Lpl security breach!

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Sep 12, 2008 12:35 pm

WOW....How can clients ever feel comfortable putting their money with an Indy who is with this company!  They completely disregarded the privacy of their investors and someone was able to hack in and make unauthorized trades on behalf of their clients.  What a schlok operation.   You would never see this happen at firms like ML, MS or EDJ. 


Just goes to show you, as much as the Indys on here talk smack about firms like Jones, there is a reason why many brokers, and clients love the firm.  How can LPL advisors tell their clients that they are comparable or even better than the others when their BD can't even keep their personal info safe.  What a joke! 
Sep 12, 2008 12:47 pm

You're a doushbag. Nobody lost any $$. I bet you're below expectations.

Sep 12, 2008 1:02 pm

Wow, how defensive!! I guess there is truth to the article.  I'm just discussing facts.  If I recall, nobody lost money on Revenue Sharing either, but boy, no holds were barred from Indys in that discussion.


Your credibility is really lacking, particularly because you can't spell!
Sep 12, 2008 1:04 pm

Acutally, I am about to move up a segment!  But I guess the article is right on based on how defensive you get with the name calling.  Besides, your credibility is shot since you can't spell....douchebag

Sep 12, 2008 1:48 pm
Hey Kool-Aid:

WOW....How can clients ever feel comfortable putting their money with an Indy who is with this company!  They completely disregarded the privacy of their investors and someone was able to hack in and make unauthorized trades on behalf of their clients.  What a schlok operation.   You would never see this happen at firms like ML, MS or EDJ. 


Just goes to show you, as much as the Indys on here talk smack about firms like Jones, there is a reason why many brokers, and clients love the firm.  How can LPL advisors tell their clients that they are comparable or even better than the others when their BD can't even keep their personal info safe.  What a joke!
 
Absolutely it CAN happen at Edward Jones.  Anywhere there are human beings with log-ins and passwords it CAN happen.  Be careful about making such bold statements as you could well be eating those words later.  If your regional leader is feeding you garbage like you are spouting, just understand that it's for a reason...to keep you from exploring greener pastures.
 
None of my clients were compromised, because I wasn't stupid enough to download an email trojan horse and not have any internet security/virus software on my computer.  Only the clients of those fools who had their log-in information stolen were compromised.
 
You are so naive, it's laughable.  This is old news, your version is missing a lot of details and the issue had no impact on my business, other than some intermittent system outages (certainly not a week's worth).  You'll fit in well at Jones...enjoy yourself.
Sep 12, 2008 2:07 pm

Hey Kool-aid, I had no clue you were such an arrogant moron.  Thanks for the heads up.


Like Indy said, my business was not affected one bit. 


Oh yeah, as for revenue sharing not costing clients money, that can be argued.  If the fund company didn't have to hand over the cash to Jones, an argument can be made that they could have lowered fees for the client.  Or, how about the big Jones producers who put clients into Federated because they paid the big bucks in revenue sharing. I would say that those clients "lost money" by not being in a decent fund family.
Sep 12, 2008 2:32 pm
iceco1d:

I think there is now a proper counter-balance on the forum for bspears now.  Spears, I wouldn't blame you a bit if you tee-off on this one!

Ice...you know I like to bust balls and stir the pot a bit.  This post was actually for bspears, as I am pretty sure he is an LPL guy.  Cracks me up how defensive these guys get when they are quick to bash Jones for something like Rev.Sharing, which btw, is of zero value to the broker in the field (pennies at best). 

Sep 12, 2008 2:36 pm
Indyone:
Hey Kool-Aid:

WOW....How can clients ever feel comfortable putting their money with an Indy who is with this company!  They completely disregarded the privacy of their investors and someone was able to hack in and make unauthorized trades on behalf of their clients.  What a schlok operation.   You would never see this happen at firms like ML, MS or EDJ. 


Just goes to show you, as much as the Indys on here talk smack about firms like Jones, there is a reason why many brokers, and clients love the firm.  How can LPL advisors tell their clients that they are comparable or even better than the others when their BD can't even keep their personal info safe.  What a joke!
 
Absolutely it CAN happen at Edward Jones.  Anywhere there are human beings with log-ins and passwords it CAN happen.  Be careful about making such bold statements as you could well be eating those words later.  If your regional leader is feeding you garbage like you are spouting, just understand that it's for a reason...to keep you from exploring greener pastures.  Ice...how can u blame me for busting balls after reading ridiculous comments like this one!!!????
 
