Marki Vnq
map-marker Carnegie, Pennsylvania

Issues and long delays executing a simple IRA rollover.

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A simple rollover trying to get my funds under one umbrella so to speak is taking much too long. They have been non-responsive to requests and I have been ignored by the financial advisor I have previously worked with and LPL is very hard to contact directly.

My other company and advisor who I am trying to place all my retirement money with has now sent three letters requesting the funds over the course of about 6 weeks and tell me such a transfer is typically one of the simplest and should take no more than a few weeks at most. I should not have to raise *** and or beg to get MY money.

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User's recommendation: Avoid tying up funds with any advisor group who holds your account through LPL

Roxane B Oyo

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Scammed out of my money

LPL Financial - Scammed out of my money
LPL Financial - Scammed out of my money - Image 2

They are all lying agents who scam you out of your money. I want my money back. Give them 24 hours to put my money back into my account.

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Loss:
$8200
Cons:
  • Agents are liars

Preferred solution: Full refund

Anonymous
map-marker Oklahoma City, Oklahoma

I have waited over a month for funds from a liquid account

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My advisor Ross Levine and Zane Savin

Manager of customer service will not release my retirement fund to pay against a credit card debit.

I sent them the bill. They were able to see why I requested x amount of dollars

Literally a 25th on of my liquid account.

APS and the SEC have been notified of their breach of contract and unethical behaviors.

Robinsontamarkinjoyce@***.com

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Shandowlyon R

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Verified Reviewer

LPL Engages in Extortion and Quid Pro Quo when your loved one passes away...stay away

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On May 25, 2023, I contacted LPL as the power of attorney and trustee to request funds due to medical expenses from hospice services. I didn't receive a timely response and unfortunately, my mother passed away on May 30th.

Subsequently, I contacted LPL multiple times regarding settling her account and withdrawing funds to support my father, who suffers from heart disease, high blood pressure, diabetes, and limited mobility. I was given conflicting instructions by various customer service representatives. For each instruction I followed, I was met with a new directive from another representative (refer to emails). I am shocked that in the USA, any financial entity can compel the spouse (my father) or me (the trustee) to open up an account to receive funds from the account of a deceased family member.

California is a community property state; therefore, my father should have had access to these funds much earlier. My mother's pour-over will stipulates that assets not in the trust should be transferred into the trust. Reviews and complaints to the BBB suggest that LPL may engage in conditional agreements, such as releasing funds only if an account is opened, reminiscent of past controversies involving financial institutions that led to Justice Department investigations. It is inappropriate for a business to coerce individuals to engage in business with them, and it reflects poorly on consumers' desire to do business with LPL in the future.

LPL should issue a check payable to my father for the current value of my mother's investments and send it overnight to the address provided in the forms and emails that have been communicated to them on multiple occasions. Fortunately, I have documented this process through emails and recorded phone conversations.

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Loss:
$3629
Cons:
  • Business practices are similar to that of a con artist

Preferred solution: Deliver product or service ordered

User's recommendation: Stay away

Charles Z Yxb

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Verified Reviewer

Extremely Poor Management of My 401K

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The last summary report from Waddle and Reed, which was later acquired by LPL, showed about 200K in my account around 2018 - ****. Since then I have been seriously sick and not monitoring my account until later last year, 2023, when I came out of the hospital after my transplant surgeries.

Then I found that my account balance felt to about 130K! Sometime in 2021 when a LPL advisor called me to suggest a change of distributions, as he said I had all my asset in stocks and should move some to ETFs, I was told the balance was still not that bad.

As I wasn't able to follow my investments so I accepted his advice and he made the changes.

In other words, LPL effectively reduced my esset by more than 30% in the last 5 years! Everyone should know how poor that was!

View full review
Loss:
$170000
Cons:
  • Never good investment strategies

Preferred solution: Full refund

User's recommendation: Never ever use LPL! if you just put your money in any of the major indexes you'd be doing many times better than LPL!

WILLIAM W Cni

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Verified Reviewer
| map-marker Maringa, Parana

INFERIOR CUSTOMER SERVICE

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My name is William A.Whitaker. I have an IRA account in Danville, KY.

My IRA account number is:

6863-****. My date of birth is September 1946. My account isn't a large amount, but every penny belongs to me and nobody else.

I have one security in my account: BARINGS BDC, INC. As of October 31, 2023 the value of my account is $2,300.34.

There is a Required Minimum Distribution on my account that I am told can not be made because of the type of security that I own.

