LPL Financial Services Reviews 

I am writing this review to share my extremely disappointing experience with LPL Financial and to warn others about the difficulties I have encountered trying to access and transfer my own retirement savings.

For more than two months, I have been attempting to transfer my 401(k) from LPL Financial to an IRA with another financial institution. This is not a request for an early withdrawal or an unusual financial transaction. I am simply trying to move my retirement savings from one institution to another.

In preparation for this transfer, my retirement investments were liquidated into cash. However, the transfer has remained incomplete, leaving my funds uninvested for an extended period. During that time, I have missed potential market gains that I estimate could amount to thousands of dollars. While investment returns are never guaranteed, the financial consequences of having my retirement savings sitting in cash because of an unresolved transfer are a legitimate concern.

The customer service experience has been equally unacceptable.

I have spent countless hours on the telephone attempting to resolve this situation. Hold times have averaged approximately 45 minutes. On three separate occasions, my calls have been disconnected during my attempts to obtain assistance. Perhaps most troubling, different representatives have repeatedly provided conflicting information about the status of my account, the transfer process, and what needs to happen next.

My attempts to escalate this matter have been just as frustrating. I have requested assistance from a supervisor or regional manager in hopes of finding someone who could take responsibility for resolving the problem. Despite these efforts, I have been unable to obtain meaningful assistance from management or identify anyone willing and able to provide a clear path toward resolution.

At some point, a customer should be able to speak with someone who has the authority and willingness to investigate a problem, explain what is causing the delay, and take responsibility for getting it resolved. My experience with LPL Financial has been the opposite.

I am a 100% disabled U.S. Army combat veteran. These retirement funds are particularly important to my financial security, and I have communicated the urgency of my circumstances. Unfortunately, my experience has left me feeling that my concerns have not been taken seriously.

I fully understand that retirement account transfers are subject to administrative procedures and regulatory requirements. However, those requirements should not prevent a financial institution from providing consistent information, clear communication, reasonable processing timelines, and meaningful assistance when problems arise.

What makes this experience especially disturbing is the apparent lack of accountability. I should not have to spend months making repeated telephone calls, requesting management intervention, and receiving contradictory explanations simply to determine what is happening with my own retirement savings.

My concerns are straightforward:

* More than two months attempting to complete a retirement account transfer.
* Retirement investments liquidated into cash while the transfer remains unresolved.
* Potentially thousands of dollars in missed investment gains.
* Average telephone hold times of approximately 45 minutes.
* Three disconnected calls while seeking assistance.
* Conflicting information from multiple representatives.
* Unsuccessful attempts to obtain meaningful assistance from a supervisor or regional manager.
* No satisfactory resolution despite repeated attempts to obtain help.

I am not asking for special treatment. I am asking for the level of professionalism, transparency, and accountability that every customer should expect from a company entrusted with managing retirement assets.

Based on my personal experience, I would strongly discourage anyone from choosing LPL Financial without carefully considering how the company handles account transfers, customer concerns, and problems requiring timely resolution.

Retirement savings represent decades of work, planning, and sacrifice. Customers should not have to fight this hard to move their own money.

After this experience, I have lost confidence in LPL Financial and would not recommend the company to anyone.

I have been trying for approximately 18 months to get the last amount of money from my deceased husbands account $156. It has been a nightmare and today I am throwing in the towel. My emotional deregulation I have gotten from dealing with them has finally made me decide to give up what is mine for the sake of peace. I also know an instance when someone was trying to get beneficiary money from her deceased husband and had to get a lawyer for her $70,000 plus. Run while you can get the money moved before you are in a beneficiary circumstance.

They have so many consultants that are here today and gone tomorrow without replacing them. Then you money hangs in limbo. You can not get thing open or shut down. What a mess. No help.

Terrible experience with Michael P., Wealth Specialist at LPL Financial (a third party to Suncoast Credit Union).I am extremely disappointed with the lack of financial knowledge and capability demonstrated here. I approached Michael for assistance with obtaining a Medallion Signature Guarantee, something Suncoast explicitly stated he would handle.Instead, he refused to provide the medallion stamp, claiming he would not do it because of a financial relationship—directly contradicting what Suncoast promised. For a designated "Wealth Specialist," this level of unhelpfulness and conflicting information is completely unacceptable. If you need reliable investment services or standard financial procedures handled correctly, look elsewhere.

Like many other reviews I have seen I don't know how this company is still in business. I was a beneficiary from my parents accounts. I sent in the paperwork originally in August 2025 then when they completed the paperwork in May 2026, of course I had to email/checkup to make sure they were doing it. Called to liquidate & close on May 7th and received the first check May 11th or so. After 2 1/2 months of calling weekly, I finally received the last check (mid July 2026) and even THAT was a pain and an unnecessary hassle. They decided with the ONE last account (the last check) that they didn't like my address, although they've already sent me mail & the first check just fine (received May 11th and least 1/2 dozen mail). So I had to use another address that I just happen to be able to use and they approved of that. My bank rejected the last check because they added an abbreviation to the "Pay to the order of:" that first check did NOT have AND it delayed me cashing the check because of it. I had to deposit it at the LPL Financial bank (BoFA) and wait for it to clear to withdraw the funds. LPL would NOT reissue me a check, they refused and even the BoFA mgr lady believe they should have re-issued because of the abbreviation they included (aka, they did it wrong). It took me a total of 2 1/2 months to receive the last check & they couldn't figure out why they weren't sending it. I've had to re-send paperwork they lost AND fill out new paperwork because they clearly do NOT read their own paperwork (the part about taxes & your state will be automatically done despite what you enter). Zero communication within and from this company, they wait for YOU to call to have it figured out. I also believe there's WAY too many women who work at LPL Financial. The few times I've spoken to a man, things got done. When it was a woman, nothing got done/filed/entered (multiple times, exact same item). They just now on July 16th & 17th (one of which had that same abbreviation on the mail (although different address)) mailed me to my original address after all this address crap. The (new bank) BoFA manager I was working with on this believe that perhaps LPL Financial had something "out" for me; is why they did what they did. Too much bad bureaucracy/policy BS going on in America, nothing is simple anymore.. be careful & don't let them.

My wife inherited a portfolio of stocks and funds, and since we already had a financial adviser and I also invest, we decided to move it to an online brokerage account. When I informed the Account Executive at SouthState who managed the inherited portfolio of our plans, it led us down a rabbit hole that ultimately cost us thousands of dollars. She provided no assistance with the request, and in fact, she did the complete opposite by selling everything instead of transferring it. I am not happy and would not recommend their services.

This company is knowingly allowing a liar many times over to sell their products. They know of the lie that Bruce Cantey told me to sell me whole life insurance and they still allow him to prey on the public. LPL cares only about their bottom line and care nothing about the general public’s money or trust. Stay away from LPL products and away from their “financial advisor” Bruce Cantey. Don’t take the risk with your hard earned money.

I requested transfer or liquidation and transfer to a new investment advisor that was triggered by a reported financial loss and the advisor did not respond to my request, respond to my texts, or answer my phone calls. When I finally got him to call back days later he stated that he was not accountable to me for his behavior.

I was forced to find an 800 number for LPL Chicago to get things moving. An investigator should not have to scramble or do the work himself that he has requested of an advisor that is being paid for the service. The loss was discovered upon reviewing the June statements from the company I found a reported loss of approximately $10,000 that I had not been made aware of.

He refuses to provide a detailed accounting of the losses and again is not answering calls, texts or emails. His basic reasoning for the loss is that he was selling out losing positions. I didn’t think buying high and selling low was a real option. I am now forced to report the issue to the SEC.