Why so long?)
On Friday, I checked my account and found no deposit.
30 minutes before they closed, I called the bank and was told, there were no pending deposits. I called Jolly. He said that he "forgot" to initiate the transfer and completed it while I was on the phone. (I am not going to be able to make the Saturday flight.) It did not make it to my bank that day.
I called my bank on Saturday (They open until noon on Sat.) NO PENDING DEPOSIT. On Monday morning, I again found no deposit. I called JOLLY. His machine still said that he was out of the office until Sept 21.
(Nice attention to detail?) I called the customer service number in San Diego. They said that the funds would go out, TODAY(?), and could not explain why it takes seven days after a sale to get MY money disbursed to me. I cannot make the Monday flight!
Now, I am scheduled for Friday. Anyone willing to bet on not having to reschedule?
Preferred solution: Since the "sold" stock had increased from 17.13 to 17.61, while my funds are in your position, I am requesting the $560 increase be sent to me.
I have been trying to move Non-traded REITS for over a year to new BD
- Lot of invesments to offer
- Back office is horrendus
Preferred solution: I want someone from the Alternate Investment group that knows what they are doing to contact me to transfer my accounts. I want one person to deal with.
Lpl Financial - Account Review from New York, New York
My name is Michael. I have done biz in the past but now have a " wrap account " which I feel is a total waste of time.
I was told by my agent there was a few if .25 - four times a year. My first charges were almost 600 dollars. BUT based on my next charges(((. I had shy of 500k in there and fee was 1762.00.
Should have been 1,250.00. I went to branch office. The assistant (( as my advisor blew me off )) and he tried to explain. Not well.
Sadly- I do not blame him as feel he was not trained So now I am trying to get my money out and cannot get back into my checking. After this weekend, I will write names of advisors, and assistant as well.
I am so sad to feel a 500k customer is not valued. Really even if I was a 10k dollar customer
Very sad.
LPL Inadequate staff to handle investment updates
Antiquated procedures and leaves client with helps feeling. It's not LPL's money - quit acting like it's not the client's because that is clearly the mindset and it shows.
I am having a very similar experience with LPL. I don't think it is necessarily the Broker's fault, but if they have to sell stock to liquidate to cash to disburse then there needs to be federally regulated deadlines that require a certain, reasonable timeframe in getting that done.
This has been an ongoing problem and almost delayed the closing of our new hone purchase. I have never felt like the over $500k I have invested with them was actually my money once they took it over. Whenever I needed to pull anything out I felt like I was having to ask permission and then I would usually get the runaround on getting stock sold and turnaround time on it being wired back was almost never reasonable.
This company clearly has a problem in that area and it's going to grow into a larger one if someone would just have the balls to expose what's going on. In the meantime I am pulling out my entire portfolio next week and moving it elsewhere - where it's my money and I don't answer to them, but the other way around.
LPL - Commission based Variable Annuities - Trust Accounts
My opinion, the rot at LPL goes to the top of their corporate structure, specifically their legal department. According to my understanding, an LPL adviser engaged in an illegal conflict of interest where a vulnerable adult was key to the sales process. The account involved was a trust account. The vulnerable adult is my mother.
The adviser converted over half of the assets to commission based variable annuities that paid him commission. The LPL adviser and his corporate partners at Private Trust, which is an LPL "affiliate," took significant steps to keep their actions hidden - using deception, misrepresentation, and lack of disclosure. The annuities multiplied the fees applied to trust assets several times over. And there is no guarantee of tax deferral on the annuities which were presented as being tax deferred.
When I made my complaint to LPL, rather than admit their wrong doing, they made threats towards me - saying they would sue if I continued to file complaints with regulatory agencies. My mom was eventually maneuvered into a completely ridiculous settlement offer that included stipulated damages for any breach of confidentiality. It seems like LPL will go to great lengths to keep their misdeeds under the cover of darkness. And you will have to contend with an army of corporate lawyers if you have a complaint against one of their "independent" advisers. Nevertheless I did send my sworn affidavit to the Florida Department of Financial Services - and not much happened - except for a nice letter stating they were not saying that my complaint did not have merit. Last time I checked, the guy was still in business. Could this be because the regulated often become the regulators - and vice versa - in a revolving door situation?
On a positive note LPL was a significant contributor to the campaign of Eric Cantor, who recently lost to Dave Brat in Virginia. Cantor had something like $5,000,000 in his campaign fund, and Brat only had $200,000 or so. Thanks to the internet, and sites like lpl-financial.pissed consumer.com - folks seem to be waking to the evils of corporate influence in government.
Labor Unions are the biggest contributors to political campaigns and they give mainly to Democrats. The financial services industry is the second biggest contributor, and they spread it around pretty much evenly, to everyone Democrats and Republicans. Wonder why they do that? Could it be to gain corporate influence with government? There are numerous websites that will give you the names of Federal Candidates who received political donations from LPL. If I was one of those candidates, I would return the money.
Inappropriate broker
I live in Santa Cruz, CA, my broker was David De la Rosa. Stay away from this guy.
He does not listen to his clients. I wanted to have low risk and slow growth. I lost 10% of my IRA in 2 months. when I called him, he was yelling at me and blaming me for not paying attention.
Constantly calling me "sweetie" and speaking disrespectfully and yelling at me for not listening. I am outta of LPL financial.
Stay away from brokers with home offices, who want you to come over for an Economics 101 lesson. He topped off our conversation by telling me that his 80 year old investors are more comfortable with risk than me.
Lpl Financial Roth Ira Review from Lockport, Louisiana
HOME OFFICE
- rep was competent
- After 28 min
- Back office difficult
- Back office
Preferred solution: Deliver product or service ordered
Other Product Review
SAM ACCOUNT AT LPL
Preferred solution: Let the company propose a solution
Someone made money
- That they were in town
Preferred solution: Deposit the $574.99 LPL made off me to my new account at Vanguard
Rolled to a new IRA
Overnight Delivery Review
Fake Engagement at LPL
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Thanks for sharing. I have a little over $600k in my account NOW and HAD $685k in my account a year ago when I started with them. I am currently looking to move my money before they lose it all!!