LPL Financial Review

Customers Rating:    brokerage firms reviews

LPL Financial reviews: customer complaints, pros/cons, investment services IRA/brokerage account fees (Strategic Asset Management (SAM), Optimum Market Portfolios, Advisory and Brokerage (OMP), Model Wealth Portfolios (MWP), Personal Wealth Portfolios (PWP) and Manager Select accounts). Is LPL Financial a good company?

Find a Financial Advisor

If you are looking for a professional money management service in your area, you can find a Financial Advisor on the Wiser Advisor website.

Visit Wiser Advisor

LPL Financial Reviews

by LPL Victim, 12/22/2022

Pros: None

Cons: Received 3/4 of payment w “third party” as only info

Cons and scams always follow natural disasters. Naples FL sees continued increased in fraud cases. Please read my experience below.

•SHADY Ft Myers trustee/financial advisor (sued repeatedly in Collier Co by financial institutions for breach of contract), secretly transferred family trust funds to LPL & agent MARC REISMAN.

• I am the beneficiary of this trust and was never contacted by trustee, his local attorney Grant, (with only 3 yrs of scant experience at daddy’s law office) or anyone at any office including LPL.

•Received a random check from LPL containing only a notation “Third Party Payment”, an account number and small LPL logo. No phone number or any other information.

•Called the tiny number below return address on outside of envelope and first rep was exceptionally rude and refused to answer any questions before hanging up on me.

•Called back, different rep, was very professional and helpful. Said that the lack of information was 3/4 of the trust payment for 2021.Said the remaining 1/4 of payment would be arriving before 12/31/22. Today is 12/22/22. He had emailed LPL REISMAN, without a request from me, during our conversation.

•Rep said that the description was irregular, very concerning and seemed like it might be the result of intentional, specific instructions from the trustee.

•When you check the SEC website LPL has been fined $$$ reportedly for just this kind of conduct Failure of oversight, management and compliance violations.

•No one from LPL has contacted me even though I have left Reisman voicemails.

•REISMAN has very few trading certifications despite claiming a 42 yr career as an advisor or broker.

If your money is invested by an LPL broker or advisor, please check the SEC website for broker and LPL violations and broker/advisor violations and consequences.

by Lost IRA, 12/16/2022

Pros: None

Cons: Sleazy

They lost 60% of my hard earned IRA in year & half.I am 72 and can’t believe how much they took advantage of my being LCNB bank customer. Stay away from these people!

by Rob Undersander, 12/7/2022

Pros: None

Cons: Incompetent

Mr. Mike Kennedy was my father's financial adviser for at least 17 years. After collecting thousands of dollars in fees from my father, who recently passed, he had niether a TODD ( Transfer of deed on death) nor beneficiaries set up for his retirement accounts. As a result, that property and funds, will have to go through probate taking several months or even a year. When I questioned him about it, his response was not helpful and unusually callous to someone who has recently lost a loved one. He is the worst financial planner I have ever encountered.

by Eric Hollander, 11/23/2022


Cons: worst ever

LPL financial is the worst a bunch of scammers I would never ever use these people again. Trying to get my mothers assets divided between me and my brother has been the worst experience from this company. This company has no customer service. All they’re worried about is keeping the money from their customers. They don’t care if you have bills to pay all they’re worried about is keeping the money for their selves and doing nothing for the customer worthless company I ever used. Be prepared for me to close my accounts and never ever use you again. I will tell friends and family to never use you. You’re a worthless company you should be investigated. I have nothing good to say about this company.

by Nancy, 11/3/2022

Pros: None

Cons: Shark Referee

HE worked with sleazy family member to totally clean out my 83 year old mother. Would not ask her about transfers and never filed the POA with LPL. We took them to court after they cleaned out mother and the Lawyers did an elder abuse number on her in court so now she has nothing to support her. She trusted the family member and the broker and LPL totally supported them and their activities. Do not trust them!!!

by Nancy, 9/27/2022

Pros: nice corvette

Cons: doesn't seem to care about you

My financial advisor managed to lose over $600K within the past 9 months---which is more than I made 20 yrs working. He won't listen to what I tell him and what my goals are, instead he does what he wants to, and most of the time it is nothing....I am paying LPL over $20K a year to manage (loose) my retirement savings. He likes to blow smoke up your ass and try to impress you with his Bu**SH** when in reality he doesn't have a clue what he is doing. YOU'RE FIRED LPL!