However, there is never a problem drawing funds from my account for service fees and annual fees and the like even when there is no cash balance.

After years of extremely inferior customer service by the Danville office, I requested that my account be liquidated immediately.

Again, no acknowledgement of my request or even an attempt to salvage my business has been received.

The perception that I have of the Danville office is that my account is too small for their concern.

I request corporate level assistance in getting my request fulfilled and liquidation of my IRA.

I will add that Regena Carney, the assistant to Tom Tye does her best to assist me. She is the ONLY source of assistance from the Danville office.

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User's recommendation: Don't go there.

Resolved
WILLIAM W Cni

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Verified Reviewer
| map-marker Maringa, Parana

Resolved: INFERIOR CUSTOMER SERVICE

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Updated by user Dec 21, 2023

Company fixed the issue and I have been provided with apology.

Original review Dec 14, 2023

PITIFUL COMPANY. I HAVE AN IRA THAT REQUIRES AN ANNUAL DISTRIBUTION BASED ON MY AGE.

NEVER SEEM TO BE SUCCESSFUL IN GETTING ANY KIND OF DISTRIBUTION UNLESS THERE IS A CASH BALANCE, NO CASH, NO RMD, WHICH THE IRS SAYS IS REQUIRED, NOT IF THERE IS CASH.

WITHOUT A DOUBT A TERRIBLE COMPANY. WHENEVER POSSIBLE, MY ACCOUNT WILL BE LIQUIDATED AND LPL WON'T EVER BE IN MY LIFE AGAIN.

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User's recommendation: DO NOT TRUST YOUR MONEY TO LPL.

JamesandPamela F

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Verified Reviewer

Can't get account info, can't get a callback

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My wife and I are longtime Webster Bank customers. We have various qualified and non-qualified investment accounts.

We were very happy with our last 2 investment advisors but due to the recent "transition" (we still don't know what is going on, no information provided), we can't get in touch with anyone. Weeks ago we got 4 letters on the same day telling us who our new financial advisor would be (multiple names) but have left messages for those people and heard nothing. We have 8-10 different investment accounts but when I go into Webster online, only 2 are listed. Can't get into LPL site for online info.

Called LPL customer service 4 times this AM but was put on hold and then line went dead. We aren't getting statements on most of our accounts.

I am at the end of my rope. What has Webster/LPL done with our money?

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Preferred solution: Account information

User's recommendation: Avoid LPL for the time being. They are not responsivd or transparent.

Bobby A Uay

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Verified Reviewer
| map-marker The Woodlands, Texas

Problems with website

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Unable to login to my account. Spoke with customer service, was a waste of my time. Still unable to login to my account.

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User's recommendation: LPL web site not good

joanne g Bhf

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Verified Reviewer
| map-marker San Diego, California

Complaint

they sent our moneyto the state saying it was abandoned property. they only sent 4648.53 to the state when value on october 31 was 7281.90. I called and they said they would do nothing about it.Is there anything i can do.

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Loss:
$7281
Cons:
  • Not cooperative

Preferred solution: Full refund

1 comment
Guest

Same thing happened to me. You have to go to the state treasurer to claim your funds.

I would get all my money out of L P L and find a proper place to put it. The cds are high now.

Lela C Aao

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Verified Reviewer
| map-marker Cincinnati, Ohio

Want to change mailing address

I just want to change my mailing address to

Lela R. Cooper

1022 Colleton Way

Trent Woods, NC 28562

Effective 12/1/2021

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Preferred solution: Just want to change my mailing address.

Robyn M Vrw

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Verified Reviewer

I cant get my money paid out

Updated by user Oct 11, 2021

I was contacted by a female saying the funds I transfered needed to be activated before they could invest them. She was very persuasive so I agreed to do that.

She wanted I allow her to remotely access my computer which I refused. I was able todo this myself. The phone call eas quite a long one. She said she was calling from Carolina USA.

She said they would have a "mentor" contact me by phone a male. He contacted me the evening about 2 days later I think but he did very little to help me navigate the site just pointed out one feature called "note book" I think.

