LPL Financial Reviews

Updated July 1, 2015
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3.1
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Recommend to a friend
Approve of CEO
LPL Financial Chairman & CEO Mark S. Casady
Mark S. Casady
138 Ratings

Pros
  • I also notice that if there are ever times when I need the flexibility to work from home for work-life balance reasons, it's never an issue (in 6 reviews)

  • 25 Cent sodas (for those who drink it) (in 5 reviews)

Cons
  • lack of communication between home office and brokers (in 6 reviews)

  • Home office support needs more training (in 8 reviews)

More Pros and Cons

275 Employee Reviews

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  1. Administrative Assistant

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at LPL Financial part-time

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Largest company with independent advisors. Worked for several advisors as an Administrative Assistant, great guys to work for, easy online platform to use with great support customer service team.

    Cons

    Because they are independent advisors, you don't work directly for the LPL Company so job security is not there, especially since independent advisors can change their brokerage firm or close their shop at will.


  2. Interview for Data architect

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - North Carolina in Charlotte, NC
    Current Employee - North Carolina in Charlotte, NC

    I have been working at LPL Financial

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    The process was really quick.First phone screening round followed by couple of interviews.Got the offer letter on the same day itself

    Cons

    Nothing specific. Everything was cool.

    Advice to Management

    The team that interviewed me was too good.So I didnt know abt others


  3. Helpful (2)

    Refreshing, Not Perfect

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Marketing Consultant in San Diego, CA
    Current Employee - Senior Marketing Consultant in San Diego, CA

    I have been working at LPL Financial full-time (More than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    I get to work with a dynamic group of people at a financial services company that really truly cares about their clients more than just profits. Seems to be a rarity for a firm this large. Smart leadership and some inspiring stories.

    Cons

    The amount of money I see spent on pointless things vs the amount of money spent improving pay, benefits or hiring more people is disappointing.

    Advice to Management

    Focus on work life balance and mean it, don't just preach it. Reward employees for jobs well done.


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Completely depends on your firm

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Philadelphia, PA
    Current Employee - Financial Advisor in Philadelphia, PA

    I have been working at LPL Financial

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    Can have a very hands off boss and be very independent

    Cons

    Budget is limited and support staff could be much better

    Advice to Management

    Invest


  6. Great place to start

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at LPL Financial

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Culture, learn skills, experience, PTO

    Cons

    Salary, promotions. The pay was lower than other companies.

    Advice to Management

    Pay attention to employees wanting to move up


  7. Operations Specialist

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at LPL Financial

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Ok work atmosphere and culture

    Cons

    Not so great health benefits


  8. Helpful (4)

    Disappointed

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Former Employee in San Diego, CA
    Former Employee - Former Employee in San Diego, CA

    I worked at LPL Financial (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    location is about the only pro-company events are ok.

    Cons

    very disappointing experience, expected more from this company. Very dis-organized many employees leaving and many being released. Not sure what is going on.


  9. Helpful (3)

    Stock Brokers Should Avoid ~ Chaos in Compliance and Executive Management Is a Joke

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Series 24/Series 7 Stock Broker
    Current Employee - Series 24/Series 7 Stock Broker

    I have been working at LPL Financial full-time (More than 10 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    The CEO has not gone to jail for misleading customers ~ yet.

    Cons

    1. Outdated computer systems and they cannot calculate accurate cost basis on portfolio reports so they have removed that and have no plans for several years to include it again. You read that right, brokers are supposed to trade and sell to customers using reports with no cost basis on them. And we pay extra for these reports.
    2. Compliance lies, they tell you that you can have a certain office and do things and then a month later you cannot. Even having Compliance directors on a call to sort out a solution does not mean they will honor that solution six months later. Compllance also requires many forms and procedures where there are no regulations requiring them and there's zero legal liability value to having them as well. Compliance has also given me grossly inaccurate advice ~ "Of course a 529 Account is a college account, it has an IRS code number on it." Really you can't make that up.
    3. Their portfolio reports make up return numbers and give bad data because they've outsourced their IT to 1099s in India. I find major illegal errors at least 3X per year in their overall calculation matrices ~ not on just one report, where their IT department has coded calculations incorrectly and even giving illegal data on reports ~ because no one in Compliance is overseeing what goes on client-releasable portfolio reports. This is true for more than 10 years now.
    4. They forgot to pay their entire sales force in January 2015, paychecks went out late.
    5. The internal computer systems are so badly designed you cannot find anything, not even basic forms to do business.
    6. There's no accountability in back office operations and people there are so poorly paid, with such high turnover, that no one cares about the clients. Customers leave out of frustration with the back office not with the broker.

    Advice to Management

    To LPL's Board of Directors: Fire the entire C-Suite and bring in a turn around team from a major NY broker/dealer because this is a very poorly managed brokerage firm. Fire your Compliance Department for IT because they're useless. Hire an outside provider for all internal computer systems because LPL's are worthless. Or better yet ~ just sell the company to someone else, you have too many systemic failures in place.


  10. Financial Advisor

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at LPL Financial full-time

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    make your own schedule and have complete investment freedom

    Cons

    too much paperwork and suitability

    Advice to Management

    make it easier for FA's to do their job


  11. Helpful (2)

    It all just cancels each other out.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at LPL Financial full-time

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Great benefits once you become a full time. 401k, Health, Dental, etc. The office space is probably the best I've been in. Rising desk for each employee, newly built building.

    Cons

    Management sucks here. People who get promoted are promoted because they're friends with management. People rarely get promoted for the good work they do.

    Advice to Management

    Lower Management - Pay attention to your employees' needs more. Upper Management - stop using our bonus pool to pay for your golf or lunch "meetings.



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