by omar tabbakh, 7/8/2022


Cons: terrible customer service

This financial advisory service is one of the worst i have come across. my account was sold to these clowns when my former advisor went out of business. I have been trying so many times to do something as small as making a trade and these idiots refuse to do it. They continue to tell me to update my address which i have done 3 times just to make a trade so i can transfer my assets to an account that i manage but it has been a complete nightmare. i tell the agent to tell me how to execute my own trade and he informs me that i cant on top of being forced to pay a commision to sell. this firm is a joke

by Charles L, 5/9/2022

Pros: NONE

Cons: Idiots or Scammers - don't know which

Rolled over my retirement pension to LPL mutual fund and within 30 days, I lost more than $7,000. Tried contacting my rep to move the money out of the mutual fund but she would not respond. Now, I am trying to close the account completely. They are either terrible at investments or they are CROOKS. Either way, don't give them your $$$. I wish I would have researched them better.

by Educated Consumer, 4/5/2022


Cons: My rep got transferred to LPL when they bought out his fund family

In less than 1 year from my investments transfering into LPL I am under legal counsel for unethical, fraud type transactions. I cannot comment further as legal proceedings are in process. Stay away if you value your investments and savings.

by biker john, 2/11/2022


Cons: misleading investment advice, excessive fees

Retired investors BEWARE!
Through my Savings and loan bank (ESL), I interacted with a bank employee/"Financial advisor." This bank financial advisor lured me into believing I would be investing in a secure conservative investment instrument. The experience turned out to be misleading investment advice by this employee representing LPL financial. After investing a minor amount in a "conservative fund" during the bull market of 2020 through 2021, my investment had a net loss -due to LPL maintenance and transfer fees.

by david, 1/10/2022

Pros: None

Cons: Worst technology and customer support

I cannot understand how LPL is in business in today's day and age. I have an old rollover account and no longer have an advisor. I had left my equity positions alone for years but wanted to gain access today, other than the monthly statement in the mail, and trade all of my positions. It took some time to actually get to someone who could facilitate the trades and then I learned that the charge would be 1.5% of the trade value - which was going to mean over $1,500! I have accounts at Vanguard, Fidelity and that is just outrageous, as is the $40 monthly service charge - in exchange for nothing! I had no choice, so I opted to sell anyway and was give a deal of 50% off - so only $800 or so and immediately began a process by which I could roll the money out. I have been on hold for three hours, off and on, as while I had no trouble selling over $100,000 in securities, and the broker was able to verify who I was, no other department has been able to simply verify my existence so that I could access my account online. Unreal. I am still on hold as we speak, after an hour with the last person in technical support who was not even authorized to update my email and phone number even though I provided every piece of security information that proves that i exist in the world. Assuming i ever get through this, I will immediately roll my money out. As one who spent 20 years in financial services, I am appalled and shocked at how awful the infrastructure is even though every person I spoke to was lovely - I think six different people today - with not a one having any authority to help me - other than the trader, of course, who was happy to take the ridiculous commission seeing how I had no choice whatsoever. Total disgrace

by johnboy, 1/7/2022


Cons: havnt spoken to him in two years

million bucks invested,when i tried to get my at my money to buy a truck was told by some other person that was not my broker to go get a loan

by Jim Sims, 11/20/2021

Pros: My advisor has more freedom to offer me options, structured products, private equity like all the big money gets. I’m not that kind of big money but I get to run with them like I am. My broker g he as made me a ton of money. They were with another company in Columbia, then moved to lpl. I liked him then but love him even more now.

Cons: It’s hard at first to understand the difference between the two brokerage cos.

Once I understood the difference between companies, it was clear to me he did this for me and my wife. He has saved us a ton of money at lpl, because he doesn’t have to pay for access to different products and research or advertising. And he passed some of that on to us. I work with people not companies. And my guy is it.

by Emir Duratovic, 11/9/2021

Pros: None

Cons: Scammer

I lost about 2800 EUROS with this "broker".
First I invested 250 EUROS and then magic happened...My "financial advisor" Toby de Jong made profit about 3000 Euros.
To withdraw money I had to paid 2700 EUROS over "Bitpanda".
Still no money!
Stay away from!

by Same as the rest., 11/4/2021

Pros: None

Cons: Terrible

Wont release funds. Always another 10 days etc.Its a strategy-not an accident.Criminals.

