LPL Financial Review

Customers Rating:    brokerage firms reviews


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

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LPL Finacial Advisors, Brokerage Services Customer Reviews

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."


FIRED!

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 before..do 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

Pros:

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 wrong...it 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.

DO NOT INVEST WITH LPL!!

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!

DO NOT INVEST YOUR MONEY HERE. THEY MAKE IT ALMOST IMPOSSIBLE TO GET YOUR MONEY. LIARS, LOSERS, THIEVES. AWFUL AWFUL COMPANY. DO NOT DO BUSINESS WITH THEM!

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

Cons: COMMUNICATION, LACK OF FOLLOW THROUGH

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.

DO NOT TRUST THEM WITH A SINGLE PENNY OF MONEY!

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.
Run

by Tom, 4/17/2018

Pros: Don't see any

Cons: There making more in fees then I am making on my investments . There fees and excuses as far as I'm concerned are way to high and lies

They suck

by Mindy, 4/6/2018

Pros: Haven't found any yet.

Cons: Very difficult to work with

I have been trying for about 3 months to get my deceased mothers estate liquidated. Her investment account was with Invest. About the time she passed the account was sold to LPL. When I called invest, they immediately knew that I was the beneficiary, and talked to me about the account, and informed me that it had been transferred to LPL. LPL did not have any paperwork that listed me as the beneficiary, It took multiple phone calls, talking to multiple people in customer service, which is a misnomer, as there was no service to get the information from Invest. Invest had faxed the information early in the process, to the number that LPL told me to send it to, and that did not even get to the right people. Finally, they got the information, and had me fax forms in to set up an account in my name, now that I was the beneficiary. After a week, I had not heard from them. I called today and found that the account had been set up in my name. There was no money transferred to the account. I called again to inquire as to how I get the money transferred to that account, and they couldn't talk to me because I was not listed as the beneficiary on my mothers account. Really?????? On the last day of February I got a statement from Invest, stating the account value was approximately 16.800. On the same day I got a statement from LPL stating the account value was 15,800. Never could get an explanation about why it went down that much. AARGH

by Felix, 3/21/2018

Pros: Many

Cons: Few

I have had success with my advisor and would recommend her to others.

by Small account holder -Duane, 3/10/2018

Pros: None

Cons: Many

My financial broker now is part of LPL. Since becoming part of LPL, fees are higher, reporting in accurcies constant, timing for distributions are at their discretion rather than a stable preditictable time(especially when weekends or holidays are when normal date occurs). Overall my TRUST level of my broker has tanked since they have now become part ol LPL. I would not recommend them to anyone.

by Frustrated & Annoyed, 3/3/2018

Pros: None!

Cons: Lack of knowledge & customer service

Transferred a small 401k balance to IRA investment account. In 15 years gained nothing. Now trying to transfer what is left to a traditional IRA and it is taking forever. Every time I contact them I am told I need another form or I missed a step. Get your stuff together LPL and get your procedures down so others can avoid this type of run around. I am convinced they have no idea what they are doing. Has taken me 4 months to transfer less than $2k. Invest elsewhere and save yourself the headache!

by Frustrated!, 2/20/2018

Pros: None

Cons: Horrible customer service, have NO IDEA what they're doing

I was recently left a modest inheritance, and my loved one used LPL. What a nightmare it has been to get everything figured out! First of all, they require an absurd amount of personal information to create an account that no other brokerage needs (based on speaking with my financial advisor as well as my attorney), they also messed up my middle initial when creating my account thus extending the process several more weeks. When it came time to transfer the funds to my personal financial advisor at another brokerage (which they knew about from the start), they only transferred part of my account. It has now been a month that I, along with my financial advisor, have been hounding the LPL back office to send the rest of the funds over. They have absolutely no idea what they're doing. Stay FAR FAR away.

by Sandy, 2/9/2018

Pros: Friendly and charismatic

Cons: Fast talking and deceptive

After one year with the market thriving, I have only lost money on my IRA investment. Hoping to change companies but worried by other reviews that I will lose even more money in the process. No gain and only loss from my investment.

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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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 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

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LPL Finacial Advisors, Brokerage Services reviewed by former and current clients. LPL Finacial Advisors, Brokerage Services customer reviews: 42. Rating: 1.