Questions for those who've recently left LPL
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 konw 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?