by maddy, 9/22/2021



They keep call you every single day. when you ask them to remove my details from their system. They keep ask for personal information and at the end they will call you a liar. and push you to invest with them.

by Kashui, 9/12/2021

Pros: Good interface

Cons: The hide under the mask to prevent people from withdrawals

LpL finance is terrible, it all started when i invested a huge sum of money, the customer service started acting up and I was unable to get access to my funds. This was a big problem to me and my family until we reached out to Fightingscams on aol mail, they advised us on the best steps to approach and we got our case resolved.

by Mary Jane Coleman, 6/25/2021

Pros: None

Cons: Everything

M and T Securities just left Pershing and are now with LPL Financial. If you thought Pershing was bad, LPL Financial is even worse--much worse!! No customer services whatsoever, impossible to speak to a customer representative, long-waits over the phone, never any promised callbacks, etc. I am currently looking at other firms to manage my accounts, and I would suggest others do the same (i.e., unless you like being completely in the dark)!

by Angry in Canton MA, 4/15/2021

Pros: None

Cons: LPL advisor was terrible, lazy.

Stay away from this company. I had a terrible financial advisor. Too busy socializing, never did the research. Put me in slow to no growth investments during one of biggest growth markets. Gave me horrible advice about when to sell stock caused me a huge loss.
Tried to frighten me into staying with him. Telling lies about financial company I was moving to.
Moving to another advisor was best thing I could have done. Complained to LPL and they did nothing.

by Kay, 3/9/2021

Pros: None

Cons: Will not release money

My local Finance Advisor said be no problem getting money when I wanted or needed it, invested over $100K. Got money once from it and then when I wanted the second time the loan advisor was rude and LPL would let me have any either. The started talking to loan associate and she acted like it was her money and kept saying I can't have money, am I being scammed. Personally it's none of their business what I do with my money. Finally told them I was going to close out my account and wanted all money deposited into my bank account. Did this on a Tuesday and one week later no money yet. I would want the money, if they didn't act like they stole my money and had to figure out where they were going to get the money to put into my bank account. I would never recommend LPL financial investment to anyone. I'm thinking of reporting them to someone. They say maybe someone is scamming me, well what do you call them scammers too.

by Elliot, 3/6/2021

Pros: NONE

Cons: Used Car Salesman-like

Put my mother-in-law in a high-commission, terrible investment for a senior citizen. Never communicated or sent statements. Never returned phone calls. Lost $3K.

by B M, 2/23/2021

Pros: none

Cons: close to unethical

sold all the income funds at their lowest price
sat in cash for 5 months then bought it back for twice the price ?
what were they thinking?

by Peter, 2/11/2021

Pros: I had a fabulous run with this Market and My fiancial advisor

Cons: None

Started with 800K now up to 1.9 + million

by David, 10/30/2020

Pros: None

Cons: They are only interested in making high money/commissions on crap investments.

I invested $310,000 in annuity that lpl said was guaranteed by the state.. The insurance company in now in rehabilitation and withdrawals are prohibited. I don't know if I will ever see my money again. RUN FROM THESE IDIOTS!!

by Jake, 9/22/2020

Pros: NONE

Cons: LOTS

I don't want to repeat everything... Just read the reviews! Not worth it!

by dave, 9/19/2020

Pros: NONE

Cons: TOO Many to list

I invested $310K into two annuities that were recommended and represented by LPL. The insurance company Bankers Life Insurance has been put into rehabilitation. I don't know if I will ever see my money again. The LPL agent made big commissions. Worst investment I've ever made. I'll put it under the mattress before I do business with LPL.

by Completely Frustrated, 9/1/2020

Pros: NONE

Cons: Misinformation, disorganization, lost paperwork

I have been trying to cash in and receive my funds for several months. Each time I call, they request a separate piece of information that they neglected to tell me to send in the first place.
I have sent faxes, filled out forms and mailed them in, submitted info on the website and things still have not been resolved. I sent two documents on THE SAME PIECE OF PAPER and they only received one. How does that happen?
This is a fund that was set up for my child who is now 21 and I have always been the custodian of the account. She gave consent for funds to be released which should have happened a few months ago.
I have spoken to the customer service reps about every aspect of this account each time I’ve called. Today I was informed they can’t tell me anything since my child is no longer a minor. How was today any different than the last dozen times I’ve called???? I’m beyond frustrated and would not recommend them to anyone.

