LPL Financial

  www.lpl.com
  www.lpl.com
There are newer employer reviews for LPL Financial

 

Good Company within independent advisor space. They are positioned to emerge into 2010 and beyond as clear leader

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Vice President in Boston, MA
Former Employee - Vice President in Boston, MA

I worked at LPL Financial

Pros

LPL is a growth company among their peer group. They have experience 3 times growth over the last 3 years and should continue to grow following the 2009 recession. LPL as a firm is positioned to grow their independent model and RIA model by focusing their efforts on the recruitment of this space in 2009 and beyond.

Cons

With the expansive growth over the last few years LPL has experienced the normal output from Mergers and Aquisitions. The rapid growth has required fast paced hiring practices in the 2007 and 2008 timeframes which has resulted in low employe tenure and training issues.

Advice to ManagementAdvice

Look for opportunities to promote from within for executive level positions.

Recommends
Approves of CEO

242 Other Employee Reviews for LPL Financial (View Most Recent)

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  1.  

    Good to have a job but it sucks........

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - LPL Service Center in San Diego, CA
    Current Employee - LPL Service Center in San Diego, CA

    I have been working at LPL Financial

    Pros

    You will have a job. If you are lazy and don't care about advancement then you will fit right in.

    Cons

    LPL is In the middle of a hiring and pay freeze. Talent is not rewarded. Recent reduction in workforce has caused more work for everyone. Communication is horrible among different departments. They cut just about every good benefit. No more education assistance, 401k matching, holiday parties, or lunches paid for by LPL.

    Also, they micro-manage the heck out of you and good ideas NEVER get implimented.

    Advice to ManagementAdvice

    Try to retain good people and let the poor ones go. Good people are worth twice what you are paying them while those who do a poor job are not worth the computer they use. Focus on what made us great vs trying to be like every other Broker/Dealer.

    Disapproves of CEO
  2.  

    If you want to make less then industry average and be perpetually promised promotions, LPL Financial is for you!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Mutual Fund Operations in San Diego, CA
    Current Employee - Mutual Fund Operations in San Diego, CA

    I have been working at LPL Financial

    Pros

    Before the recent Wall Street meltdown, LPL Financial was very generous to its employees. Besides many employee parties and the annual ball game tickets, bonuses and job titles were handed out very liberally. At that time, management was very willing to promote stand-out employees regularly every six months.

    The culture at that time was remarkable. The company had grown to over 3,000 employees in a relatively short period. Despite rapid ascension, the office still had the feel of a small office. While the company did keep a very tight dress code, (shirt, slacks and tie), the atmosphere was light and friendly.

    LPL Financial also made it clear that the advisors were the most important part of our business. Armed with a “commitment creed”, all employees were not supposed to do anything without first considering the impact that the action might have on our advisors. Due to this commitment, many resources were moved around from department to department. If you had some kind of expertise, you were probably going to be recognized by someone in the plethora of middle management.

    The dental and health benefits were fairly standard. I believe that the current health care provider is Aetna and the most recent dental is Delta. They used to have a nice deal where you could set aside tax free and matched money for special medical items like lasik. However, along with 401k matching and tuition reimbursement, these items were cut a few months ago.

    Cons

    While LPL Financial has been recognized for its commitment to its advisors, the same can not be said about its employees. Having spent time in almost all areas of the company, I can sincerely say that most of us working in the cubicle jungle are underpaid and under appreciated. Those who excel are often overworked given nothing but promises of promotions and bonuses.

    As the company grew, its ability to service its clients became overtaxed. The Business Technology Group, or BTS, is a poorly run IS department that often doesn’t meet the requirements on applications and products. Using a modified Waterfall method, those requesting work done can’t change basic requirements on their software projects. The call center is overtaxed and undermanned. It is not uncommon for an employee to spend additional two or three hours on the phones.

    As far as salaries are concerned, LPL Financial does not place a great deal of emphases on acquiring and keeping talent. Their model seems to prefer to bring in people at a discount and keep them with promises of promotion. Claiming to put there employees first, it was easy to be convinced with so many long time employees roaming the halls.

    In December, LPL told its employees that there would be some cut backs to their benefits but that everyone’s job was safe despite conditions. Then, after making the announcement of a 10% layoff, LPL brought in the firing squad. All of those long time employees that worked hard for titles and pay were laid off without much warning. While severance was ok, the employees were walked out all day under escort of men who looked like rejects from the FBI academy. So much for taking care of the employees.

    I’m fortunate to still have my job. However, I’ve already started looking elsewhere.

    Advice to ManagementAdvice

    First and foremost, before lying off most of middle management, please consider the risk involved. I have been working twelve hour days for weeks and everything is breaking. Escalations are running wild and nobody has any idea how to fix anything.

    Clearly, with all the Wall Street collapses, I would have thought that you would have spent a little more time figuring out ways to improve processes and efficiency instead of trying to protect your own @$$e$.

    Doesn't Recommend
    Disapproves of CEO
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