Questions for those who've recently left LPL

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Nov 11, 2011 3:55 pm

I work under a local OSJ in the suburbs of Chicago. If I leave LPL, do my accounts automatically transfer to the OSJ's individual rep number? Is the OSJ or anybody else allowed to solicit my clients per rep agreement? Obviously, I know I "own" my clients here at LPL. I also know that in order for LPL to remain compliant, fee-based business must not be left unattended.

What happens to direct business VA's that are networked into Branchnet? My guess is nothing. But, Ive seen other firms in the past move all annuties to another broker at once when an advisor left.

What happens to my fees, commissions and trails? the Overpaid Shady Jackass (OSJ) pockets the money starting the day I leave, right?

Anything you all can offer is much appreciated. Thanks.

Nov 11, 2011 5:42 pm

Nope, pretty sure they become "house" LPL accounts unless you have a continuity agreement in place.  The OSJ could probably call your clients since he has access to the info (I think).  I don't think advisory accounts treated any differently.  I recently talked to a guy who's been gone 6+ months and his old clients are just floating out there (fee based included) unless they've sought out another FA.  He wasn't affiliated with a local Shady Jack***, but I've asked the question you ask and LPL has said they want no part of reassigning to another FA (including your OSJ).