by BEVY OMALLEY, 8/18/2020

Pros: NONE



by Robert, 8/15/2020

Pros: None

Cons: Liars con artists

Do not give any money to an LPL advisor
Might as well send your money to Bernie Madoff !
Lost 30% and advisor said he was protecting me from market turmoil
Market has recovered and I am still 30% down
But still being charged outrageous fees ?

by Paulette, 7/2/2020

Pros: None

Cons: Lies

Stay away from LPL!!! Will tell you one thing one day and another thing the next!
Not professional

by Robert, 6/9/2020

Pros: ZERO

Cons: Everything

I lost my shirt!!!!! Account started with 67k. Went down to 45K in a booming stock market. I wanted to withdraw by money and kept getting the run around. Stay clear of this firm.

by Sparky, 2/21/2020


Cons: LPL advisor

Advisor was terrible. Asked him several times to do a financial plan with me just said youll be fine.
Lost me a lot a money w bad advice about when to sell stock. Recommended an investment to me which he was also invested in. It earned avg of .02%.
Actually yelled at me for investing some money elsewhere and not with him. Tried to scare me with lies about other financial planner.
LPL needs to monitor their financial advisors better.

by Robert, 2/3/2020

Pros: No pros whatsoever

Cons: incompetent with paperwork. terrible return on investment

When my father, died I became executor and had to manage my mother's financial affairs because she has dementia. Every other investment firm my father invested with processed the requests within 3 months. It took LPL almost a year and a half to liquidate, and even then they didn't get it all done. I sent paperwork such as death certificate, POA, and Court Order appointing me executor. Three of the accounts were properly processed so that I had authority to communicate and make decisions. The 4th account did not, and it took months for them to straighten out their own error, even though they had all the paperwork on the other three accounts. In addition, the rate of return on the investments was negative. They are not customer friendly at all. They drag their feet when it comes time to liquidate and make you clear all sorts of hurdles that have no purpose other than making the customer's life difficult.

by Steve, 1/27/2020

Pros: None

Cons: Liar.

LPL advisors are nothing but commissioned salespeople. Whatever is paying the highest commission that week is what they will suggest for your portfolio. Period. They are NOT financial advisors.

by Gillian, 1/18/2020

Pros: None

Cons: High fees, Dishonest, Took weeks for them to redeem my funds

Horrible, unknowledgeable, terrible customer service, couldn't view holdings online.

by Marshal Hoyt, 1/16/2020

Pros: NA

Cons: NA

WORST customer service ever! I have been trying to close my account and access the remaining minimal funds for over a year. I have spent hours on hold, filled out and sent notarized forms to them only to be told they can’t locate them. Stay clear of this firm.

by Frisbee, 12/22/2019

Pros: None

Cons: Lost money BIG in an UP market

So-called wealth advisor LOST $50K+ during period where S&P gained 26%...kept trying to coax more of my assets to his control. He cost me $100K in real losses and over $100K+ in opportunity costs...RUN from this clown in Cocoa Bch, FL

by Hooper, 11/30/2019

Pros: none

Cons: no way I can liquidate my account and get my money

Invested near 20,000 that now I cannot access and the account is non-liquid. In other words, I can't get my own money. Broker in Colorado Springs never advised me that there is a merger with other bigger investment firms and until the merger is complete, no one can liquidate their account. this might be half a year or more. At my age (over 70) broker should have advised me whether I want to do this. He was also angry when I contacted Finra. Also, they let 3,000 of the full amount sit around without investing, so it was money under the mattress. They did send me the 3000 +. Maybe that is all they had and I wonder if they squandered or stole funding and are telling everyone to wait with this merger is complete and send smaller checks to shut up their investors. Worse schemes have happened. I am not saying this is so, but it sure smells bad.

by Joe, 11/27/2019

Pros: They’ve done great by us


They’ve made us a lot of money

by Jim, 11/11/2019

Pros: none

Cons: They make if very difficult to close an account - told me i must fill in an 8 page account application to close the account

They want me to fill in a new account application to close my account? I had no problem giving basic data but I don't feel i need to provide income, net worth, liquid net worth and Details on all other accounts etc... After a year of fighting they started charging $40/ month. I finally contacted Fidelity and had them transfer the funds for me.

