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LPL CIP issues

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Feb 3, 2010 5:10 am

Has anyone else recently been slammed with multiple CIP issues related to opening new accounts?  With what we’ve been hit with recently, I’m damned glad I have an assistant to deal with this garbage.  Today’s new request was for a birth certificate for an Amish client who has opened multiple accounts with me in the past.  Yesterday, LPL told us that a new client had a social security mismatch, even though we have an actual copy of his social security card.  Last week, it was lack of credit information on a new client with a valid state issued photo ID.  I’m starting to wonder if they’ve switched to some new verification system that is simply flawed.  Looks like I’ll have to spend some time bitching tomorrow so my poor assistant doesn’t go completely insane…

Feb 3, 2010 11:38 am

I heard about this. At my B/D, the new account application just changed and is asking for much more info than ever before. I have to ask for my client’s mother’s maiden name???

Feb 3, 2010 2:32 pm

We’ve opened several new accounts over the past few weeks and haven’t had any problems.

Feb 16, 2010 7:15 am

Indy for whatever reason LPL is really going Gunh-Ho on the CIP issues.  Most likely related to a stepped up compliance basis for the inevitable IPO sometime in the next two years I would think.