LPL Financial Reviews

Updated October 18, 2014
Updated October 18, 2014
227 Reviews
3.0
227 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
LPL Financial Chairman & CEO Mark S. Casady
Mark S. Casady
113 Ratings

Review Highlights

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

  • It is a great place to learn the business depending on your desire and direct manager (in 5 reviews)


Cons
  • There is a lack of communication within the management team and across various groups which leads to delayed decisions (in 6 reviews)

  • Overall support from home office, technology, balance with the rest of your life (in 8 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Awful

    Former Employee - Anonymous Employee in San Diego, CA
    Former Employee - Anonymous Employee in San Diego, CA

    I worked at LPL Financial as a contractor

    Pros

    The facility is nice. the kitchens on each floor are cleaned several times a day. There is a putting green, basketball, a full gym, even a bocce ball court. The cafe is quite nice too.

    Cons

    They have way too much turnover and no one is doing their jobs. In my Dept, IA, over 90% of the staff was either a contractor or had been there less than a year. They are so worried about credentials they think are so important, CPA, CIA, CFP, big 4 etc. that sound nice, but they hire on them and forget to make sure they have people who can do the job. They had one very young person running a group who had very good people (all contractors) under him. He did nothing but change things and not tell anyone, lie and create problems. Since contractors are so easy to dismiss, he would fire someone who simply asked in a meeting to clarify what he wanted, began to write it down and scared him to death because there was now a record of what he said and he would be held to it. Management knew things like this were happening, but allowed him to fire contractors while admitting they knew it was wrong. It is a horrible place to work.

    Advice to ManagementAdvice

    Get people who know how to do the job and let them do it. Stop being in so many meetings and do your job. Anyone VP or above needs to be very effective and no just say they know there are problems and they are working on them. it would be so easy to clear up the problems, but you will not hire people who know how to do the job them let them do it. Stop hiring by certifications and credentials. It is not working.

    Doesn't Recommend
    No opinion of CEO
  2. 2 people found this helpful  

    Not where you want to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Research Associate in Boston, MA
    Former Employee - Research Associate in Boston, MA

    I worked at LPL Financial full-time (more than an year)

    Pros

    Good technology in ways, albeit 20% of client tax reporting has historically been incorrect. How do they possibly screw that up so badly?
    Concept of rotation ETF model trading is nice conceptually, but generally with fumbled mediocre results.
    I worked there only until I could find a better job.

    Cons

    Company acts all altruistic and evangelical, espousing unbiasedness and empowerment to their underlying advisors, but then they fee their advisors to death and take retrocessions from approved manager solutions. Is this really unbiased? Way too much emphasis on illiquid assets with high initial commission payouts (think BDCs and non-traded REITs). They generally have no vision that a bear market is even possible. Employees are not paid well by Wall Street standards, so LPL gets a dumber general level of average employee (most of whom think that they are smarter than they really are -- a dangerous situation). This firm is likely to blow clients up in a time of market stress.

    Advice to ManagementAdvice

    Business model as it currently stands will not survive another 2008 style environment. More honorable & competitive firms are pecking at LPL's door. LPL needs to adopt a more risk-conscious investment attitude and attract more sophisticated employees by paying their people better. The firm is myopic in its persistent bullish market calls. Just go back and look at their calls at 2007 market peak. LPL's chief strategist was like the Pied Piper then leading retail investors to their slaughter.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  3. 1 person found this helpful  

    Clueless Leadership

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Assistant Vice President, Architecture in Charlotte, NC
    Current Employee - Assistant Vice President, Architecture in Charlotte, NC

    I have been working at LPL Financial full-time (more than an year)

    Pros

    Great for lazy people who know how to keep their manager happy!

    Cons

    I have been working here for about year and a half - this is one of the most volatile companies I have come across. Higher management is clueless about how to streamline the technology department and their last resort has always been to re-shuffle the departments every 6-8 months. The turnover of employees in BTS division is really high and something everyone should look into before thinking of getting a job here.
    The new CIO has created a DELL empire here by bringing so many people from DELL - who literally have nothing to contribute.

    Advice to ManagementAdvice

    Retain technologists who care for technology - not the ones who are in this field just for a job!

    Doesn't Recommend
    Disapproves of CEO
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  5. 1 person found this helpful  

    Not the Worst Company in the Industry

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Service 360 Representative in Charlotte, NC
    Current Employee - Service 360 Representative in Charlotte, NC

    I have been working at LPL Financial full-time (more than an year)

    Pros

    Growing company in a volatile industry.

    Cons

    Horrible to non-existent raises and benefits are extremely expensive compared to other companies. A yearly salary increase of 28 cents an hour. No work/life balance. Management style is micro-managing and intrusive. Managers are managers only, not leaders.

    Advice to ManagementAdvice

    Look for Monetary AND Non-Monetary ways to inspire employees. Please work towards achieving some semblance of work/life balance. As of now it is non-existent.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6.  

    Ok

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Administrative Assistant in Hartford, CT
    Current Employee - Administrative Assistant in Hartford, CT

    I have been working at LPL Financial full-time (more than 3 years)

    Pros

    Advisors were dedicated to their work

    Cons

    Home office support needs more training

    Advice to ManagementAdvice

    n/a

    Doesn't Recommend
    Negative Outlook
  7. 1 person found this helpful  

    Does not support CPAs who are also financial advisors

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

    I have been working at LPL Financial full-time (more than an year)

    Pros

    Product offerings are diverse and not exclusive so can compete easily. People and software help you to select a fitting product for the client.

    Cons

    CPAs need to issue engagement letters and LPL will not approve them as they can conflict with LPL account agreements. The commissions by client are understated for life insurance, making it difficult to disclose an accurate total commission to the client, another CPA requirement.

    Advice to ManagementAdvice

    You are not going to have any compliant CPAs at LPL if you do not support what they need to comply with.

    Recommends
    Positive Outlook
    Approves of CEO
  8.  

    no professional trainning

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at LPL Financial

    Pros

    can't find...perhaps closed to where I live..

    Cons

    waste time...no professional training and treated unjust.

  9.  

    Financial Services Intern

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

    I worked at LPL Financial as an intern (less than an year)

    Pros

    If you're want a career in as a Financial Services then this place is decent. Make some connections
    Training is awesome they will tell you about the investments options
    Start with the basics and tell you things that other advisors don't know

    Cons

    Cold Calling can be hectic
    They give you high priority if you know high net worth candidates, can be pro or con depending on how you look at it
    No Pay

    Recommends
    Approves of CEO
  10.  

    Good

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

    I have been working at LPL Financial full-time

    Pros

    Friendly work environment; great perks

    Cons

    None at the current moment

    Recommends
    Positive Outlook
    Approves of CEO
  11.  

    Great company

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

    I have been working at LPL Financial full-time (more than 3 years)

    Pros

    Excellent benefits
    Management truly cares about employees
    Opportunity for growth
    Competitive salaries
    Beautiful facility in UTC area

    Cons

    Some managers don't really know how to work with people or manage effectively.

    Advice to ManagementAdvice

    Assess those managers who aren't effective; either terminate their positions or make them individual contributors.

    Recommends
    Positive Outlook
    Approves of CEO

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