by mark, 11/8/2019


Cons: NONE

Had IRA account in Augusta Ga for 10 years with Wayne BISSELL as advisor. Told him to transfer all my funds to my Vanguard account. HE sent a check directly to me, triggering a IRS AUDIT. T he only one that made money was him, due to his churning of the account. RUN don"t walk from these thieves!

by Tony, 10/11/2019

Pros: Absolutely nothing positive about LPL

Cons: Worst customer service ever

I have been trying to close my deceased parents’ account for NEARLY TWO YEARS now. Every time I submit the forms they send me, they NEVER respond. I have to call them again, then they claim they never received the form, or it was incorrectly filled out, or I filled out the wrong form, yadda yadda yadda...then they tell me to start over again. EVERY SINGLE TIME. I am wondering if they are crooks or just GROSSLY INCOMPETENT.


by Jim, 4/21/2019

Pros: Nothing

Cons: Everything

I was with my advisor for years when she was with Morgan Stanley and things fairly well. Well enough to stay with her and follow her over to LPL. BIG MISTAKE. That's when everything changed. No longer was she pushing blue chips and well-known index funds, she started singing the praises of "investments" I've never heard of. Specifically , a non-traded BDC called FS energy and power. Like I fool I trusted her and lost money. Look up FS energy and power fund and the top results are law firms soliciting clients to sue brokers for fraud. Looks like I need to call one.

Avoid LPL like the plague.

by Shawn, 4/4/2019

Pros: None

Cons: Everything

My wife had account when she passed and with no advisers in area that would return call help to fill paperwork I made a few errors.
But every time would talk to someone they would tell few things wrong. I would fix that and fax again and next day there would be something else wrong.

by Larry, 3/27/2019

Pros: Absolutely nothing

Cons: Everything

Here's a few "investment ideas" that are better than investing with LPL:

1. Loaning money to a heroin addict.

2. Playing the lottery.

3. Ponzi schemes.

4. Starting a counterfeit money operation.

by Steve, 2/28/2019

Pros: None

Cons: Worthless

Direct quote from my LPL advisor to convince me that 9% portfolio loss over the past two years was acceptable:

"You're just looking at the overall performance and not last month's gain."


LPL is a joke. Don't invest with them.

by Sarah, 2/24/2019

Pros: Good at lying.

Cons: Sociopathic con-artist completely devoid of any redeeming value whatsoever

Broker traded securities without my knowledge or permission and I lost $38,000 when the company went bankrupt. Yes, I'm sueing . Do not invest with LPL financial unless you want to lose money.

by C. J., 2/18/2019

Pros: None

Cons: Expensive fees and bad communication

I only went with this firm becouse they were with HomeTrust Bank, which I trusted. I put a little money there to test them out. They are the WORST I've ever seen. When I asked for a list of fees, they would not provide it. The Advisor would not answer his phone, and did not returm my requests for him to call me. They also lied to me. When I closed my IRA, they charged me a non-waiveable $125 fee to close it. DON'T LET THEM HAVE YOUR MONEY. YOU WILL BE SORRY!

by Viola Dagamba, 2/16/2019

Pros: None, unless you consider lying and deception to be an art form.

Cons: Steered us away from regular index funds to what he picked. BIG mistake

Like many others, we made the mistake of investing our small IRAs with them. We still can't figure out how we lost so much money in the past two years when the market was booming. Their fees are outrageous but you won't really find out unless you try to leave.

The salesman is not a qualified advisor and we were so foolish to give him our money because a friend had recommended. Guess what? Less than a year after we signed up with LPL, the friend left and went to another company whose name you would recognize.

Bottom line: bad investments, we would have made way more money in Vanguard or another index fund. Nasty employees and reps who are out to get as much money as they can.

Super high fees that they keep a secret till you want to leave.Then they screw you.

Stick with a reputable index fund unless you know how to invest yourself.

