Linsco/Private Ledger Reviews

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 Senior Management

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.

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 Senior Management

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$.

Pros

Good benifits honestly things are not that good any more.

Cons

Way too top heavy. Company still behaves as if it is only a few hundred people and can't adjust to scale

Advice to Senior Management

Learn to ask for solutions from the correct staff and listen to them rather than have a business unit present the solution.

Pros

The hours are very managable. You work 40 hours most of them starting early and getting off early alligning with the stock market hours. Some overtime is available to boost your pay. Overtime is time and a half pay. There are some small to medium bonus (upto a grand or two in good times, but probably not this year). There are some decent side benefits to LPL. You get a free gym membership. Time off is also pretty good with about 17 days off for most people.

Cons

Pretty repetitious work. Not much variance in work. You don't really do anything overly interesting. Somtimes you have to take many calls in a row all day, but there are usually some breaks throughout the day.

Advice to Senior Management

Find a way for job to be more meaningfull,creative.

Pros

Big name, Decent Benefits, work schedule is not bad

Cons

intelligent/able workers requiring greater pay are ignored in favor of employees who do a mediocre job and will take what given

Advice to Senior Management

recognize ambition; don't simply try to hire people who will accept the lowest pay you will give them. Be more equitable in employee treatment

Pros

Since they are growing too fast, they do let you do your own creative problem solving and do give you tools to do it. I was able to increase my skillset by learning new software products on my own ie. .net.

Although the overtime was too much, it does add up in the bank account. Their 401k matching and bonuses were pretty good too.

I actually liked working there at first and then one thing after another happend and I found out the company is just too inexperienced.

Cons

Very political. I have never worked in such a political environment before. You say anything wrong and they'll eventually get you. Also back stabbers behind every door.

For those of us in IT, there is no personal life. Help Desk calling at 6pm, 7pm, 8pm, 5am and on the weekends and no break at all. No off on schedules only ON.

Panicky managers that think they know IT but acutally know nothing.

Company still uses legacy systems and is too scared and inexperienced to upgrade to better products.

Advice to Senior Management

Company has WAY too many VP's. Those that have been there since you started need to be shown the door. Start behaving like a realy company. Bring in experienced VP's that have run mid/large companies.

Pros

LPL is a fast growing company and is a great way to get some financial experience. There are many entry level positions for recent college graduates.

Cons

The employee retention rate is low because the salary is extremely low. Its tough to live on a low salary in expensive San Diego. Also, I feel that this company does not care very much for their employees (will not sponsor non citizens and no letter of references allowed). A lot of the structure in the back office needs to be cleaned up. LPL LOVES to low-ball people on salary... It's borderline abusive business practices. I can't believe this company is so stingy when it is doing extremely well.

Advice to Senior Management

Pay us more. In the end, the low pay is what will take a psychological toll on the employees.

Pros

Friendly atmostphere, Great office location

Cons

If you are female or a minority...this is the place to work and get promoted quickly. I have seen numerous highly qualified white males passed over for promotion and newly hired females (black, hispanic etc) be placed in positions of responsibility for which they then have to be trained by those same passed over white males. I have seen instances where a young white male leaves the company on good terms and is not hired back, but a young white woman leaves for a rival b/d and then comes back only to be promoted to a senior management. Senior management has said (off the record) that while they are aware of areas that we should improve our compliance oversight (of our 11,000 plus financial advisors), they won't do so until FINRA or the SEC fines us.

Advice to Senior Management

You are giving the appearance of affirmative action. It is events like this that make me want to leave CA.

Pros

As an employee their benefits are pretty good.

Cons

Lack of communication. Mid-level managers seemed to be promoted more based on favors owed than experience or knowledge.

Advice to Senior Management

The senior management should try hiring from business schools rather than looking for the cheapest available person willing to take the job.