ComplaintsforLPL Financial
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Complaint Details
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Initial Complaint
10/03/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
This has been going on since December 2023. My aunt passed away and my mother was her beneficiary. We tried to work with the financial advisor and LPL to get the paperwork to change to my moms name to cash in . They did not respond. In the meantime, my mom passed away. I am now trying to get this Cashed in for my moms beneficiary who is my dad. I have submitted all of the forms. They have told me numerous times that the check will be issued. It is not. They do not call me back. They do not email me back. They do not call my dad. when I call and talk with them, I am on hold for easily an hour to two hours a day. they have given me three different account numbers. And each time that I call in, I cant talk to the original person that helped me. Ive got to do all the explanations all over again. And whomever I am talking with tells me they have received nothing. I can give the account numbers if you desire.Business response
10/04/2024
Thank you for your feedback and we regret to learn of your concerns. We are reviewing this issue and will respond promptly with information for getting this issue resolved.Initial Complaint
09/04/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I am listed as a beneficiary on my deceased sisters *********************** with **********************. I have been attempting to have the funds transferred into my account with this company. The following is a list of communication and actions as proof of my attempts.7/22/24 Faxed CM107 Form to Company per request. Told me funds would transfer in 5 days.7/25/24 Estate Team member state everything was in order and funds would transfer in 2 days,8/5/24 ************** again I was told Executor needed to sign CM107.8/6/24 Executor sent paperwork and it was verified by *** on 8/7/24 8/21/24 Called and left message for a return call 8/22/24 Spoke to *** again and was told Executor signature was required. (Which was already received on 8/7/24) Told me $ would transfer in 5 days 9/4/24 There is still no money in my account!I have done everything required by this company. All 4 of my siblings received their part of the beneficiary account without any problem. I do not understand why I have so much trouble transferring mine, Thank you for your assistance in this matter.Business response
09/10/2024
Thank you for your patience while LPL reviewed this matter. LPL is continuing to review this matter with the Independent Administrator to assist the complainant with proper distribution instructions. We will continue to assist until the issue is resolved. LPL has sent a letter dated 9/10/24 to the complainant and the Independent Administrator with further information.Initial Complaint
07/31/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
LPL Financial will not transfer the funds from a *** to the designated beneficiary as noted on the *** information - We were told to obtain a form from Probate - this is NOT a probate issue - Probate court says this is not required on a *** - we have funeral expenses that need to be paid -Business response
08/19/2024
Hello **************,
LPL Financial is in receipt of correspondence dated January 31, 2024 regarding the above-referenced complaint. Please be advised that this matter is currently under review with LPL we will endeavor to have completed our review within 30 days in order to respond accordingly.
Please note that if the complainant is the **** and the customer is deceased, that POA is invalid.Initial Complaint
07/11/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
My father has an IRA ******* at LPL. He died on June 11. I am the co-executor of the ******* and one of three beneficiaries on it. LPL says I have failed verification by answering the *********** generated question: "Which of the following first names have you ever gone by? ***********, ********, ****, or none." I answered, none because that is the truth. They have asked me the same question four times and I have answered the same way four times. As a result, they refuse to start the beneficiary process. They will not ask me a second verification question. They will not accept any other form of verification. They have failed to offer a solution for solving this problem. They are holding my inheritance hostage.Business response
07/19/2024
****************,
This will confirm that, pursuant to LPL Financial LLC (LPL) policies and procedures, your Better Business Bureau complaint of July 11, 2024 was forwarded to LPLs Early ************************* which reviews all statements of customer dissatisfaction such as this. I understand that an LPL representative contacted you on July 16, 2024, and again on July 18th, 2024, to review this matter with you, and to provide you with the information sought. I further understand that your concerns are being addressed directly with you as you requested in your July 11, 2024, Complaint. Thank you for your communication.
