Complaints

This profile includes complaints for LPL Financial's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  LPL Financial

  4707 Executive Dr San Diego, CA 92121-3091

• 

  LPL Financial

  1055 Lpl Way Fort Mill, SC 29715-8101

• 

  LPL Financial

  477 Main St East Sandwich, MA 02537

• 

  LPL Financial

  711 Capitol Way S Ste 204 Olympia, WA 98501-1267

• 

  LPL Financial Services

  1550 American Blvd E Minneapolis, MN 55425

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:05/21/2025

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have an *** account with ********************** (via their multiple partners ********, Wilmington Advisors, and Trade Direct). The interface is called Account View. The positions screen shows updates of all the holdings. About 2 weeks ago the positions tab on the account view screen stopped presenting the bottom row that displayed the totals of all the columns. I no longer have access to see the totals of all the columns. After contacting them several times I was offered no explanation why the bottom row of totals magically disappeared. Tech support told me the row never existed which is beyond insane. Somebody guessed it was due to software updates, but deleting the important row of totals would be absurd. The customer service person contact was ***** ***** and she deserves a gold medal for her ******* effort pursuing the other departments whom unfortunately failed me. As a customer / consumer is the ******************** enabled to assist? If not, I will need to exit LPL Financial for another brokerage company.

  Business Response

  Date: 06/16/2025

  While we have been working internally to identify the issue on the clients online account, the client contacted *** this morning to advise he was able to find the information he was looking for and did not need anything additional.

  Customer Answer

  Date: 06/16/2025

  
  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

  Date:03/31/2025

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am the executor of a dead relatives estate. My relative had a financial advisor associated with LPL. This advisor informed me of only 1 account belonging to my relative and omitted 2 others with holdings amounting to near $20,000. I had to discover both accounts on my own. 1 of the 2 accounts I discovered is an *** held by LPL Financial. This advisor informed me he could not help me access the funds (held by his own company) due to his license being in ******** while I am a ********** resident. He then proceeded to direct me to the client services line. My first phone call to the client services line was on 2/5/2025. They required a Death Certificate and Letters of Administration. These needed to be sent via email with a pdf attachment style. I called every day for 10 business days to get these files uploaded. I submitted the files 8 different times. I was then informed that I needed to create an account. I was given no instructions on how to do this. I had to call back 3 more times over the next 3 business days to get instructions. I submitted the account and it was created 3 days later. When I called, I was informed I created the wrong account type for what I needed. I then began the process of creating the correct account type. That was 15 business days ago and 2 account submissions ago. The first was rejected after taking 9 business days without any information until informing me that the application was missing 2 pages. It has now been 5 business days since, and there are no notes on the account creation status. I am being told the only steps forward are to resubmit and wait another 3-5 business days. I still need to transfer the money from my relatives account to the new account after the account is created. This means after nearly 2 months I am still not even 1/2 way done. I have also been told I cannot have a direct number to call anyone at the company. My case number is CAS-*******-B8Z3J9

  Business Response

  Date: 04/08/2025

  Hello Mr. ************************************* is in receipt of correspondence dated March 31, 2025 regarding Complaint ID: ********. Please be advised that this matter is currently under review with LPL, and we will respond to the complainant directly. 

  Thank you,

  LPL Financial 

• Initial Complaint

  Date:03/13/2025

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had requested to liquidate my account and have all money returned to me on February 11. I waited 7-10 business days for the check to come in the mail as instructed. Upon calling to investigate I was informed that they required a form to repaper my account. I had submitted the form and was told to wait 3 business days. After 5 I called to inquire once again. At which point I was informed my form was denied. I promptly resubmitted. Today March 13 I called again to inquire and was informed of the need of a separate form not previously mentioned. Not only has this account produced underwhelming results. *** is seemingly holding my money hostage and falling well short on communication.

  Business Response

  Date: 03/26/2025

  Thank you for sharing your concerns.  We see that you were able to liquidate your account and a check was issued to you on 3/14/25.  LPL will be responding to you directly with an explanation as to why your account paperwork was previously not in good order, which made LPL unable to process your request until the issue was corrected earlier this month. 

• Initial Complaint

  Date:03/11/2025

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My mother passed away in August of 2024.They have made a series of mistakes when transferring her accounts to a beneficiary account (myself) and I'm unable to get them to respond after endless emails. Please help me resolve this!