LPL is a loser. DO NOT GO THERE.

by Joseph, 2/9/2019

Pros: None

Cons: Criminals

Spent months attempting to close my account. They always found an excuse not to give my money back to me. Stay away. The worst.

by rick, 1/6/2019

Pros: none

Cons: she lies

I invested $400,000.00 with lpl..with a promise of a 8% return..I never earned a cent from the investment..the fees made the loss in the investment..the advisor which I met with 3 times always had the same song and dance...I knew I should had pulled out 6 months not invest with them previously I had invested with Merrill lynch..same song and dance...I ran into a former Merrill lynch employee.. and he affirmed to me that Merrill lynch needs your money via fees to keep them in business

by Sara, 11/28/2018

Pros: Friendly

Cons: And everything else. Lost money difficult to close account loads of fees Etc

Opened two accounts a small IRA and a larger investment account both cases I lost a substantial portion of the money. Fees are very high and eat substantially into the potential gains. Ira went from 17000 to 15000 in a strong bull market. Charged $40 per year plus $40 for year following when you decide to close even though you haven't used that year plus another hundred and twenty five to close in my case $325 in fees on a relatively small account. not to mention horrible investment advice causing the count to lose money when everyone else was gaining money. I initially wanted just a simple Index Fund. If I had used the fund I had wanted I would have 26,000 Plus in that account instead I have less than 15. Painful lesson to learn. My other account dropped over 5% + 1% fees in 1 year. Meanwhile, over the same time period, an account that I managed on my own at a distance which is to say I didn't look at it everyday, just put in some general Diversified funds actually made .3% in this current down Market. Oh did I mention that I got charged for closing that account as well? 290 $ just to get out....Avoid this company!

by David, 11/13/2018


Cons: Lost most of my retirement account within a short period of time

Invested my retirement account with them within 3 months they lost $5,000. I wish I had just invested my accounts on my own

by NMD, 10/27/2018

Pros: None

Cons: Not helpful, not friendly, not good in general

Reading the reviews and I can relate. Trying to close out my husbands estate and they have been giving me and my financial advisor the runaround. Too many hoops to jump through. Can't wait to be done with this company. 3 + weeks and still waiting to get money that is rightfully mine. This is ridiculous! Never use this company

by Mike, 9/25/2018

Pros: None

Cons: Lost money but my 'advisor" made a huge commission

LPL Financial should be classified as a criminal organization. Biggest liars I've ever encountered in my life.

by Bruce Reed, 9/23/2018

Pros: Personable, available anytime. Wants me to call his cell, not office phone. Explained 1% commission up front. Provided fiduciary statement up front. Has reviewed my Fidelity investments, and provIded feedback. He makes nothing off my Fidelity money! Calls me occasionally regarding my other investments. He make nothing off this. Encourages me to be active re: research

Cons: Sometimes hard to track activities. Lots of active trading. Still only 1% annually.

Explosion in number of money management firms out there. Ask for client recommendations. Be cautious when thinking about working with someone who calls you. I’ll call you, don’t call me works best.

by Jeff, 9/23/2018

Pros: None

Cons: Liar and a criminal

If you want a good example of LPL's double talk and lies, see the (fake) review below (obviously from an LPL employee). First he says LPL's advisors are independent, implying LPL has no control over them and your issue is with the advisor, not LPL, then he says LPL's advisors are the "best in the world." This sounds like the same logic my criminal LPL advisor used to explain all the money he lost me. Yes. My investments at LPL LOST MONEY during a raging bull market.

by John, 8/27/2018

Pros: Great communication and service

Cons: None

Some of these reviews are misleading. LPL Advisors are independent - So while some may have bad experiences that is because they are working with a poor advisor. LPL itself does not manage the investments.

Be careful who you work with, Some of the top financial advisers in the world work at LPL, you may just not be working with them.

by Frustrated, 8/16/2018

Pros: None

Cons: See below

They suck so hard! It's the easiest thing in the world to give them your money, but try and get it back, and you'll experience months and months of frustration. The latest thing they're making us do after months of back and forth is fill out and get a 4-page form notarized. This was after they promised to just send us a check in the mail so we can close our account. SO infuriating.

by Frobine, 8/13/2018

Pros: None

Cons: Liar, con artist, fraudulent, and....

Real quick: If it can go WILL, and it did! Don't trust them!

by Truly Disgruntled, 8/3/2018

Pros: None

Cons: Took in 128k .... 15 years later it was worth 75k.