None of my clients were compromised, because I wasn't stupid enough to download an email trojan horse and not have any internet security/virus software on my computer.  Only the clients of those fools who had their log-in information stolen were compromised.
 
You are so naive, it's laughable.  This is old news, your version is missing a lot of details and the issue had no impact on my business, other than some intermittent system outages (certainly not a week's worth).  You'll fit in well at Jones...enjoy yourself.
Sep 12, 2008 2:38 pm

Well, the way I look at this situation is if they got fined, then there were things LPL should have been doing in regards to the regs. If they were lapse on this issue, then they need to get there act together.  I am so content with LPL and the structure they provide for me to do business with my clients, I can only shake my head and hope they get things shored up. I doubt you can compare a 250k fine compard to millions in fines, a managing partner asked to step down, as was the case with revenue sharing.  But, if I was a client who's info was breached, I wouldn't be to happy. 

Sep 12, 2008 2:40 pm

Wow The Jones people just keep getting  greener and greener.

 
Where do they find all these gullible rookies?
Sep 12, 2008 2:46 pm

Greenbacks, were you with Jones?  If no, its the bravado they spew of how much better they are vs others in training.  I was talking to a local advisor the other day and he was telling me how much he hated me a few years ago because of my cockiness...I told him I was so drunk on green shit koolaid, I couldn't think for myself.  He then said he had heard many years ago, Jones was a pyramid scheme..and I said.........

Sep 12, 2008 2:52 pm
bspears:

Well, the way I look at this situation is if they got fined, then there were things LPL should have been doing in regards to the regs. If they were lapse on this issue, then they need to get there act together.  I am so content with LPL and the structure they provide for me to do business with my clients, I can only shake my head and hope they get things shored up. I doubt you can compare a 250k fine compard to millions in fines, a managing partner asked to step down, as was the case with revenue sharing.  But, if I was a client who's info was breached, I wouldn't be to happy. 

Damn, bspears, an honest non hate-spewing response....you're no fun!

 
However, I just read your next post and you made me feel better. 
 
My honest opinion is that when a large firm is involved, these situations will come up.  This business is about the Advisor, not the BD.  In reality, I am not "on the green stuff" as much as I come off...I don't think we are the best firm for everyone and I don't think that everything we do is the right/best thing.  I just think its a big joke that so many bitter former EDJers (regardless of the reasons they left) continue to spam shit against their former employer.  I don't know too many people in any industry that love the company they USED TO work for!
Sep 12, 2008 3:30 pm

Hey Kool Aid Sucker-

 
Did you happen to read that EDJ just settled with State of California for unfair business practices, i.e., failure to disclose the firms revenue sharing program.
 
It was uhh 7.5M! Not 250K.
 
Again as all firms do, including LPL, admitted no wrongdoing.
 
By the way congratulations on your move to Segment 2.
Sep 12, 2008 3:30 pm
Hey Kool-Aid:
Indyone:
Hey Kool-Aid:

WOW....How can clients ever feel comfortable putting their money with an Indy who is with this company!  They completely disregarded the privacy of their investors and someone was able to hack in and make unauthorized trades on behalf of their clients.  What a schlok operation.   You would never see this happen at firms like ML, MS or EDJ. 


Just goes to show you, as much as the Indys on here talk smack about firms like Jones, there is a reason why many brokers, and clients love the firm.  How can LPL advisors tell their clients that they are comparable or even better than the others when their BD can't even keep their personal info safe.  What a joke!
 
Absolutely it CAN happen at Edward Jones.  Anywhere there are human beings with log-ins and passwords it CAN happen.  Be careful about making such bold statements as you could well be eating those words later.  If your regional leader is feeding you garbage like you are spouting, just understand that it's for a reason...to keep you from exploring greener pastures.  Ice...how can u blame me for busting balls after reading ridiculous comments like this one!!!????
 
In light of the original post here, there is nothing ridiculous about the comment.  It's also a fact that Jones leadership has on several occasions, disparaged LPL, often with suspect/skewed information.  Why is this done?  Because Edward Jones reps are a fertile field for independent B/D's.  They are probably the easiest to transition to independence since they already are used to running a one-person office...and not everyone loves the Kool-Aid forever. 
 
My recruiter told me that he brought far more people from Jones than any other firm, and given the number of former Jones reps I've spoken with at regional and national conferences, I believe it.  Why do YOU think your management spends time at regional meetings disparaging LPL?  Don't tell me it doesn't happen.  There are people on this forum who have told me it does...and regularly.  What do you think management is afraid of?  I would imagine that Jones management is tired of being a training ground to independence.  I probably wouldn't like that either if I were a GP and the turnover was impacting my profit-sharing.  It would just be nice to hear about an honest discussion of the pros and cons of going independent.  Nothing I've seen out of Jones is remotely fair and balanced in that regard.
 
