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LPL Financial in Alpharetta, Georgia - Don’t ever close your account

1.4
Details
I recently closed out a small mutual fund IRA. They charged nearly 20% in fees. I would never use them again for any investments.
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Review
#1413004 Review #1413004 is a subjective opinion of poster.
1.4
Details
Invested 16k in an ira. I initially wanted just a basic Index Fund. He used a Salesman Spiel 2 convince me to let him invest . Result: if I had put it in the index I wanted, I would have had 25000+ . Instead I now have 14000--a loss during four years when the market...
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Review
#1409481 Review #1409481 is a subjective opinion of poster.
3.3
Details
Just got a letter from Capital Forensics who provides "consulting" for LPL and they notified me LPL had a security breach and they would provide me with 2 yrs of membership in All Clear ID ??? What is this !!?? Sounds like a scam to me. Withdraw most of my funds and...
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Review
#1404602 Review #1404602 is a subjective opinion of poster.
Pros
  • Rep
  • Initial speal on making us money
Cons
  • Back office difficult
  • End result
Reason of review
Poor customer service
Loss
$1
Preferred solution
Consumer alert !!
It's very important to understand LPL's business model to get a full understanding of just how dishonest they are. If you notice, LPL never directly solicits business from individual investors. They solicit financial advisors with an established clientele to join them....
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1 comment
Anonymous
#1603904

Sounds about right. *** Avoid or plan on losing your money.

Review
#1366300 Review #1366300 is a subjective opinion of poster.
Reason of review
Bad quality
For transactions occurring on weekdays, there is a 24 hour lag time to see anything. If transactions occur on a weekend with a Monday holiday, you will wait 4-5 days to see anything.
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1 comment
Anonymous
#1560123

not entirely true. when markets close at 4pm on a Friday and monday is a holiday, you will have Fridays close info the next BUSINESS DAY if monday is s holiday...do the math here!!! all systems are the Same..that's how it goes...the 3 to 5 day lag you refer to is for ALL MUTUAL FUND TRADES BUYS OR SELLS...also known as T3 in the business meaning the buy date plus 3 days to settle and post to an account at ANY FIRM...get yourself a book on mutual funds or trading before making and promoting illogical rhetoric!

Review
#1345393 Review #1345393 is a subjective opinion of poster.
Reason of review
Problems with payment
i would like to know what can be done about my financial adviser. what he has done absolutely must be fraud, poor ethics, a flat out lie or total incompetence. let me explain. i took out a number of annuities with ed fredericks 500 post road westport ct. this is how he...
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1 comment
Anonymous
#1532786

I too have had bad experiences with LPL Advisors and have mostly been able to part ways. You might try to file a compliant with your State financial protection staff if they have one or they might have a different name that is used.

I filed a compliant, but nothing really happened and I found the Financial Advisor profession is poorly regulated and often they just seem to be sales people with minimal qualifications. They lost me a bunch of money too while they made a lot.

Review
#1312415 Review #1312415 is a subjective opinion of poster.
Reason of review
Not as described/ advertised
Loss
$171000
1.0
Details
Mark Lester dropped my mom when she needed jer help the most. Mr.lester bowed out of my moms account. My dad passed and my brother and o were anxiois to know if she was financially stable. In stead of tlking to my he dump us xiting the family made him umcomfortable and...
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1 comment
Anonymous
#1740164

Marc Lester did exactly the same thing to our family. When my mother-in-law went in to skilled care, I was given her POA and called Marc.

His immediate response was to dump her account.

After talking with my mother-in-law, we found that he had provided no service for all the years he had her account. When asked to actually provide some service, he bailed and refused to service her account or answer any questions.

Review
#1312073 Review #1312073 is a subjective opinion of poster.
1.0
Details
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...
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Review
#1295054 Review #1295054 is a subjective opinion of poster.
Reason of review
Work Experience or Job Application
1.0
Details
As usual at tax time, I opted to reduce my tax burden by sending some money to my traditional IRA, held in a mutual fund. As it happens, my broker of many years had recently changed his affiliation to LPL Financial (not having any reason to doubt his choice, I signed...
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4 comments
Anonymous
#1560157

your broker should NOT have accepted YOUR check. Due compliance reasons that types of check is not allowed bbecause it is no longer a "legal" instrument after it has been 'altered' with your hand written identification information.

due to your time constraint your broker should have given you wire for your bank to wire funds to your Ira at LPL.

just imagine this...if someone tookyour 'non addressed' checks and went to write themselves a check and cash it...you would suffer the loss. compliance rules and regs ate made for a reason..to protect the consumer...MY ADVICE ne t time Ira season rolls around...DONT WAIT TILL THE LAST MINUTE...AND IF YOU DO...PAY THE 25.00 WIRE FEE AND BE DONE WITH IT.

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Review
#1285932 Review #1285932 is a subjective opinion of poster.
Cons
  • Lack of professional courtesy zero customer service
Reason of review
Poor customer service
Loss
$125
Preferred solution
Let the company propose a solution
Buy a mutual fund, fees, liquidate a mutual fund, more fees, transfer your account, more,more,more fees and penalties. lpl will suck so much in various fees its hard to believe they exist in today's environment. As my advisor puts it, they leach from you and me as long...
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Review
#1247377 Review #1247377 is a subjective opinion of poster.
Reason of review
Poor customer service