{ "media_type": "text", "post_content": "Why is LPL so difficult all the time?", "post_id": "5a032e5dabe2000017ec896d", "reply_count": 32, "vote_count": 9, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Why is LPL so difficult all the time?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

I think every place has its issues. Friends recently left LPL for buckingham’s RIA in St. Louis. Supposed to be so much better and is in some areas but way worse in others. Every transition I’ve been in has been equal parts disappointment and positive changes which are net neutral and a lot of headache. LPL was way better than last firm. However, certain business models might benefit more from one custodian/firm or another so hard to generalize. Outside of tech, I like LPL as custodian for our RIA business.

We just made Investment News today for bailing on LPL. 1.7B and 70 advisors on our crew said no way. After the executive team told us repeatedly during the NPH acquisition that they would honor our group’s decision if we decided to go a different direction, and once we announced that we decided on a different firm, the following day they put their recruiting team to work trying to rip guys out of the group. This confirmed our suspicions all along that they say one thing and do another. Best descriptors I can come up with are “self-serving corporate bullies.” Not exact what we were looking for from our BD partner. Adios LPL.

like
Recent IconRecent

And clientworks is sooooooo slow! At least for us it drags and we have to wait on every page for it to load up.

like

When LPL provides the wrong info, they need to own it. I️ don’t want a wimpy apology. And don’t send me back to a client for a signature. That’s a top 5 gripe.

like

Try working for them....

like

To many Ants on the Hill!!

like

Is that even worse?

like

It seems like they go out of their way occasionally to make simple processes extremely difficult.

like

Like the move to clientworks? That’s been going on for years now. They told me in 2010 it would be done within the next 6 months.

like

Agree on CW...making improvements but how can it be so slow in this day and age.

like

I do love how 5 years ago they were recruiting in CW and the whole time I was with them it never worked right.

like

I don’t think LPL is “bad”. I just think their tech is not the same as wire houses. Also I opened a RIA and use TD as my custodian which has far better tech. What I don’t get from TD I then went out and bought what i wanted. Far cheaper than paying LPL for tech.

like

☝🏼That’s the worst part

like

Am I the only one who likes LPL AND CW?

like

Classic over built over promised and under delivered

like

I have an acquaintance I know with LPL that I would like to bring to FSC. I get the feeling it should be an easy sell? Are they really bad?

IPI doesn't have any issues as aBD - they % each piece of processing and the errors are like 99% clean and done within a day or two. Mostly that day if before 1pm... They have awards for processing. Technology is superior - wholesalers say we are ahead of the curve, especially on DOL

Maybe tech as good as some other b/d’s and there are bright spots but not better than large Ria’s and custodians like td and Fidelity...in my opinion anyway

The resources are better @LPL, like the financial planning desk, and the pieces for marketing on the resource center. That doesn’t exist over at TD. But TD has a better platform — it’s just easier to process business. I don’t enter anything on the portal, just send in the paperwork.

Sickle is right about the planning desk. TD doesn’t have that. I just outsource the actual plans. I (or a CFP at my office dies the work on Right Capital) then we ship it to a printing place to have it prettied up. Lpl does all that for you.

Additional Posts

I read on Management Consulted that OW don't specifically recruit post-MBA. How accurate is that?

like

If you get a full time offer from the firm where you interned during your summer after your first year of MBA, will the offer pay for your second year of tuition?

like

Looking for input from indy/RIA, wirehouse, B/D, Bank, Insurance folks all in one spot. If you have $50M wrapped at 1% (let’s just assume for this purpose)... what does that equate to for total comp?

like

Been in MBB for about six month, I can’t seem to get use to the 65-70 hr work weeks 😣 even an easy day leaves me exhausted. Anyone else feel this way?

like

After flying coast to coast for a year, I got a mental breakdown yesterday and can't stop crying in my hotel room last night, I would like to get a new job with higher pay but visa limits my choices

like

As I sit here and lesson plan on my day off, I'm wondering how important planning is- especially for us veteran teachers. I mean, I sometimes spend hours on one and then throw it out or change it anyway.

like

For you that tip Ubers and expense it afterwards, how do you keep track? Always update a spreadsheet afterwards?

like

Friend wants to join consulting for the pay. I don’t believe she has the aptitude or energy for it. We worked together in a much slower industry, and even there she complained of being overworked. I’ve sent her resources to polish up her resume and links for roles but she’s insisting on texting/long phone calls asking silly questions. Today she wants a resume review over zoom! She comes without having done her homework. How do I tell her I’ve given as much as I can? How do I decline referring?

like

Should I stop depositing into my 401k?

like

How do you manage breakfast when they eat it in class? I feel like my classroom is such a mess before it is even 9 a.m.

like

Does loyalty to a particular firm matter or should one keep switching every 2-3 years to maximize ctc? Will ctc increase by the same amount if you stay long term in a firm? From a big 4 perspective, will loyalty and number of years at the firm matter to make partner?

like

With status and not even on the upgrade list for this 0530a flight. 😔

Post Photo
like

Accenture HR: When a prospective employer runs a background check, does HR tell them reason for leaving (quit, fired, etc.) or just dates of employment? Was fired in September and wondering if I am required to tell them (upon asking why there’s a gap) if I was fired or just that I decided to leave.

like

How has your WFH experience during the pandemic impacted (or not) your sense of loyalty / willingness to sacrifice for: - your team - your client - your firm

like

Does MBB have drug tests after extending offer (or any other point in time?)

like

Need advice. My sons have kids ATV things. More hard core than a power wheels but not true ATV (they go 8 mph I think). My kids were riding in our culdesac with husband watching. Husband and oldest came inside for a few minutes and in that time, neighbors tiny 4yo jumped on his and crashed on our driveway. Broke her arm. 😩 We would never have allowed her to ride and her parents NEVER supervise when she’s outside. Are we dicks for not offering to cover some/all of medical bills? I don’t feel

like

Just letting everyone know that the covid 19 trend is the "covid 20"...just like in freshman year in college...if you didnt put on 20 pounds...good for you but you're not in the cool group. Please refrain from shaming those that put on a few pounds here and there.

likefunny

So I have a rememdial algebra 1 class with 8 kids. I also have 1 hr and 20 mins with them. These kids have done the same subject 1-2 times. Any ideas, resources, or lessons that dont make the class feel repetitive to a prior year?

like
like

Product manager at tech company or stay in consulting? Salary the same right now. Curious about upside as a product manager, is earnings potential in executive role comparable to consulting partner?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal