LPL Tech Problems
67 RepliesJump to last post
I had a mortgage broker in my office and he directed me to liquidate all his AF holdings in his IRA. Thinks that armageddon is here. Two clients who are mortgage brokers with 20+ years experience said exactly the same thing. They had never seen a credit market turn so quickly upside down. 30 year paper Jumbo loans are 100 basis points higher this week killing their biz. Anyone else seeing this behavior?
Oh by the way spent time waiting to liquidate all funds on hold. Can't be fun for support staff at LPL. Hopefully all resources are being used to fix this upgrade. One insider said there is talk they may remove the new upgrade and go back to where we were on Friday. Sure makes business difficult.
[quote=Spaceman Spiff]
The little red guy with a pitchfork on my right shoulder tells me I should create some nasty little post referencing you indy guys and your badmouthing of Jones technology and karma.
The white guy on the other shoulder with the wings tells me to sympathize with you, reminding me of a time when the Jones satellite crashed for a while.
Which to choose...which to choose...
[/quote]
Pretty good post. How is the technology at Mutual services corporation that LPL recently bought?
[quote=footsoldier]
I had a mortgage broker in my office and he directed me to liquidate all his AF holdings in his IRA. Thinks that armageddon is here. Two clients who are mortgage brokers with 20+ years experience said exactly the same thing. They had never seen a credit market turn so quickly upside down. 30 year paper Jumbo loans are 100 basis points higher this week killing their biz. Anyone else seeing this behavior?
Oh by the way spent time waiting to liquidate all funds on hold. Can't be fun for support staff at LPL. Hopefully all resources are being used to fix this upgrade. One insider said there is talk they may remove the new upgrade and go back to where we were on Friday. Sure makes business difficult.
[/quote]
All the mortgage brokers, real estate brokers, and builders are really telling the sob story.
They are losing sooooo much money and the building market is sooooo bad.
Hey, what about the years that they did WELL. That they made tons of money and didn't care about the mark ups they charged clients on new homes?
I don't feel sorry for them one bit. If they left all of their money in one asset class (real estate) and they were too stupid to listen to our advice, they are getting what they deserve.
BUT LESSON TO ALL OF US, don't keep all of your assets in one place. Diversify. Sock some dough away for the tough times as they will surely come to every business.
Even our most excellent business.
If anything, its a good time to throw out some feelers and let the sellers know that you are out there…
[quote=vbrainy][quote=Spaceman Spiff]
The little red guy with a pitchfork on my right shoulder tells me I should create some nasty little post referencing you indy guys and your badmouthing of Jones technology and karma.
The white guy on the other shoulder with the wings tells me to sympathize with you, reminding me of a time when the Jones satellite crashed for a while.
Which to choose...which to choose...
[/quote]
Pretty good post. How is the technology at Mutual services corporation that LPL recently bought?
[/quote]
Tech was one of their biggest selling points when I visited SD...
Day three and still severe tech problems. It seems the system works in the middle of the night. Maybe we need to change our office hours from 10pm to 6am.
This sucks and if it was not so difficult our office would consider moving our books.
When LPL sold out to a private equity firm it sent up a red flag and we are just seeing the beginning of the end for LPL. When a company has to answer to share holders it is no longer indy! There is a conflict of interest. It is time to think about and prepare to move our books!
Time to go and visit the Psychologist, my daughter thinks the appointment is for her–LOL–its for my anger management today, this my friends is getting worst hour-by-hour!
Spiff-
It aint always greener.
I am balanced now that Barry did it last night. I can think straight again. And still in spite of the current technology issues facing LPL, I am much happier independent. I just have no one to talk to like I did at Jones!!!
[quote=Roadhard]Time to go and visit the Psychologist, my daughter thinks the appointment is for her--LOL--its for my anger management today, this my friends is getting worst hour-by-hour! [/quote]
How does one progress past worst? Is it possible to be better than best?
[quote=footsoldier]
Spiff-
It aint always greener.
I am balanced now that Barry did it last night. I can think straight again. And still in spite of the current technology issues facing LPL, I am much happier independent. I just have no one to talk to like I did at Jones!!!
[/quote]
I don't envy you're technical situation at all. As a Joneser I thought it was a little ironic to see a tech problem from the almighty LPL.
Glad you're happier as an indy. Good for you.
[quote=Malcolm]To where Greenbacks?[/quote]
We recieved a call from RJ this morning. But I am starting to plan and move to RIA status when, I do not know! But LPL is starting look like a firm with propriatary products OMP,OAP both crap! Also they are just getting to BIG when they where small they seemed to care more about us now we seem to be just a number!
In all honesty I will wait for the IPO and then make a decision.
Interesting article about the situation.
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/200 70808/REG/70808001/1035/TECHNOLOGY
I have to say at least LPL figured out that the top 500 need to be helped immediately. When Jones lost their satellite, it was who ever is closest got re-pointed. Size didn't matter!
The lack of resources is so apparent. I hope management will get that we do have choices for our clients. It won't look good if there is an exodus of advisers for the IPO which I am sure must be further off in the horizon now.
I remember when I was being recruited and how impressed I was with their robust technology.
Foot,
I've always wondered about that satellite tech. How does it work? Is it a two way system or is it a one way with a telephone uplink?
I have a buddy who showed me his setup with the gigantic mainframe in the back room, but he didn't really know how it worked.
If it is satellite download telephone upload then it can sort of be fast and you can aim it yourself.
I used to have two way satellite internet (My pocket protector side still thinks it was the coolest technology ever) but the latency issues made it useless for this business and the half second delay was tiresome (even at the speed of light, when a satellite is 22,000 miles away it's still an 88,000 trip your keystroke goes for before it shows up 6 inches away on the screen).