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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:03/06/2024

      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.
      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

      Date: 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

      Date:02/13/2024

      Type:Service or Repair 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.
      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

    • Initial Complaint

      Date:01/18/2024

      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.
      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

      Date:01/02/2024

      Type:Billing 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.
      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

      Date:11/16/2023

      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.
      ************************* has been stealing from the company also I tried to open a account with lpl and she treated me terrible

      Business Response

      Date: 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

      Date:09/26/2023

      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.
      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

      Date: 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 Answer

      Date: 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

      Date:08/24/2023

      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 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

      Date: 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

      Date:08/16/2023

      Type:Service or Repair Issues
      Status:
      Unanswered
      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 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

      Date:05/19/2023

      Type:Service or Repair 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.
      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

      Date:03/21/2023

      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.
      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 reason

      Business Response

      Date: 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.

    LPL Financial is NOT a BBB Accredited Business.

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