ComplaintsforLPL Financial
Financial Services
HeadquartersMulti Location Business
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Complaint Details
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Initial Complaint
01/18/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
In early/mind December 2023 I made a request for a hardship withdrawal of my retirement account (since I have no been working for 2 full years due to economic and technology industry downturn).I was informed I would need to sell shares (normal procedure) - which i did, then print, fill out, and have a document notarized (none of which other financial institutions have required). I did all of these things and submitted the form. Days and weeks have gone by, I have had to reach out again and again -- no confirmation of receipt or ETA / status was given. I continued to reach out and ask for assistance. This transaction should not be difficult and is most urgent as my rent is past due and my other funds are depleted. I need this transaction ASAP and should not have to ask 4, 5, 6 times for written instructions on how to proceed or what the issue prohibiting the transaction.LPL Financial needs to have this resolved immediately. If this remains unresolved in 48 hours, I will be submitting complaints across *** gov, federal reserve board, CFPB and announcing this issue across all social media platforms -- pursuing all avenues to raise awareness of their problematic ********************** will also enlist legal support for the financial repercussions of this average request that should have taken no longer than 2-5 business days to complete and has taken over a month (costing me significantly more in interest, fees, fines).To reiterate: I need the ~$20,000 cash balance in the accounts transferred to my associated checking account ASAP/immediately.I very much appreciate your help in resolving this matter.-- ************Initial Complaint
01/02/2024
- Complaint Type:
- Billing Issues
- Status:
- Resolved
My mother *************************** has been trying to close out my late fathers LPL Financial account since his passing in May 2023. Prior to his passing, my father (*****************************) had been trying to close the account and was told that he could not. My mother has been shuffled around to different LPL representatives, each telling her a different form needs completion. My mother has faxed, emailed and mailed multiple forms, death certificate multiple times, left messages, sent emails and we cannot seem to get this account closed and the measly $1700 distributed to my widowed mother. I have personally emailed LPL myself and left voice mails to no response. We are now at 8 months trying to get this account closed and monies distributed. We need assistance, please.Initial Complaint
11/16/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
************************* has been stealing from the company also I tried to open a account with lpl and she treated me terribleBusiness response
11/29/2023
We sincerely apologize for your poor experience. We are continuing to research all aspects of your your claims as the person you named is not a Financial Advisor and does not open accounts. Should we need any additional information to conduct our research, we will contact to you.Initial Complaint
09/26/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
LPL Financial sold me a US Treasury Bill by telling me the proceeds would be free from federal taxes. Three months later my "investment advisor" called me and said she got it wrong and the investment would be free from state tax, not federal tax. She said she wanted to make it right, but when I told her that the net difference to me would be about $1400, she said that I would be hearing from their legal department. I've yet to be contacted nor have I been provided a phone number so I could call their legal department.Business response
10/11/2023
Dear *** or Madam,
I am writing in response to the above referenced complaint. On September 27, 2023, I sent ******************** a letter via Federal Express informing him that his recent complaint submitted to his investment advisor was referred to me for review, and that I was in the process of researching his claims. The letter included my contact information and encouraged ******************** to contact me if he had any additional information he would like to provide or had any questions regarding the review process.
******************** complaint concerns an alleged miscommunication about potential tax implications of an investment, and a request that he be reimbursed for unexpected taxes he will allegedly incur. I had the opportunity to speak with ******************** on the phone today, October 4, 2023, to listen to his concerns and get additional information for my review. As I informed ******************** today on the phone, I am still in the process of reviewing his complaint and all relevant facts. I hope to conclude my investigation soon and work with ******************** to reach a fair and amicable resolution. I will communicate directly with ******************** and provide him with any applicable updates and our position regarding his claims upon the conclusion of our investigation.
Please do not hesitate to contact me if you have any questions or need any additional information.
