LPL Financial
reviews and complaints

Mother passed 4/1. She opted to have LPL Financial portfolio split between her 6 children, approx. $3500. ea.. ! child had passed and monies were to be split between his 2 children. LPL Financial has requested document after documents without dispersing the funds. Nobody should have to jump though that amounts of hoops for that kind of money.

I have been dealing with this company for WEEKS trying to liquidate and account and close it. Each time i get someone else and have to repeat my whole entire story because they have no notes about it. I have sent over a power of attorney so they will talk to my wife and she can handle this while I am at work. They never do. To date, I am STILL trying to complete this process even though they have everything they need to do this

my financial advisor is bank midwest in spirit lake ia. they handle my 401 k account. they use LPL FINANCIAL for investments. i am required to take at least a minimum distribution each year. in the year 2018, the distribution was made and 2400 dollars was withheld to be sent to the state of iowa for state tax due. i winter in arizona. lbl took it upon themselves to change the state from ia to az for sending the state tax and this was done on my 2018 form 1099-R. I HAVE NOT BEEN ABLE TO RECOVER THAT MONEY and have been with out those funds as i had to pay my tax due to the state of iowa. i realize this amount isn't even pocket dust to them. my obvious next move is thru the courts and the amount asked will be for my personal injuries, plus interest.

I have been trying for wks to find out the cost to invest in a certain equity in my LPL Rollover IRA Retirement acct. I've been given the runaround, told I need to speak to a specific broker (LPL literally gave me name/address/ph # for someone) who won't give me the info I'm asking for (costs/commissions/fees associated with said broker executing a single equity buy on my behalf) unless I make them the agent of record on the acct. What sane person would make someone the agent of record on acct w/o ANY idea of the fees? When I couldn't get a clear answer & I investigated moving to another firm, came to find out LPL is going to charge $165 in fees to transfer the acct to the other firm Every single person I've spoken to at LPL since 3/16 has told me a different story than the last person. Extremely frustrated and feel like my $$ is being held hostage. I'm about to lose out on the purchase I wanted. And LPL couldn't care less about me as a client.

Date of calls begin around 2/1. My sister passed away and we begin to coordinate with the financial institutions to closed out all accounts. We was successful with all the personal accounts with ***. We contacted *** regarding my sister Investment Account to closed out the account. Today is 2/24 and still no callback or a conversation about the process to closed the Investment Account $23,000 or more possibly depending the stock market. It's difficult to lose a love one and to have *** Financial Services overseeing the Investment Account with LPL Financial is distasteful because we are trying to take care of everything within a timely matter. *** POC *** has been no help and allowing his assistance to call back with different processes. LPL Financial Representative over phone stated, a death certificate will suffice what is needed to closed out the account with opening an investment account to transfer it.

I am the Executrix of my brother's estate as well as his Probate Court designated Personal Rep. He died 2/13. I have been trying to close his retirement investment account ever since. I have dealt with his active advisor at Webster Bank, ***, who initially directed me to call the LPL office in South Carolina to get "the best service" . After a long hold, I got a brusque response from the agent, who said my active advisor should be handling this. However, he did request information and indicated that I would hear from them, which never happened. I went back to Mr. and have talked to him many times since. Each time he comes up with a new reason for the delay in closing my brother's account. The last reason was that he had made a mistake in the form I signed electronically, and it would be 2 weeks before that error could be fixed. I began to realize --especially after a friend looked up LPL on the ComplaintsBoard.com site-- that this is the typical way they do business. LPL is obviously using delaying tactics to keep the money in their customers' accounts for as long as possible. I want this issue to be settled so that I can distribute the funds to my brother's heirs. We have waited for a year already.

I have had numerous issues with LPL around unsuitable securities and undisclosed fees, and this is a small part of the most recent. I have been trying to transfer a stock from LPL to another brokerage. Twice the transfer was rejected and LPL lied about the reason twice. First they indicated that there would be a $40 transfer fee (there is not a partial transfer fee, they admitted, when I contacted my broker) and then, after my broker stated that I could reinitiate the transfer and there would be no fee, it again was rejected because "the securities where not in the account." They were. Upon talking to them again, the want fees to hold the remaining non-liquid security in the account to the tune of $175. This directly contradicts what they told my broker. However, I cannot transfer the remaining illiquid asset out of LPL and it has no "end date" to be liquid as it is a "N1 Liquidating Trust" that is essentially worthless now. This came from a non-traded BDC security. During the conversation with the LPL representative AND a representative from *** (where the stock was being transfered) the LPL rep hung up on us in the middle of a conversation questioning their fees and how to initiate the transfer process for the third time. Finally, my broker stated that there would be a fee to sell the stock at LPL - but he did not disclose that this fee is ONLY if I sell them through him. I can see the stock without a fee if I call up LPL directly, or so the lovely rep who hung up on his stated. I am utterly exhausted and frustrated with their unprofessional and unethical practices.

I am a listed beneficiary on my father's LPL Account. My father died in December . I started the process to receive my beneficiary portion on February 10. As of April 16 I have not received the designated beneficiary amount. My three siblings have received their portions. I have been in contact with 4 different representatives of LPL Financial. The 1st LPL representative said there needed to be a "manual" move of the funds and created a "move money reference number". He stated that if the money was not moved in "7 business days" to email him and he would assist me in getting it accomplished. The money was not moved as stated and he has not replied to my email request for assistance. The 2nd LPL Representative stated I submitted the wrong paperwork and asked where I got the paperwork. The form I used was provided to me by my fathers LPL Representative (the same form my siblings submitted to receive their portions with no issues). She emailed the "correct" forms to me and it was the same form I submitted previously. I re-submitted the form again and was told I would receive a "case" number to get this transaction accomplished. I have called 3 times and emailed this individual and have not received any response. The 3rd LPL Representative stated I submitted the wrong forms and asked where I got them from. I advised the name of the 2nd LPL employee and he stated "ok". He stated I would have the funds within 24/48 hours. If I did not receive the funds I was to contact him. After 72 hours the funds were transferred to my account and I tried to contact the LPL representative and again received no response. The 4th LPL Representative stated she didn't see any activity on my account and stated it's "in process". She stated I should have a "case number" and I advised her I was told I was going to be assigned one but that never happened. She did get a "case number" assigned but stated she didn't know when I would receive the funds.