LPL Financial Reviews

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You cannot talk to anyone at LPL, only your advisor which in my case is the one who initiated the infraction in the first place. When they find out you have a complaint they refer you to an attorney and now you are in "quick sand" as nothing moves. This has been going...
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4 comments
#1779467

File a complaint with FINRA they are well aware of LPL shady practices. May not get your money back but it will cause them to undergo more scrutiny by the government oversight.

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ID
#1519061 Review #1519061 is a subjective opinion of poster.
Location
Louisville, Kentucky
Service
Lpl Financial Investment Service
Cons
  • Advisor qualifications
  • Illegal and unethical practices
Reason of review
Poor customer service
Loss
$55000
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
New Reviewer
Update 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...

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ID
#2958151 Review #2958151 is a subjective opinion of poster.
Cons
  • All
Loss
$326
Preferred solution
Full refund

Incompetence or fraud?

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.

User's recommendation: Avoid LPL at all costs.

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ID
#2945741 Review #2945741 is a subjective opinion of poster.
Location
Stoney Point/Pointe-Aux-Roches, Ontario
Loss
$353

Complaint

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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ID
#2340887 Review #2340887 is a subjective opinion of poster.

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Verified Reviewer
New Reviewer

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

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
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ID
#2273802 Review #2273802 is a subjective opinion of poster.
Pros
  • Non
Cons
  • Are uncooperative to a 75 year old
  • No customer service
  • Illegal and unethical practices
Loss
$800000
Preferred solution
Deliver product or service ordered
New Reviewer

The beneficiary

i am a viet nam vet still trying to get ira from lpl the person left me back in 2009. i am in and out of the v a hospital now with new secure act what will happen.

User's recommendation: something is not right form the top to the bottom.

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ID
#2069294 Review #2069294 is a subjective opinion of poster.
Location
Brooklyn, New York
Loss
$999999
Preferred solution
Full refund

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Verified Reviewer
New Reviewer
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...
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1 comment
#2076155

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

ID
#2042763 Review #2042763 is a subjective opinion of poster.
Service
Lpl Financial Financial Advisor
Cons
  • No accountability for performance
  • Losing money
  • Not cooperative
Loss
$80000
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
New Reviewer

LPL Adviser Incompedence

Invested with LPL Adviser was told by Adviser how a great portfolio with him would create wealth. After 16 months of $36.000 investments lost considerable money. No profit made just losses. Broker failed to communicate with me on investments. When I contacted him on 03/06/20 about my account his words were ( It's money you weren't doing anything with anyway. ) I closed my account and had to pay fees to do that. My cost to do business with this LPL Broker was $10,000. I will never recommend LPL or this Broker to anyone. BROKER name McKinney Wealth Management. Bridgeton, MO. May God Bless those who are investing.

User's recommendation: Stay away from LPL.

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ID
#2042497 Review #2042497 is a subjective opinion of poster.
Loss
$10
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
New Reviewer

False information to IRS

LPL sent 1099 to the irs with my name and somebody elses dispersement info, which has now held up 2years of tax returns (and refunds).

User's recommendation: Run.

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ID
#1885665 Review #1885665 is a subjective opinion of poster.
Location
Rice Lake, Wisconsin
Product
Lpl Financial Account
Cons
  • Not cooperative
Loss
$2400
Preferred solution
$
New Reviewer

Stay away. They are a group of independent financial advisors. When something goes wrong, LPL always sides with the advisor and takes no responsiblity for their actions.

https://www.finra.org/sites/default/files/aao_documents/13-0****-Award-All%20Public%20Panel-2015****.pdf Award FINRA Dispute Resolution In the Matter of the Arbitration Between: Claimant Case Number: 13-0**** Adam M. Susser Special Needs Irrevocable Trust DTD 7-28-03 vs. Respondent Hearing Site: Boca Raton, Florida LPL Financial, LLC FINRA makes all arbitration awards publicly available for free by posting them on Arbitration Awards Online.
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ID
#1786912 Review #1786912 is a subjective opinion of poster.
Service
Lpl Financial Financial Advisor
Cons
  • Worst experience ever
  • No accountability for performance
Preferred solution
Let the company propose a solution

Never, Ever Do Business With This Company!

Our advisor stuck us in 2 REITS, even though we are retired, and these REIT's are high risk! One of them I am slowly getting out of, but NorthStar Healthcare is not paying any dividends, and the only way I can get my $25000. out is if I die or become disabled! Wish I could find a way to get my money out! The *** that put us in them deserves to be sued!
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1 comment
#1903959

I feel your pain I put 20000 in nov of 2013 now worth 17200 with all dividens being reinvested 7 years to lose 3000 and not get a dime out of them and buy the way they have canceled all redemptions even if your dead not a bad ponzi sand finra lets them get away with it

ID
#1728382 Review #1728382 is a subjective opinion of poster.
Location
Colorado Springs, Colorado
Service
Lpl Financial Investment Service
New Reviewer

Non-Tradeable Funds

I see LPL has a long history of putting people in non-tradeable funds and I am a recent victim of this poor practice. I have since switched advisors and am having a very difficult time liquidating these funds. LPL's response is you signed and initialed 43 times and you knew what you were getting. Hello LPL... I went with you because I trusted a family friend and thought you had my best interest in mind. Beware of this company... all they are interested in in making money for themselves. Practically no return in 4 years but you better bet they made money on my account.
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ID
#1700974 Review #1700974 is a subjective opinion of poster.
Location
District 1, Louisiana
Cons
  • Being dismissed and ignored
  • Illegal and unethical practices
  • End result
Reason of review
Poor customer service
Loss
$20000
Preferred solution
Full refund

My advisor suddenly disappeared without notice

I worked with an advisor for at least 10 years and always felt we had a very comfortable relationship. My older adult son came to live with me. He is disabled and has had some problems with drugs and other problems growing up. He had no association with my advisor. My advisor advised me he would no longer come to my home as long as my son lived there. The last time he was there, he advised me to sell all my bonds with no explanation how or why. He left and I never heard another word from him. He just left me with no further instructions or advice. After a 10 year relationship, he just left never to speak to me again, I was left with no advisor and no one to replace him. I advised the main office but never heard from them either.
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ID
#1685634 Review #1685634 is a subjective opinion of poster.
Cons
  • Worst customer services
Reason of review
Poor customer service
New Reviewer

Lost 1% of my account from 6-2018-6-****

It's embarrassing to admit I let this happen, I'm not that sharp on the market etc and went to LPL years ago from a Dave Ramsey reference. I'm sure Dave got paid by them to promote them as trustworthy. But in my case it was an absolute joke. I'm not in any aggressive funds etc, and I could have done better hiding my money in the mattress.
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ID
#1559632 Review #1559632 is a subjective opinion of poster.
Reason of review
Bad quality
Loss
$13

LPL advisors are liars, criminals, thieves, con artist, crooks, and scammers!

If you're thinking about investing with LPL financial DONT! If you already have you're a victim toof crime. You may just not realize it yet.
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ID
#1518426 Review #1518426 is a subjective opinion of poster.

LPL is a scam.

LPL is a network of crooked used car salesmen masquerading as financial advisers. They know nothing about financial products. All they can do is push whatever pays them the highest commission. DO NOT INVEST IN LPL!
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ID
#1496896 Review #1496896 is a subjective opinion of poster.

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