LPL Financial reviews

Extremely Low Pay with never any adequate merit increases aka below 2% annual raise if any. There were no raises for 3 out of the 4 years of my tenure. During my 4 year employment at LPL Financial, I discovered that the company has the Mcdonalds and Walmart leadership philosophy, which is, lets take advantage of the labor market by capitalizing on low pay and high turnover and not consider the cost savings of higher paid and happier employees (low turnover). Employees are considered expenses not assets. Also, this company wishes to outsource and resource as much as possible. I saw an entire department almost vanish overnight, putting heavy strain on the few employees that remained in that department. Overall, the leadership at the highest level disgusts me. Building Office conditions are deteriorating, the carpet is never steamed cleaned and vaccumed poorly, vents also are accumulating dust. The drinking water taste like tap water, without adequate filtration. Many employees feel my sentiment, it is especially felt in the town hall meetings. Overal uptight atmosphere, low employee morale, low pay, high volume work, high expectations with strict deadlines, the executives think an occasional free lunch is adequate to keep employees happy.

1. Outdated computer systems and they cannot calculate accurate cost basis on portfolio reports so they have removed that and have no plans for several years to include it again. You read that right, brokers are supposed to trade and sell to customers using reports with no cost basis on them. And we pay extra for these reports. 2. Compliance lies, they tell you that you can have a certain office and do things and then a month later you cannot. Even having Compliance directors on a call to sort out a solution does not mean they will honor that solution six months later. Compllance also requires many forms and procedures where there are no regulations requiring them and there's zero legal liability value to having them as well. Compliance has also given me grossly inaccurate advice ~ "Of course a 529 Account is a college account, it has an IRS code number on it." Really you can't make that up. 3. Their portfolio reports make up return numbers and give bad data because they've outsourced their IT to 1099s in India. I find major illegal errors at least 3X per year in their overall calculation matrices ~ not on just one report, where their IT department has coded calculations incorrectly and even giving illegal data on reports ~ because no one in Compliance is overseeing what goes on client-releasable portfolio reports. This is true for more than 10 years now. 4. They forgot to pay their entire sales force in January 2015, paychecks went out late. 5. The internal computer systems are so badly designed you cannot find anything, not even basic forms to do business. 6. There's no accountability in back office operations and people there are so poorly paid, with such high turnover, that no one cares about the clients. Customers leave out of frustration with the back office not with the broker.