Finance Opiniones 4

My deceased father had a beneficiary account with them. As if losing a loved one isn’t hard enough, LPL has been nothing short of a nightmare to deal with. Five weeks of emails plus I’ve been on hold for a grand total of four hours. Zero compassion. Zero. I had to hire an attorney to get the account settled. If you have an elderly parent with an account with them, I strongly urge you to move the money. I have zero faith in these people.

I had an IRA account with my Credit Union for about 10 years. It was a rollover from an employer I left in 2012. All the funds were invested in a mutual fund that had done very well. Eventually, the CU switch to one advisor that ended up charging me about $35 per year for maintenance. This wasn't too bad. However, the CU then switch to LPL in May 2025. Less than a year later, the advisor is contacting me to advise that I should consider switching to a lower expense fund or ETF. He recommended a S&P 500 growth fund because of its low expense ratio. Then he says the fund has no load, but has a 1% fee to initiate the transaction. I asked him why it cost 1% when I can do it myself with no charge in my other accounts. He says the fee is there cost for trading and being available to me any time I have questions. I explained that I didn't ever contact the prior company for assistance and didn't feel I needed to pay for them to be available. He did offer to lower the 1% fee to help me feel better. Well, any fee for something I can do for free, is too much.
I asked about other fees as I was previously being charged $35 yearly. He advised that the cost was now $172 yearly. When I asked for what? He basically said for their servicing and managing the account. I asked how they serviced and managed the account, if it self-directed? He again talked about being available for questions and monitoring to see if any investments needed to be made. Hmmm, on a self-directed account? This didn't make since as it was a single mutual fund and no transactions or updates had been made since the inception of the fund. Well, I explained that I would manage it myself and roll it to another IRA account that I had. Well, then he advised he would hate to lose me as a customer but would initiate the transfer. He then advised that there was a $140-something cost to close the account. More fees. I tell you, please pay attention as these companies charge you for basically nothing at all. The guy was friendly and never rude or anything, but the cost to simply have an account takes a hefty margin from any potential gains. Find a brokerage firm that has minimal cost. And one that doesn't cost you to simply purchase into an EFT.

My results are impressive. I have already manager to draw my first conclusions. I want to continue developing with the analyst

What this company does should be illegal. I had a couple of investment accounts here for a short time, and the only time my balance ever went up was when I deposited more money. The accounts consistently lost value while I was being charged a high monthly fee. They were essentially charging a fee while draining my accounts.

I can’t believe a company like this is able to stay in business. The representative always had excuses, blaming the market and saying it would bounce back, and even tried to mislead me at times. I understood that investment firms are supposed to act in their clients’ best interests, which is why I trusted them, but over time it became clear that this was not happening and that they were not acting as a fiduciary on my behalf.