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.