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Business Profile

Financial Services

LPL Financial

Headquarters

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Financial Services.

Complaints

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

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    Customer Complaints Summary

    • 62 total complaints in the last 3 years.
    • 27 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    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.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:01/03/2025

      Type:Product Issues
      Status:
      Answered
      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.
      Our mother passed away December 29, 2024. In September our attorney and myself (PR) began contacting and completing forms as required by ***. Every time we call we are unable to speak to the same person as they are unavailable or out of the office. We have never received a return call as requested. Each time I do speak to a representative of *** I am told there is something missing on a form I submitted. When I completed the original paperwork I spoke to a representative of *** who helped me complete the paperwork. However, as directed I resubmitted the paperwork with whatever info was missing. Time and time again I was told they received the paperwork and everything looked in order. I called today and was told that they do not have the form with the new account number on it which I DID send. Myself along with our attorney are so very frustrated with this institution. I would not advise to do business with them as you will be wasting precious time that you could be spending with family grieving the loss of a loved one trying to collect the funds owed to the heirs.

      Business Response

      Date: 01/10/2025

      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:12/30/2024

      Type:Billing Issues
      Status:
      Answered
      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.
      This company imposes unreasonable financial fees and beneficiary ************ mother had an account with this company and upon her death I was forced to file an account creation form with them. Only after that account was created was I permitted to file an account transfer form.I have no desire to continue business with this company after I have experienced $60 fees to execute a simple stock transaction, and now I'm being charged $150 just to transfer the account to a new broker.I have never been charged a transfer fee before. This company is highly predatory, and the fact they hold my money hostage seems to be illegal.

      Business Response

      Date: 12/30/2024

      Thank you for providing this feedback.  *** will review this matter and respond to you directly. 

    • Initial Complaint

      Date:10/03/2024

      Type:Customer Service Issues
      Status:
      Resolved
      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.
      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

      Date: 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

      Date:09/04/2024

      Type:Product Issues
      Status:
      Answered
      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 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

      Date: 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

      Date:07/31/2024

      Type:Order Issues
      Status:
      Answered
      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.
      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

      Date: 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

      Date:07/11/2024

      Type:Customer Service Issues
      Status:
      Answered
      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 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

      Date: 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 ********** ********* Counsel

    • Initial Complaint

      Date:05/01/2024

      Type:Product Issues
      Status:
      Answered
      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 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

      Date:03/12/2024

      Type:Service or Repair Issues
      Status:
      Answered
      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 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

      Date:03/09/2024

      Type:Product Issues
      Status:
      Resolved
      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 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

      Date: 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 Answer

      Date: 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

      Date:03/07/2024

      Type:Billing Issues
      Status:
      Answered
      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 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 LP

      Business Response

      Date: 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. 

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