Respectfully,
***********************
Assistant Vice ********** ********* CounselInitial Complaint
05/01/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I have contacted LPL to access money inherited from my late parent. I was given contradictory information from two different representatives about the process. I submitted the forms the representative, *****************, asked me to. I have not received any information from LPL about the status of the transactions (the initial transaction was anticipated to take 5 days) and a follow up email from to ****************** did not receive a response. I have subsequently written to an individual I believe to supervise ***************** (*********************) in an effort to obtain information and, ultimately the funds.Initial Complaint
03/12/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
My father, a retired priest in his 80s apparently invested money with *********************** with LPL Financial. she put him in a real estate investment trust that was completely illiquid and could not be liquidated or sold. It also paid her what I understand to be very high fees. She had not been in touch with him for some years about his investments or how she was directing them, although she was continuing to collect very high fees for managing his investments. Once he passed away, LPL made it extremely difficult to liquidate the cash funds, requiring us to navigate a red-tape maze and then disregarding my explicit instructions about liquidating the funds and sending them to me for distribution. They instead opened three new accounts for us, trying to get us to continue investing with LPL Financial. When we refused, they finally sent us the funds. This process took months and months.The **** fund was still in place, and we tried for more months to get them to liquidate that. They resisted all our efforts, and I finally took a break from the full-time job that was LPL Financial. I continued to receive statements on the **** account. In September of 2023, we again tried to get them to liquidate the **** account. They resisted again, claiming that it was a lost account in their system. They could not explain how they had all the estate documents and continued to send me regular statements but had lost the account.It is now March of 2023. They still have not liquidated the **** despite our having filled out all the forms over and over again. The **** apparently has a quarterly redemption cycle, and we have missed 3 redemption cycles due to their internal paperwork requirements. The **** has lost nearly $10,000 in value in that time. They cannot explain why they are incapable of smoothly navigating their own internal processes and sending in the redemption request in a timely manner.Initial Complaint
03/09/2024
- Complaint Type:
- Product Issues
- Status:
- Resolved
I inherited an account from my father when he passed away in dec of 2022. I have been trying to liquidate this account # ******** since march of 2023. I was first told it could not be liquidated til Dec of 2023. Dec came and i again requested the liquidation and was told because of a merger the account could not be liquidated. I was then told the merger was completed at the end of jan 2024 and i again tried to liquidate. I was told no and they do not know when. The last email i sent now says sometime in april but still no date. I have been getting the runaround for way too long. This money belongs to me and I should be able to get it. Please help get my money. Thank you.Business response
07/30/2024
Hello,
This response is in reference to Complaint #******** this is to confirm *************************** was able to liquidate his account in the matter attached and closed his account ending 1381 on May 16, 2024. That was the resolution he was seeking in this matter.
Apologies for the delay in this response. Please advise if anything further is needed.
Regards,
**********************
Pronouns: she,her,hers
Assistant Vice ********** ********* Counsel | Early Dispute Resolution
LPL Financial
************
*******************************Customer response
07/30/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
***************************
Initial Complaint
03/07/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I have several documents from LPL in regards to an account that was held by LPL. Every time I call no one is able to assist me. I have even emailed the documents as I was told and I still have not received a response. This has been going on for many years. As of July 24, 2018 the account was valued at &*******. The last time I contacted them was about 6 months ago and I was told the account was sold off. Thats impossible seeing I have correspondence in 2018. A lawsuit was filed federally against LPBusiness response
03/13/2024
LPL is assisting Mr. ******* in locating assets that our records show were held in custody at an outside account (non-LPL account) at Franklin ********** Our records indicate (through linked LPL accounts) that the account was opened, and the funds have been held in an outside account at another institution (Franklin ********** for more than a decade. We have communicated to the client that the data feed we receive from the outside account at Franklin ********* to the client's linked account at LPL shows a balance of 0.00; however, we will continue to assist the client in finding the whereabouts of the funds that were held in an outside account at Franklin ********** When contacting the outside account custodian (******** **********, they said LPL is not the Broker of Record and that they can only provide additional information on the account with the account holder on the phone. LPL offered, and the account holder agreed to call the outside custodian (******** ********** and merge LPL into the call so that LPL can further inquire about the whereabouts of the client's funds.Initial Complaint
03/06/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
I invested money with LPL Financial. I told the agent I needed to take the money out within 2 years because of putting an addition on my Home. He gave me 2 options, stockmarket or fixed. I chose stock market. The agent retired shortly after. When I received my first year statement, he put my money in a 6 yr annuity. Never did he ever mention annuity or 6 yrs when explaining to me and the papers I signed at the time did not have annuuity or 6 yr on them. I had to pull my money out at 2 yrs and had to pay fees and penalties because he lied to me. I tried calling new agent but have yet to get a call back. No one else seemed to care when I talked to them. I am a 64 yr old single woman on disability.Business response
03/12/2024
Good Afternoon,
The product was sold while the representative was employed and registered at CUNA. Therefore, have forwarded your complaint to CUNA for review and response. CUNA generally responds within 14 business days to all complaints. Please feel free to call me at ************ with any questions or concerns.
Best Regards,
Initial Complaint
02/13/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
My sister passed away Sept 2023 and I am the executor of the estate of ***************************** I have been trying to liquidate the account my sister has with lpl financial. My probate lawyer sent in the f1bn and the cm204 formsby email Jan 2024 icalled lol the end of jan2024 they said they did not receive them.***** my lawyer she said she sent them in.so she faxed them the forms in Feb 6 2024 I called them again Feb 12 2024 they told me again they did not receive the forms. ***** my probate lawyer she said that's not possible so she sent inthe forms again Feb 12 2024 again I am so frustrated with lpl trying to resolve this matter. It seems these forms diapered into the twilight zone I'm not getting anywhere singed ***************************** Feb 13 2024
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Customer Complaints Summary
55 total complaints in the last 3 years.
22 complaints closed in the last 12 months.