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Had an old IRA that LPL acquired through their partnership with First Niagara. First Niagara acquired some of HSBC holdings and assets here in the North East back in 2012. I noticed the $40 annual account fee for a very small amount of assets on my LPL statement. So I decided to roll my $ out to Vanguard and save some money in fees.

In May of 2014, got paperwork from Vanguard, got the Medallion Signature from my local bank and turned in the forms. They were rejected.

In June, had a conversation with the FA on my account, he assured me this never happens, was a glitch, fill out the Vanguard paperwork and send it in again. So I did. Another trip to the bank. Another Medallion Guarantee. And some more waiting.

My request was rejected again. Weird.

Long story short, the reject was on the LPL side. The notice they send isn't in English so no one knows what you're missing to fix the problem. So I called LPL. Oh, I'm missing my "New Account Form" on file.

So, because they did not receive the transition / takeover paperwork I completed and mailed in back in 2012, and whatever paperwork I completed initially through HSBC was AWOL, they won't let me move my funds out. Mind you, this account was opened around 1999-**** initially. But apparently during the transition / acquisition, they lost my paperwork.

So they won't let me move my money out, that's been invested for about 14 years. Because I need to set up the New Account via their paperwork. . .

No matter who I spoke with they would not make an exception. So to move forward. I need to set up my account. That's been with LPL and set up since 2012. Here in October of 2014. Please fill out paperwork...to set up your account...that has been set up and you've been getting statements for and have online access for two years for. . . ok.

Which the rep advised me on the phone the New Account paperwork requires a notary. So I'll have to get that done and am just waiting to be told I need to do my initial transfer request paperwork for a third time, which means yet another trip to the bank for that Medallion.

Cannot wait until this is all done, and my money is OUT of LPL. They suck. A lot. If they were missing New Account paperwork initially, they should have let me know. Have had the same mailing address and phone number for about 8 years. They have my email.

Location: Los Lunas, New Mexico

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