I was an advisor that was “purchased” last year by a LPL merger. They rant and raves how good their service was to us the advisor.
I found out in 25 days of the official acquisition that this was not the case. I was hit for some licensing fees and when I called the licensing department they told me that I didn’t need the licenses yet paid them anyway. As a few months went by, I was hit with more and more charges. And the service was awful.
Got connected back and forth hoping to find answers I never found out. AND I’M THE ADVISOR!!! The biggest was when I left the firm. We are required to Carry errors and omissions insurance Incase we are sued by a client.
This cost is set by LPL and cannot be taken to another firm if we leave.
However, if we terminate our contract with them, it is not a prorated policy like all other insurance policies (think car insurance, if you pay annually and then find another company you get a prorated amount back) and I got stuck for the bill even though i was only there for 4 months. Criminal!