Thank you
****************************
VP, Assistant General Counsel | Legal Department
LPL Financial
Direct: **************Customer response
10/11/2023
The business did contact me as a result of my complaint, but has not committed to a resolution. I would prefer to keep my complaint open until its clear the business is acting in good faith.Initial Complaint
08/24/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am a retire Assistant Training Administrator.On August 22, 2023, I received a letter from LPL Financial, they writing to confirm a recent change to my account, because the security and accuracy of my account is very important to us. Specifically, we want to verify the following customer profile information for my account.Please take a moment to make sure this information is accurate, so that we can continue providing you with exceptional service.Financial Professional: ******************* Contact: ************ I DO NOT HAVE AN ACCOUNT WITH **********************. HOW DID THEY RECEIVED MY PERSONAL INFORMATION?Business response
09/01/2023
Written explanation was sent to customer via ***** on 9/1/23. Customer had shell account moved to LPL due to corporate merger.Initial Complaint
08/16/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Unanswered
My spouse and I met with *************************** at the ******* ************ in ************, ** on August 11, 2023. He misrepresented fees associated with his services, telling us that there would only be small fees to open one account. We did not learn about the fees until receiving the paperwork to open the account. We asked him to give us the $35,000 we had given him to invest back since we had not opened the account. We said that we had to open the account to get the money back. Then when pressed he said that a check could be mailed. I asked that the money be transferred promptly to our accounts. He said he would see what he could do. It is unethical and illegal for him not to be transparent with fees associated with our services. Moreover, he should not have processed our check without an account being opened. We never opened the account. He should be reviewed for unethical behavior. We ultimately want our money back.Initial Complaint
05/19/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
LPL has made it impossible to change our address and manage our mailing preferences. Our financial advisor is at another institution ********************** and changes need to go through him since LPL doesn't have an address change option on their site, nor do we have any way to reach someone directly at LPL though we have tried. The last time we moved, LPL changed our address then changed it back without warning or explanation. LPL has told our advisor at Alliant that we now need to resubmit all the paperwork we needed to open our accounts in the first place (passports, utility bills, "wet" signatures that need to be FedExed to ** across the border). This process takes months. While we live in ******, my spouse and I are both **** citizens by birth. Somehow they've now corrected part of the address on one of our accounts, but they left out the street number and address. Also, we've requested numerous times to go paperless, but they send us dozens of mailings each month to our old address where we haven't lived for months now. They claim they are bound by "regulations" and concerns for the "security" of our accounts, but they continue to mail sensitive information through the paper mail to an address where we haven't lived for months, opening ** up to identity theft.Initial Complaint
03/21/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
3/13/2023 Since early March - trying to transfer money out of LPL account They have held an account for me for over 10 years. Just want my account funds back - all securities were already sold.When trying to transfer money out, LPL is saying there is a restriction on the account Have been calling for the last 1.5 weeks trying to get the restriction removed. Every person I talk to - I receive a different answer / story I just want the restriction removed so I can get the money out of LPL account People on the phone say they are trying to help, but never get back to us as promised. Restriction remains and LPL is holding my money for no reasonBusiness response
03/29/2023
The customer's issue has been addressed. LPL notified the customer of the resolution on March 23, 2023 and the customer confirmed his awareness of the resolution.Initial Complaint
02/03/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Since May 2022, I have been attempting to close out my deceased parents' *** accounts. I have spoken to 6 different people and received 6 different messages about the documents that I need to do to close these two accounts. I have submitted documents on 3 separate occasions and my paperwork was just ignored. In December, I was told that everything was resolved and that I would receive my money in 5 days. I have not received that money yet. I recently called and was put in touch with 2 supervisors who have told me that my documents are outdated and wrong. I spent over two hours on Jan 27, 2023 filling out brand new packets-one for each parent- and going to get these forms notarized and scanned in order for resubmission. Yesterday, 2/2/23, I spoke to one of the supervisors, who despite going line by line with each form with this man, told me that I still had to make corrections and that more forms were still due and need to be notarized. So today, I need to leave work early so I can complete this paperwork and get it notarized so I can complete everything in a timely fashion so that forms do not become outdated yet again. I am not owed millions of dollars, only $6000, and yet they are not able to release this money to me. I do have court paperwork, which I have submitted more than once, that names me the Executrix of both estates. It is beyond anything that seems normal at this point.Business response
03/09/2023
Please see attachmentInitial Complaint
11/10/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
LPL Financial was her financial investment manager. My Mother-in-law started with over $1 million dollars, and ended up with NOTHING. Between an ignorant and inexperienced advisor/representative who partnered with the ***** of ******** instead of the actual client, and the atrocious abuse during litigation of their lawyers, the 83 year old woman wound up with nothing but a shattered shell of her former self. Because of COVID, it took almost 4 years to get a 'court' appearance and by that time she had come down with the onset of Altzeimers. LPL lawyers had her admitting to living in places she has never lived at, and doing things can be easily proven that she never did - all behind locked doors. If you thought the ***** of ******** was elder abuse, LPL far surpassed that. It was criminal. I have to select a rating number to be able to submit this, otherwise it would be negative numbers.Business response
11/23/2022
Dear BBB,
LPL Financial LLC (LPL) is attempting to investigate the above-referenced complaint from ***************************** who complained on behalf of his mother-in-law. The complaint, however, did not name Mr. ******* mother-in-law or her LPL financial representative. Accordingly, we have been unable to review and evaluate this matter. LPL has reached out to **************** to get more information and will update you once we have completed our review.
***********************
LPL Financial LLC
Vice President and Associate Counsel | Compliance, Legal & RiskEarly Dispute Resolution Group
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Customer Complaints Summary
57 total complaints in the last 3 years.
24 complaints closed in the last 12 months.