  Business Response

  Date: 03/11/2025

  We regret to learn of your concerns and appreciate your feedback.  We will review this matter and respond directly to the complainant. 

  Customer Answer

  Date: 03/11/2025

  The business has been given AMPLE time to respond.  The canned response from the below is unacceptable...They DO NOT respond, hence the reason for the complaint in the first place.  I would like an actionable response (e.g. Date & time they will respond).

   

   

  MESSAGE FROM BUSINESS:
  
  We regret to learn of your concerns and appreciate your feedback.  We will review this matter and respond directly to the complainant. 

• Initial Complaint

  Date:03/04/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am writing to complain about the totally unacceptable service my family and I have received from ***** ******* with LPL Financial. through the *************************,Here are some real examples of his failure to do quality work. He promised to call my family members who are inheriting the trust, but then that took days, rather than hours. He left people waiting for calls. At one point he told me my cousins account was complete when he hadnt even spoken to my cousin, much less sent him any paperwork to sign. How does one forget that they havent spoken to someone? The most aggravating part was with my brothers account. There are complications because he lives in ********, not serviced by ***. My brother filled out his paperwork and turned it in within hours on a Friday, the day he received it. My brother was quickly notified that the paperwork was incorrect, so he did it again and once again resubmitted it. Over a week later, Mr. ******** called to explain there was still a problem with my brothers account. When I asked him why it took so long, he mumbled something about how they didnt even have to call and tell us. What kind of response is that? We are a customer; this is about customer service. My brother sent his paperwork, again, in a different way and sent it directly to LPL. Today my brother got a call saying the form had been filled out incorrectly. As my brother stated to me, Mr. ******* filled out the form, not my brother. I want to point out that my brother has an MBA and spent over three decades working in banking and finance and as a senior leader in some national banks major banks.I also want to point out that in the last few days, the stock market has gone down and we are losing thousands of dollars. We are most unhappy and angry.

  Business Response

  Date: 03/11/2025

  A response has been mailed to the customer on March 11, 2025.

  Customer Answer

  Date: 03/13/2025

  I now understand that ***** ******* is really not an LPL employee.  Part of the issues are with poor ******************* Examples of problems. I was told my brothers account was created and I needed to call and get his account number. I call and they tell me they will not tell me, they can only tell the account holder - my brother. My brother then calls. They tell him they can only tell the trustee - me. They also say they need the death certificate. They already have that. My brother and I call together. After lots and lots of dialog and a game of twenty questions they finally tell him. But wait, the account isnt done. There is missing paperwork. We state we were told it was all done. Goes round and round. Finally she gets a colleague on the line and transfers us to him. He states the account is good to go, not missing anything. He cant explain why his colleague said there was a problem.
  Thats just one example. Poor communication, miscommunication, uncooperation. It has taken months to take one action of creating accounts for the four inheritors. *** does not keep ***** ******* in the loop resulting in hours on the phone with them.

  I contrast that with Vanguard who was prepared to transfer the money to my cousins account with just a little information submitted and a copy of the death certificate.

• Initial Complaint

  Date:03/03/2025

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was beneficiary of my sisters estate payment was made and tax deducted. Due to family reasons am now staying in the **************. I informed the Rep ** email twice by email BUT GOT NO RESPONSE. he was then contacted by **************** customer service *** who was assured that the 1099 would be sent to me electronically by email . I still haven't received this as required by law either electronically or via mail which is checked by a relative still in the states. have emailed multiple times the *** and the area director and still have had no response. This is the last attempt to get a response before contacting the **** Tax date is rapidly approaching and i will not carry the can for the failures of this awful company.

  Business Response

  Date: 03/05/2025

  Good morning,

  LPLs **************** reviewed the attached consumer complaint and we have determined that Mr. ****** is not a customer of **********************. We believe this was sent to *** in error. We have forwarded the complaint to *****************************/Mountain America Investment Services for their review and response.

   

  Please let us know if you have any questions.

   

  Thank you,

   

  Emma

   

  **** *********

  Paralegal | Early Dispute Resolution

  Legal & Government Relations

  LPL Financial

   

  Pronouns: She/her/hers

  Direct:  ************

  Email: **************************************************************************************************************************************************************

• Initial Complaint

  Date:02/27/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Statement date 02/07/2025 Form 1099 Div. Form states Proceeds $51,752.93. Actual receipt of $47,119.51. I have discussed this with 2 LPL agents. Both claim that ************************************************************* accounting. They said that my tax accountant will have to contact ***. I only want this form corrected or a check for $4633.52 to bring the proceeds to the amount as stated.