Yes you read that right. When I transferred over to Schwab recently (which went smoothly, Schwab knows how to deal with these morons) I found out that the cost basis for the transfer mysteriously changed from one asset (Private REIT) to a publicly traded REIT, and wouldn't you know it ... the trade date was the exact date that stock peaked. The trade date for the transfer to Schwab was mysteriously delayed to the same day that the stock bottomed (to the exact day) hence the loss in capital. When I asked them to explain why the REIT investment was changed (about 6 months ago - the private REIT grew slowly, but it was not a major problem - found out later that the slow growth was due to LPL's fees, not the REIT), they told me that I was sent a notification of the proposed transfer and did not reply "NO", so they completed it. It may be that they sent me the notification, but in no way was it something obvious. Ethically they should have called. I then had the fees examined by a pro ... about 4% / year .. explanation form LPL. LPL's Private REIT management fees are high ... really! Live and learn I guess.

by Amy, 8/1/2018

Pros: Nothing

Cons: Disorganized/Retaliatory

I did not agree with some of the information LPL wanted from me it seemed to personal. In response to me not handing over information they sent me threatening letters that they were going to close my accounts if I did not remove them as my B/D. By the time they sent these letters I had removed them already, in fact they had been removed 30 days prior to the threatening letters. I had my lawyer send them a letter. They letter sent more letters in a much more friendly demeanor saying they were still linked to my accounts when they in fact were not. Horrible.

by Joe, 7/28/2018

Pros: None

Cons: Broker is a liar, a crook, and a con- artist.


You'd be better off sending your money to Bernie Madoff's commissary account in the federal prison than allowing LPL to get ahold of it.

by None, 7/9/2018

Pros: None

Cons: Worst company ever!


by William, 6/23/2018

Pros: None

Cons: Not able to provide fees or commission cost on accounts

Ask your LPL investment advisor one basic question:

“What are my fees and commisions that are paid on my account”

From the answer you get, you will understand what type of investment advisor you are working with. One of my family members asked this question and the investment advisor was not willing to provide this information.

by D.B, 6/22/2018

Pros: Nasty and not helpful.

Cons: Make you jump through hoops to get your own money.

After I retired, I thought it would be easy to cash out a very small, $6,000, IRA that was started by one of my previous employers. The account was purchased by LPL from the original institution 10 years earlier. I sent in the proper forms and waited a week and did not hear anything. I called the customer dis-service number listed on their website. They informed me that they did receive my request, but since there was no original account paperwork with my signature, I would have to open an account first before they could release my money. I printed out the form, 7 pages, and filled it out. I had to take it to have notarized before I could send it off to them. Another week, and still no word. I called them again and got the nastiest person I've ever dealt with on the phone. She told me that one box was not filled in on the 7 page form and it was rejected. I filled out the 7 pages again and faxed it again today. They never contact you when there is an issue. They want to hold onto you money as long as they can. I have accounts in 3 other investment firms and they are 100 times more friendly and helpful. DO NOT DEAL WITH THIS COMPANY!!!

by NICK, 6/6/2018

Pros: N/A


I had a few mutual funds with this company, when I asked to close the position with them I was told I would be issued a check within 24 hours. I asked to have the funds electronically transferred I was told that they were unable to do so. Which is funny because the funds were electronically transferred in to begin with. When asked for the funds to be sent over night I was told they would be sent out the day after closing. Fast forward to a week later no check. Call to see the status and the check was sent out yesterday, NOT OVER NIGHT. So I will now be waiting for this check to come in 7-10 BUSINESS DAYS. This Firm has the highest fees I have seen, advisers have at best an associate's degree and costumer service is on par with your local power company.


by Mike, 5/31/2018

Pros: None

Cons: Skyrocketing fees

Leaving LPL since fees [watch for hidden fees] are increasing & statements and products are becoming complex. Lots of trading by managers. Take a closer look with another company who will commit to making a plan that is simplistic and tells you what the percentage fee's you're paying.

by Thomas Mayo, 5/12/2018

Pros: None

Cons: High fees. Look. They are horrible

My advisor switched to LPL and my fees went through the roof. Advisor only recommends what he will make most on because that is how LPL pays them. Prairie Plans in Minnesota is a rip off $800/month for advisory fees and they do nothing.
Charles Schwab charges NO fees.


Add New LPL Financial Review

 200 max, no html

Continue Reading

About LPL Investment Services

LPL Financial 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.

LPL Financial

LPL Brokerage Commissions/Fees

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

Confirm fee per transaction
$40 + confirm fee per transaction

Continue Reading

Disclaimer: Your broker review, rating, advantages, and complaints information must be honest. Please use respectful and professional language. Customer reviews could be edited by the website staff to keep free of inappropriate or offensive language, false information, speculations, or to remove spam. We reserve the right to delete any customer reviews that don't meet the above requirements.