LPL Financial reviews

LPL Financial is at best a second rate financial services firm. They will always be behind Fidelity, JP Morgan, Morgan Stanley, Goldman and others. Always - and they act like it. CEO, Mark Casady, still expects his top tier management staff to attend marketing and other such conferences multiple times per year - this kind of thinking is from someone who hasn't realized that THAT IS NOT WHAT GREAT FINANCIAL SERVICES COMPANIES DO. Companies that are still trying to make a name for themselves, that are still climbing the financial services ladder do. This is one of the problems - Senior Management is still stuck in the past. Right at this very minute upper management are engaged in a meeting to discuss the imminent outsourcing of all employees - this is what they call their "successful" transition of everyone below AVP to being contractors. They're getting rid of all of their staff. Does a great company do that? I for one have been a loyal, hardworking employee and have put up with a lot of ridiculous ego and dysfunction from upper management. The very people who are determining that my livelihood is secondary are trying to pass off their money making decision to outsource as a "great and long term career move" for us staff members. Really? A lower salary and higher health insurance premiums and much higher health insurance deductibles are a better way for us to live? Delusional much? I know I'm not alone when I say that as soon as that message gets passed officially onto the employees I am out LPL Financial. Goodbye.

Staffing levels inadequate to handle onslaught of new advisors. LPL upper management unwilling to hire needed bodies to compensate for this and are taxing current resources to the point of forced/volunteered exodus. Service Center new hire training reduced to bring new hires online sooner, thus creating a crop of uninformed, useless personel. Middle , management more concerned with calls answered in a timely manner than quality. LPL recruiters consistently oversell the product (LPL). Advisors come onboard with misguided expectations, requesting Service perform research they are other wise expected to perform and various other tasks suited for an assistant. The founding principals of this company are to provide advisors with the bare minimum as to comply with regulatory requirements and in return for basic services, the advisors are expected to perform the remaining duties themselves for greater commission retention. This being said, many advisors are sold on the idea that their Service Center representative will provide service above and beyond what they're paying for. The fault lies with recruiting, a corporate culture that undervalues their employees, and advisors willing to abuse the system without repercussion.