Wolfeboro, New Hampshire
Not resolved

I moved an Inherited IRA/Annuity to LPL Financial under the direction of a Mr. Ming, working out of Astoria Federal.

Ming said I only need to take a 1 time distribution. Several years later, an advisor at Chase told me I was supposed to be taking yearly distributions. I was surprised, since I never received any documents from LPL or John Hancock about taking distributions. I asked for a Letter @ Fault for tax purposes due to their misguidance & they refuse cuz Mr.

Ming- aka- ala Dirt Bag insists at the time I didn't want to take distriubtions. Like why would I do that just to pay penalties.

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Pittsfield, Massachusetts, United States #769508

It sounds like your issue was with your specific advisor and not LPL Financial.

LPL Financial consists of independent advisor representatives with their own businesses. LPL Financial provides research, back office, compliance, and technology support to those independent advisors.

to John Woodstock, Georgia, United States #963575

And it sounds like the very way LPL is structured does nothing to protect hard working people who have entrusted the money to the "third party" advisor - who uses the LPL name, but probably represents the principles. LPL makes money, and the advisor makes money.

But who is looking out for the interest of the investor?

How does LPL police these independent advisors?

Or do they even care to? As long as they are making money, it seems they aren't really too concerned by the misdeed of the advisors.

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