Just busting you back, man...
Sep 12, 2008 3:55 pm
iceco1d:
Hey Kool-Aid:
Indyone:

[quote=Hey Kool-Aid]

 If your regional leader is feeding you garbage like you are spouting, just understand that it's for a reason...to keep you from exploring greener pastures.  Ice...how can u blame me for busting balls after reading ridiculous comments like this one!!!????


 
 
That comment came AFTER yours, not the other way around. 
 
I bust EDJ balls too occassionally - but when I do, it's pretty clear I'm just joking around.  (I've defended EDJ as well, btw, on various occassions).
 
PS - Congrats on your move to the next Segment.
 
First off...thanks!   Why assume it was an RL or a GP at a regional meeting telling us bad things about LPL...I've never once...repeat NEVER ONCE been told a bad thing about LPL...I would hardly expect any leadership member to sit each Advisor down and explain the benefits of moving to a competitor, anymore than LPL having a conference as to the benefits fo being with Jones. 
Sep 12, 2008 4:56 pm

Well, I've got better things to do than continue the debate, but suffice it to say, there are regions...at least two...where the RL has gotten in front of the group and said some pretty negative things about LPL.  Then there's the grass isn't always greener piece that I'd love to see posted sometime after hearing some excerpts from it...sounded like a biased piece of crap designed to keep the flock in the fold to me.  I'm not stupid enough to expect Jones to promote LPL, but the reps that have told me about the regional meetings didn't buy any of the bull management was feeding them.  One guy told me specifically that it actually had the opposite effect on him.  He started wondering what was so great about LPL that the RL felt the need to disparage the company in front of all the reps.

 
...and if an RL or GP didn't feed you that first post, you're gonna make a great RL yourself someday.  Have a good weekend.
Sep 12, 2008 9:51 pm

I know for a fact that a couple of years ago a Jones RL pretended that they had an interest in going independent and asked LPL if they could go out to San Diego for a home office visit.  After returning from the visit, the RL along with another Jones advisor in the region put together a Jones vs. LPL direct comparison.  Notice it wasn't Jones vs. Indy, but Jones vs. LPL.  I heard this directly from two Jones advisors in that region who, as a matter of fact, now have their own practice through LPL.

 
How is that for a class act?  That's not to be confused with the Jones RL in TN that not too long ago embezzled millions of dollars from their clients.
 
You should spend more of your time focusing on your own business in your own little world.  When you have something worthwhile to offer the group let us know.  Get a grip buddy.
 
LPL was fined a whopping $275k.  Sounds like a real big issue to me. 
 
Get back to work.
Sep 13, 2008 2:20 am
pghkid:

I know for a fact that a couple of years ago a Jones RL pretended that they had an interest in going independent and asked LPL if they could go out to San Diego for a home office visit.  After returning from the visit, the RL along with another Jones advisor in the region put together a Jones vs. LPL direct comparison.  Notice it wasn't Jones vs. Indy, but Jones vs. LPL.  I heard this directly from two Jones advisors in that region who, as a matter of fact, now have their own practice through LPL.

 
How is that for a class act?  That's not to be confused with the Jones RL in TN that not too long ago embezzled millions of dollars from their clients.
 
You should spend more of your time focusing on your own business in your own little world.  When you have something worthwhile to offer the group let us know.  Get a grip buddy.
 
LPL was fined a whopping $275k.  Sounds like a real big issue to me. 
 
Get back to work.

Yeah....everybody "knows for a fact"...my friends friends cousin told me LOL.  You are taking a couple of situations out of 11,000 + offices.  I'm sure bad stuff goes down in every Firm...maybe even your beloved LPL.  Actually, I'm sure overall, LPL is really a good deal for some people...hell i'm with Jones, I guess in 5-10 years i'll probably be there too...who knows!  You guys are just like a 12 watt bulb....not too bright...can't even get the purpose of my starting this thread topic!  It certainly wasn't to have a deep discussion about whether the LPL story can be compared to the EDJ stuff.  Geez ....

Sep 13, 2008 3:59 pm

i just love to log in and read all the posts here.   everyone here makes me feel better after a long day. I am not with any of the firms that anyone ever talks about here but  just to let you know I believe about 10 years ago LPL approached several companies including jones and wanted to be bought by someone......  but thanks to everyone on here