LPL Financial Review

Customer's Rating:   brokerage firms reviews


LPL Financial Advisors customer reviews: complaints, feedback from clients, pros and cons, rating and rankings. Is the broker good and safe?


LPL Financial Brokerage Commissions/Fees

ProductPrice
Alternative Investment Product Processing Fee $50 per transaction
Mutual Funds:
Load Fund Plus/Participating/Non-Participating Redemption
Load Fund Plus/Participating/Non-Participating Purchase
No Load Fund Purchase & Redemption
No Load Fund Exchange
Physical Mutual Fund Redemption
Confirm Fee

$15 + confirm fee per transaction
Confirm fee per transaction
$40 + confirm fee per transaction
$80 per transaction
$35 per position
$5 per transaction
Precious Metals:
Purchase or Redemption
Physical Delivery of Product
Annual Custody Fee

Confirm fee per transaction
Variable per shipment
1.5% of Market Value. Quarterly $50 minimum annual fee
Retirement Account Fees:
IRA Maintenance Fee
IRA/QRP and 403(b)(7) Termination Fee
QRP and 403(b)(7) Custodial Maintenance Fee
QRP and 403(b)(7) Loan Processing Fee
Roth IRA Conversion Fee
1099-R Processing Fee for Omnibus/Pooled QRPs

$40 per year/per account
$95 per account
$50 per year/per account
$50 per loan
$25 per conversion fee
$50 per 1099-R
UITs
Purchase
Redemption

Confirm fee per transaction
$40 + confirm fee per transaction

About LPL Financial Services

PL was founded with a pioneering vision: to help entrepreneurial financial advisors establish successful businesses through which they could offer truly independent financial guidance and advice. Today we provide an integrated platform of proprietary technology, brokerage, and investment advisory services to over 14,000 financial advisors as the nation’s largest independent broker/dealer,* making us a leading distributor of financial products in the United States. In addition, we support over 4,000 financial advisors with clearing services, advisory platform, and technology solutions.



 

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LPL Finacial Advisors, Services Customer Reviews

by Greg Gelbmann, 11/28/2017

Pros: Ed Heagan-confidence man

Cons: Invests in REIT investments with Sierra, trying to recover that money for 18 mos. Do not invest with this man or this co.

Ed Heagan San Juan Capistrano invests in REIT with Sierra Corp. Cannot recover invest in a timely manner, also fees are putrageous!

by Adam, 9/14/2017

Pros: None

Cons: Terrible customer service that does not care at all about their smaller customers and lets you really know it.

Have never been this frustrated before dealing with customer service and have spent over 3 months trying to close my account. Each time I talk to a different rep who always gives me different information. I can't tell if LPL is just trying to keep my money to charge me annual fees or just astoundingly incompetent.

by Screwedovercustomet, 7/29/2017

Pros: None

Cons: Deceptive and inexperienced, high fees, poor reporting systems

You should never use this crooked operation. The advisors are inexperienced, the back office is back woods, there is no oversight of brokers. Finra is not there to help you.

by James Herbold, 7/26/2017

Pros:

Cons: Fees are horrible. Charge you $40 per year and charge you $125 to close your account.

Fees are terrible. Brokerage advice is only for products with high fees. Charge $40 per year for an IRA and then charge you $125 to close your account. Service is slow. Took weeks to get account close and money transferred out.

by Disappointed in Michigan, 7/6/2017

Pros: None

Cons: To many to mention

My advisor talks a good game but he is a poor financial counselor. I lost over 30K in three years before I decided to get out. Wish I'd done it sooner

by David Wilson, 12/27/2016

Pros: Our representative is a very nice guy.

Cons: LPL's back office, or wherever that asset transfers are actually performed, are as responsive as watching paint dry.

We've been attempting to distribute the assets from my deceased in-laws' trusts. Nothing happens for a week, and then we complain. We find out that some additional form needs to be signed, but they didn't bother telling us that right away. More forms get signed, and then more time goes by. And on, and on, ... If you need anything done in a timely manner, LPL is the wrong company. They were once highly rated for service, but now they're 16th out of 20 according to JDPowers. I'm surprised they did even that well.

by K willis, 11/6/2016

Pros: huge outfit

Cons: huge outfit

LPL took over accounts at my credit union and no one was advised until it was done. This seems unethical to me and not in the best interest of the investor. I am moving my investments ASAP in light of their poor rating.

by Dan, 6/29/2016

Pros: Broker was pleasant

Cons: Broker was difficult to communicate with

Broker/LPL made mistakes with automatic withdrawals. Broker made scheduled meetings and did not show up. Communication overall very poor.

by Jim, 5/5/2016

Pros:

Cons: can't liquidate assets

Another estate liquidate problem. In reading a review above, I thought I was reading my own review before I wrote it!

As executor of my father's Trying to liquidate my late father's estate. The extreme incompetence I see dealing with these people make me glad I don't have any investments with them. Every time I talk to them I get conflicting information and direction. Nothing but the run around.

by John, 3/21/2016

Pros:

Cons: This is not agains a broker per se, but an estate liquidation

I am the executor of my late father estate and have been getting the run around From Nov 2015 to March 2016 and the issue is not yet resolved...I was forced to complete 14 pages of paper work 3 time until I satisfied their staff....You know at some point we all die, and I would not want my family to go through the agony of dealing with this insensitive company...They exhibits no clue that I am grieving the death of my father while they continue their augmentative smug attitude....

by J.L., 12/22/2015

Pros:

Cons:

I turned my IRA over to Dallas Grabow to manage since I had been disappointed in a previous investment advisors, thinking that he would do a much better job for me.However I was totally disappointed in the inappropriate investments, the lack of attention to my account, the inability to correctly mitigate losses, and the overall ineptness of the direction he was taking with my funds.

All of this resulted in a loss of $16,000 in just the few months he was in charge of my funds before I pulled out my investments. I cannot recommend LPL Financial or their consultant, Dallas Grabow to handle or advise on any financial matters.

An expensive relationship!

by Anonymous, 3/22/2013

Pros:

Cons:

Everytime u call get a different person telling u different things to do. Still in the process of trying to close my account three months later. What a run around

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LPL Finacial Advisors, Services reviewed by former and current clients. LPL Finacial Advisors, Services customer reviews: 12. Rating: 1.