LPL Compliance Call

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Oct 5, 2005 5:04 pm

I just listened to LPL Compliance call! It costs me $30 and and one hour of my time and I got nothing out of it! I think it was crap!


I have no argument against LPL but compliance for this business is getting to ridiculous!


If I had to do it over again I would become an RIA! I am sure they have issues to!

Oct 5, 2005 5:32 pm

Can you transition within LPL to become and RIA?

Oct 5, 2005 10:34 pm

Yes

Oct 6, 2005 11:59 am

I am leaving an independent that at one time was it own RIA.  If you think you have compliance issues with LPL, you wait until you become an RIA.  All of that compliance that they cover for you, you are responsible for on your own.  RIAs are also currently a hot topic on the watch list of the SEC and the state guys.  It's not worth it unless you have the staff to dedicate one person full time to compliance.  Yeah, you save in the fees you pay LPL to be your RIA, but I promise, you will end up speding much much more valuable time than you save in dollars.  And you WILLl be audited in your first year or two, guaranteed, and not by LPL - it will be the SEC or your State, or both.


Just some insight from direct personal experience.

Oct 7, 2005 2:17 pm

LPL is charging you for your Compliance CE??  That's a ripoff.  If I don't choose to go to our regional or national conferences (where I'd get my CE) I can get all my annual CE (including compliance, anti-money laundering, etc.) for free at RJFS through our "e-learning" system.  Can do it at my choice of time just by logging into our system from office, home, vacation, etc.