Rocklin, California
2.4K views
Not resolved
5 comments

LPL is a shady operation. Over 8 years ago a financial advisor had me invest money in an IRA acct.

This account continually lost money over the past few years and when I tried to contact the advisor LPL acted quite strangely and repeatedly said they would have someone else contact me since the first guy didn't work there anymore. Nobody ever called or wrote me over the past 3 years even though my money kept losing every quarter, and when I finally decided to just close the account they told me on the phone that they were going to charge me $135 for doing so. They said they had to charge me yet another yearly fee of $40 although I was just charged for the yearly fee 4 months previously. What is the additional $95 charge for?

Well the phone rep told me that they charge everyone that closes accounts different fees!!! What a joke.

I'm sure this was in extremely fine type when I opened the account, if at all. Their CEO is sure to get his fat bonus checks from stealing from us little guys who are barely making it!

Product or Service Mentioned: Lpl Financial Account.

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Anonymous
#1503305

My senior mother has just met with this same surprise. Compared with other investment companies, I believe their fees are excessive.

Other activities seem questionable as well. Use caution here.

Anonymous
#1237511

lpl closed my account. that was that was gift from a loveone. I have recieved 2,000.out of brokeage-Retirement that given to me for being in the Army in viet nam, as a vet can someone help me,may god bless you people at lpl.

Anonymous
#769513

It sounds like your issue was with your specific advisor and their unwillingness to help; not LPL Financial.

The account closure fee is $95 for retirement accounts plus the $40 custodial fee (if it hasn't already been charged in the year of transfer). Wells Fargo, Commonwealth, and Ameriprise have the same closure fees.

LPL Financial is not a mutual fund company, insurance company, or bank that works directly with consumers/clients. 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.

Anonymous
#711126

LPL Financial is trying to hold my money hostage too. They failed to carry out a basic transfer after three months.

Given their demonstrated incompetence, when I told them I had lost confidence in them and I wanted to take all my money to a new investment entity they tried to charge me $95 to close each account.

Furthermore, they still have not refunded the $80 account maintenance fee I paid six months in advance ($40 for each of two accounts).

Though they backed off the closing fee for one account they persisted with trying to collect the $95 fee on the second account. My advisor hides behind his voice mail and doesn't answer or return my phone calls.

Anonymous
#713502
@Gregg 3 Gs

Yes. LPL is a horrible operation.

Sorry this happened to you. I am trying to get a friend who has an account there to get out of it and hope to steer any friends or family away from from this institution.