My mother had an account with LPL. After she passed away she left me with an inheritance.
That was September 2017. It's now February 2018 and I cannot seem to pry the inheritance away from LPL's greedy and incompetent hands. They forced me to open an account with them. They forced me to work through an agent, who must be my gateway for everything.
But the agent is clueless. At every turn Kim Aranda has to stop and ask for directions, forgets forms and screws them up. She messed up initial forms. She claims to have mailed me more forms (which I never got, and had no way of expecting since Kim Aranda didn't notify me they were coming) then never followed through when they weren't returned.
LPL told me my account was activated, but it wasn't - there was nothing from mom's inheritance transferred to it - just an empty account. Kim changed offices and phone numbers and never told me. This would all be just fun and games if the market were stable. But the market is volatile.
I went to trade before the big correction of Feb '18 to find my account unfunded. Back to Kim Aranda for more forms and more of her mistakes and passive behavior ... each day delay I cannot trade and the market plummets. Nobody at LPL seems to take action - someone told me Kim could do the transfer but she doesn't, she passively hands off to someone else who delays another 5 business days ...
who knows what the market will be by then?
So - ultimately - LPL financial has cost me directly about $5000 in trading losses so far. They truly suck.
Product or Service Mentioned: Lpl Financial Account.
Reason of review: Poor customer service.
Monetary Loss: $4000.
Preferred solution: Full refund.
LPL Financial Cons: Being coerced.