2.0
May 12, 2022
Former employee, more than 1 year
Recommend
CEO approval
Business Outlook
Pros
At local level, they provide useful regulatory backbone to smaller independents who want to hang out their own brokerage shop shingle, and use LPL to clear trades and take care of regulatory matters.
Cons
ETF-centric mentality, and where they try to get tricky with alternative assets, they usually are high fee kick-backs to LPL and poor ultimate product choices. They claim independence and being unconflicted, but nothing makes it onto their platform without a fee retrocession to LPL. None of their own funds, per se, but lots of added model management fees in addition the wrap fees. Retail investors mostly still get suckered. Bull market shop that won't handle a real bear market well.