  Business Response

  Date: 03/26/2025

  Thank you for sharing your concerns.  LPL has reviewed your 1099 and the amount is correct as listed.  We are sending an explanation letter directly to you with a transaction timeline.  You were credited the cash balance of the account when it closed, which was $47,119.51. You are not taking into account, however, that there were several debit transactions that occurred throughout 2024, which reduced the cash balance at closure as compared to the proceeds from all sales in 2024 (which represent the figure in the 1099). 

  Customer Answer

  Date: 03/27/2025

   LPL       thank you for the the response.  You stated that "several debit transaction that occurred throughout 2024".  No funds were received prior to the payout of $47,119.51.  Therefore, $4633.42 is missing as no funds of the several debit transactions were forwarded.  So, where did the debit transactions go?  Telephone conversation would be helpful (if permitted) , number ************

• Initial Complaint

  Date:02/17/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Over the past year, I have tried to cancel my retirement account #*********. The majority of the funds were moved to a non-PL Financial account.There was over $70.00 lect now a negative $47.83). I wrote letters and returned statements, all asking me to cancel my account.I want a refund of $75.00 and confirmation that the account has been closed.

  Business Response

  Date: 02/24/2025

  Thank you for sharing your concerns.  *** has prepared a written response and is sending that to you today.  Please feel free to follow-up with the response team if you continue to have any questions or concerns. 
  

• Initial Complaint

  Date:01/28/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Apparently my family is another victim of the beneficiary scam this company perpetrates. Like the other complaints here, my family member passed away, I filled out the forms as requested as I am the beneficiary. Days go by, no response. I inquire. Forms are supposedly not received, resubmitted, now they are wrong despite getting directions from the *** representative. Resubmit forms, No response. On and On. I have filed a complaint with the *** and my State Securities Commissioner. I suspect I will never get my estate settlement. This company is a scam.

  Business Response

  Date: 02/10/2025

  We regret to learn of your concerns.  LPL will be responding to you directly. 

• Initial Complaint

  Date:01/06/2025

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 11/15/2024 my financial partner (InvestWise Financial) requested a withdrawal from one of my accounts on file with LPL (Account number - *********. The paperwork was submitted by my financial company and they (InvestWise) inadvertently put in a checking account number which did not belong to me (the last digit was off by one). InvestWise has been trying, for close to 8 weeks, to get those funds returned to my *** account. *** keeps responding that the funds will be there, "in 24 hours, next week, etc." To date the funds have not been received. This error is going to throw off my 1099-R showing an additional $3,583.09 which was not received along with State and Federal withholdings. This will also impact my healthcare payments via Marketplace when completing my 2024 Federal and State taxes.

  Business Response

  Date: 01/06/2025

  Thank you for sharing your concerns related to this issue.  LPL will be responding to you directly regarding this issue. 

  Customer Answer

  Date: 01/06/2025

  Until they contact me (or you) and the funds are deposited back into my account I would like this complaint to stay open. 

  Business Response

  Date: 01/29/2025

  Please be advised that LPL Financial s **************** has received the above referenced complaint submitted by Ms. ****** *****. We have sent Ms. ***** an acknowledgement letter providing her with our contact information. We are currently in the process of determining what occurred with respect to Ms. ***** account and plan to follow-up with a substantive response as soon as we conclude our investigation. We will also notify the Better Business Bureau of the outcome of our investigation and resolution.

  Customer Answer

  Date: 01/29/2025

  1/29/25
  
  As of this date the issue has not been resolved.  The initial complaint was from the date of 11/2025. 

  
  I received a letter from LPL dated 1/10/25 stating they were looking into it.  On this letter there were 2 contact names in their legal department stating they are working on it.

  
  On 1/21/25 I called and left a message with a Mr. ***** ********** (A.V.P. Associate Counsel) to obtain a status and also notify them that the 1099R associated with the account in question was incorrect (because it included the funds that I never received) and needed to be reissued.  To date I have not received a return call or any further correspondence from LPL.

  
  I would like this claim to remain open until the funds are returned to my account and I receive a corrected 1099R.
  ****** *****