I work for LPL..complaints/praise welcome

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Feb 13, 2007 12:05 pm

What do you like?  What do you dislike?


Do you like the product mix?  The service?  The general culture?

Feb 13, 2007 2:11 pm

The culture is fantastic.  The service is excellent(today's short outage notwithstanding).  The technology is as good as just about anything I've ever seen.

My biggest complaint-the quote system is rudimentary at best.  Give us the opportunity to purchase an enhanced add-on at least.

Feb 13, 2007 6:23 pm

You workforLPL? Never thought I'd hear that one.

Feb 13, 2007 7:54 pm

Last I looked, the manager lineup in OMP was a bit weak.  I'd use OMP if the overall performance was stronger.  Otherwise, I can't think of very much that I'm not happy with, but rest assured, if I think of anything else, I'll let you know...

Feb 13, 2007 10:35 pm

performance in OMP is pretty good. WHy do you say the managers are weak?

Feb 13, 2007 10:37 pm

While I'm a little bit leery that you actually work for LPL, I'll bite. 


The biggest problem I have with LPL is how they handle money market money.  LPL will not allow me to buy into mutual fund money markets in brokerage accounts. Why?  I have not received a good answer, and I've asked MULTIPLE times.  Money market is a HUGE profit center for Broker/Dealers, and LPL is no different.  Even at Jones, I got credit on my P&L for money market.  Also, there are a few mutual fund money markets that actually pay trails. 


So, I want LPL to either share the money market spread with us, or let us take our brokerage money market business elsewhere where I can get some trails.   Forcing everyone into their ICA (Insured Cash Account) is, for lack of a better word, bogus.

Feb 13, 2007 10:46 pm

would have been better without the $35 ticket charge for fixed income...other than that cant complain...

Feb 13, 2007 10:59 pm

The one thing I love is the Private Equity REIT's.  I didn't realize what a great investment (diversifier) it can be. 


The one thing I don't like is my assistant has to verify with the home office that little things have been done.  Such as, checks have been sent on time, money sent to the right place, etc.

Feb 13, 2007 11:15 pm
$$$$$:

performance in OMP is pretty good. WHy do you say the managers are weak?


It's not terrible, but I've put together fee-based portfolios that have done quite a bit better.  I just can't figure out why you would use any managers with mediocre peer performance when you don't have to...

Feb 14, 2007 12:06 am
Moneytree:

You workforLPL? Never thought I'd hear that one.



Hey Genius-did you consider that perhaps he is an employee of LPL?  Like maybe he is in upper management, or the margin department, or recruiting?

DOH!

Feb 14, 2007 12:07 am
Indyone:
$$$$$:

performance in OMP is pretty good. WHy do you say the managers are weak?


It's not terrible, but I've put together fee-based portfolios that have done quite a bit better.  I just can't figure out why you would use any managers with mediocre peer performance when you don't have to...



Because he currently works for Bank of America.  He is very comfortable with mediocrity!!

Feb 14, 2007 10:33 am

Are there any LPL people here who manage discretionary equity porfolios?  Is that a major part of any of your businesses?    

Feb 14, 2007 10:37 am
Malcolm:

Are there any LPL people here who manage discretionary equity porfolios?  Is that a major part of any of your businesses?    



Yes I do.

It is an important part of my business, but not a majority of it.

Feb 14, 2007 11:36 am

Hey guys,


More than I expected  I'll respond to each one when I get a chance...and, yes, I work for the Home Office in San Diego.

Feb 14, 2007 1:07 pm

I do not use OMP. Like you said the performance is not good. My guess is the reason they use the fund managers for OMP is for the SUB TA fees


The money market is an issue I have also!


Ticket charges are high for fixed income!


Also I would like to be able to use options in Sam.


I would also like to see more options for VA's in fees based accounts such as a Vanguard annuity in SAM.


My only other concern is what happens when LPL goes public. It is a huge hassle to move a book




Feb 14, 2007 3:32 pm

Oh yeah, I'm not a fan of the double dipping on UITs. They take 90% off the top, and then take 90% again. I'm still not sure why.

Feb 14, 2007 5:56 pm

I actually should check with the powers-that-be to make sure I can do this.