Basically he was showing me that I had made a small profit of about $40 and based on that I should invest more money so he could help me make money. I didn

Original review Oct 10, 2021
LPL finances are definitely "dodgey", I would even say fraudulent and to be avoided at all costs.
DO NOT USE THEM!!
I transferred the minimum to see what happens as a test B4 I invested more. The mentor I was assigned, Jason Brooks contacted me 2-3 times over the next week and turned the $250 US into $326 US.

in a couple of days after which he, Jason Brooks, pushed hard to get me to invest substantial amounts based on this result of a few days trading. There was NO mentoring it was all hard sales pitch. Naturally I smelt a rat!
He was so rude he literally called me a waste of his time unless I invested a substantial amount of money.
I said you are not a mentor you are a TORMENTOR.

I immediately requested by email to Support and later to their chat line to cancel my account and pay out my money to my bank account.
Absolutely NO RESPONSE!!!!!!!!!!!! It is very clear they are a racket.
View full review
Loss:
$326
Cons:
  • All

Preferred solution: Full refund

User's recommendation: AVOID

Anonymous
map-marker Stoney Point/Pointe-Aux-Roches, Ontario

Incompetence or fraud?

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Ive spent almost 4 years trying to obtain information and funds from LPL in order to settle my parents estate. Each time I contact them, they tell me that I havent submitted the forms they require.

Each time I submit those forms, they fail to respond.

When I contact them again, they tell me I have to complete new forms. This cycle has repeated itself dozens of times.

View full review
Loss:
$353

User's recommendation: Avoid LPL at all costs.

Paul O Eaf

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Verified Reviewer

The lawyers and financial rep Christopher Sheehan will not provide the executor

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I am the executor of an estate. Christopher Sheehan and Connor moroney refuse to provide around explanations to their required forms.

I am 75 and cannot understand the forms. As a result they are not allowing me the financial monies I am allowed to pay the bills, taxes and maintenance as well as not funding the trusts for the grandkids.do not do business with these corrupt people and lpl

View full review
Loss:
$800000
Pros:
  • Non
Cons:
  • No customer service
  • Contradictory advice
  • Illegal and unethical practices

Preferred solution: Deliver product or service ordered

Anonymous

Complaint

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i have one million dollars invested with an lpl adviser, i have seen nor heard from him in over a year.

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THOMAS F Wsk

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Verified Reviewer

BAD DEALINGS

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A friend of a friend recommended them after losing my job and needing a place to put my 401K. I set up an interview to find out more about this company.

I was told "We only make money if you make money" and that they charged a fee when I was making money. LIE, THEY TOOK MONEY FROM ME EVEN WHEN I LOST LARGE SUMS! Right before the covid virus I rolled my money into a annuity. I had a conference call between the company I was going with and LPL to close out my account.

The LPL person told us the sell off was in real time and then told us what we would be getting for the roll over. This should have been a fast turn around and we would be able to see this money in our new account In a couple of days. Well 2 weeks later we had to have another conference call to find out where my money was and they said there was a mix-up about where to send the money and that now it would be 10K less than what we closed at! (PRETTY SHADY?) I had 4 separate accounts with them that I had closed out.

2 were invested and 2 were just cash of mine they were holding that I asked them to send me in check form. They were small change at $120.00 x 2 or $240.00 that was just sitting in my account not invested, money that belonged to me. 2 weeks after asking them to send me the money, I recieved a statement saying they charged me a fee of $40.00 on each or 1/3 for what? I called them and asked HOW this was justifiable and they gave me *** *** about it was standard practice and they would send the other $80.00 x 2.

About 2 weeks later I received another statement now saying they charged me the remaining $160.00 for their FEE.

IN OTHER WORDS THEY CHARGED ME 100% OF MY MONEY THAT WAS JUST SETTING IN MY CASH ACCOUNT NOT INVESTED, I GOT NOTHING! I HOPE THEY DIE A SLOW MISERABLE DEATH!

View full review
Loss:
$80000
Cons:
  • No customer service
  • Not cooperative
  • Losing money

Preferred solution: Full refund

User's recommendation: STAY COMPLETELY AWAY FROM THESE *** WIPES!

1 comment
Robyn M Vrw

I should have check this out before I agreed to invest any money with them.

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Summary

LPL Financial is recognized as an American broker-dealer. In order to get acquainted with the details of company's activities it is advised to visit the official site and download annual reports which contain information about the financial results and strategies. The company is famous for its independent investment advisors the number of which counts more than 13,000 persons. More than 700 local banks are serviced by LPL Financial, too. Investor relations is an option which is paid much attention to by the mentioned firm. Besides, there is a news and media center where the company highlights its activities and publishes information which is relevant for clients. Those who would like to become a part of the corporate team can join career offerings and apply.

LPL Financial reviews and complaints

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