LPL Financial - LPL Financial Ashamed of 'India' | Glassdoor
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Helpful (11)

"LPL Financial Ashamed of 'India'"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Vice President in Charlotte, NC
Current Employee - Vice President in Charlotte, NC
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

I have been working at LPL Financial full-time (More than 8 years)

Pros

Very diverse independent advisor presence in all 50 states. Recent better-then-expected financial results due to continued cost cutting with many jobs being eliminated in American and replaced by much lower caliber Indian citizens in Bangalore, India.

Cons

Strange and shady rules still prevail at LPL Financial. One glaring fact is that no employee is allowed to mention the word ‘India’ in any type of communication with LPL’s 13,000 independent advisors as if the company is either ashamed or is trying to keep tabs on the fact that many American-based jobs at LPL’s three main locations in Boston, Charlotte and San Diego have already been eliminated by LPL’s management and replaced by much cheaper and much lower caliber non-American staff in Bangalore, India. The trend of eliminating American-based jobs will continue at LPL throughout 2014 and beyond. LPL officially refers to that as ‘offshoring’ with absolutely no mention of any third world country. Mentioning the word ‘India’ is a big no-no throughout the company! How silly and childish! CEO Casady loves to take the stage whether at the annual advisor conference or at employee meetings and sugar coat major upcoming challenges at LPL and quickly glide over them. It’s time for him to go! The sad fact is that LPL Financial, known for having independent advisors in all-American small and medium size towns from Florida to Alaska, has been aggressively hiring hard-to-understand-heavy-accent Indian employees to handle very highly sensitive and confidential American client and advisor information such as financial accounts, social security numbers and firing their American employees! How patriotic of LPL! Shame on LPL’s board of director and senior management for being so shortsighted, greedy and callus. At a time where many American companies realized their long-term losses for shipping so many jobs to China, India and the Philippines over the last 10-plus years and have been reversing the trend by hiring again in America, LPL Financial seems to be so behind on this failed trend and insists on creating chaos and ill will and taking very high risks in identity and data theft of hundreds of thousands of US-based financial accounts for mom-and-pop investors of Main Street small towns America and practically handing that over to Bangalore, India. How sad and stupid of LPL! And above all, how un-American!

Advice to Management

Either fully embrace shipping American-based jobs, sensitive data and highly confidential information of American clients and advisors to India and stop being so secretive about is or 'get off the pot' as they say.

Other Employee Reviews for LPL Financial

  1. Helpful (4)

    "Terrible Company to work for."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Supervisor in San Diego, CA
    Former Employee - Supervisor in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at LPL Financial full-time (More than a year)

    Pros

    There are no real pros for working for this company they do appreciate their employees at all.

    Cons

    They do not care about there employees management is more concerned about the bottom line and the employees are very expendable.

    Advice to Management

    Have more compassion for it's employees.


  2. Helpful (5)

    "Management culture views employees as quickly replaceable"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Vice President in San Diego, CA
    Former Employee - Senior Vice President in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at LPL Financial full-time (More than 10 years)

    Pros

    Location
    Better than unemployment
    Sweat shop = overtime

    Cons

    Executive management is on a mission to replace every american job with an outsourced Indian job for lower cost.
    The management speaks of respecting and valuing talent but act in complete opposites
    No strategy is followed longer than a year
    Constant restructuring without following details. Some folks spend months not knowing who their manager is just to finally find out when being told about the "New - new - now really new" restructure!!

    Advice to Management

    Pick a strategy and stick with it. Look at what is impacting profits internally from all the restructuring and wasted money from layers and layers of new middle management!


There are newer employer reviews for LPL Financial
There are newer employer reviews for LPL Financial

See Most Recent

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