LPL Financial To Lay Off 10% Of Work Force
CNN Money reports, “LPL Financial, an independent broker/dealer, said it will cut 10% of its work force, or approximately 275 employees, according to a recent filing with the Securities and Exchange Commission.
In the Dec. 31 filing, LPL said it announced the staff reduction to reduce costs as part of a “comprehensive strategic business review.”
LPL said it notified all employees of the job cuts on Dec. 29 and expects to complete all activities associated with the restructuring by Jan. 31. The company also expects to take a fourth-quarter charge of $12 million related to severance and similar personnel-related expenses, the filing said.”
yes Ghost of J G. this is really old news as it takes a long time to run through hearings and everything. Like most FINRA investigations, there are many unsaid facts of the situation that remain closed to inquiring minds and therefore like all companies and reps who have been investigated and fined the issues can be rather shocking to anyone reading but if the fact be told someone has to hold the bag for employee errors. usually the employee actions cause a ripple effect straight to the top when a problem is discovered, even if the mistake is purely accidental. It is how it works. Look at what LPL has done and been fined for…the issue with personal info of clients and employees has been a problem so it goes to show that no one is beyond punishment.
wait til you read this….
I filed for unemployment because I am one of the choosen ones. I got a letter from unemployment telling me that I have no wages posted since 04/07 so my amount from them will be $110.00 dollars a week less than it should be because lpl did not report our earnings or pay the money to the IRS that they collected from my paycheck.
The way it will get fixed is that the contact who is helping me at unemployment will add the information to the computer about my salary and w-2 information missing in their system and a letter will be generated to advise me that I will need the w-2 itself and the paystub for that time period. This lady could not give me a place to take care of faxing as you are supposed to wait on the letter to be sent telling you of the lesser amount and asking to get these doc copies. once they get the proof from the employee they then will have to review now as it has been amended in their system and the newly adjusted correct pay out of the unemployment check will not get paid for 4 weeks so the check is going to be $110.00 short for 4 weeks!!!!!! so lets do the math here 4 x $110.00 is $440.00!!!! HUGE issue when the weekly check is already soooo much shorter than regular pay. We are talking about $178.00 a week vs $288.00 which is the max!!
not pointing any fingers and can say that I really give LPL credit for doing a fine job of caring for the laid off emps with a generous package which was not at all required of them. They have been most gracious to me by answering any questions,very professional and timely taking care of the issues I needed help with.
I was in touch with the IRS and unemployment in Florida today and they are going to be trying to get this straightened out by having LPL file with the IRS so they can give us full unemployment checks however it may take a few precious weeks and I wanted to put this issue out here on this blog, not to bash LPL but to inform others trying to get unemployment.
The other thing I heard is that some folks are filing for unemployment as of january 15th since it is the last day worked. They think that the 60 days of pay given is part of the package. nope, we were on administrative leave and being paid until march 16th so march 16 is the termination date and the date you will be unemployed. check your blue folder (package given with walking papers) The page says it right there, termination date march 16, 2009. fyi….
someone in the payroll dept at lpl told me that they think this is why folks are getting into problems with their claims but I discovered through my conversation with unemployment is that since they did not file the taxes they took from my check the entire salary will not be counted as wages, only the small bonus’ from pacific select which were 1099 not w-2’s.
hope the package gets paid in a timely manner so I csn ride the tide while the situation is fixed…
Good luck to all,
blessings
where do I sign up? anyone from atlanta hiring in your network of contacts
pass the koolaid….. take another smoke and pass it over man! You must be a pee-on and not anyone with a finger on the pulse of what is really going on…lucky for you cause you would be humbled by the way things really are. The ones who are in the know are grateful for getting while the gettings good and with such a wonderful package I might add. You must be an original and not a merger refugee. Those folks which worked for any of the companies which got gobbled up can share how things were before but how glitches and tech issues on the lpl side have affected the employees jobs, work loads and stress levels as bnet has been introduced and problems surface. The programming is from the 80’s and security for computers is apparently a problem according to recent filings and fine activity.
How about you getting over yourself and get off this blog cause I think its called layoffblog right and you are not laid off. You need to stop wasting your precious time responding to the layoff blog till you are a member of the club. And for the record, people who work for mcdonalds are to be respected cause they are always there to hand you over that big mac meal, since you are so well paid I doubt you eat off the value meal!! Stop looking down your nose at folks who work for mcdonalds. How rude.
its that koolaid that made me queasey and had a funny aftertaste.
Isn’t there anything nice to say?
to old news: the package was crap for anyone below AVP, one month was an insult in our industry. especially for folks in a one trick pony town like SD where some of us were recruited - where to now? the 60 days was a requirement by law.
were you told why they choose you?
So LPL files the new 10K. Compare last years with this years and you will find some interesting facts. It is filed under LPL Holdings
Read the 10K not sure I see what you’re referring to
LPL is in a good position because they have a unique position, independent advice. You really do get what you pay for and I believe LPL will come out well when the economy goes into a depression, and then we return to normalacy. Advisors are busting their butts for the company, and the company is looking for new ways to economize business and promote our values. LPL in a word-ROCKS.
Lpl rocks?
Dillusional.only the strong will survive not tiny companies like lpl(in the financial services industry, lpl is a zit on the bears back).
The layoffs were a last second ploy to starve off total collapse.
Lpl advisors may be independent (like a ton of others) but are essentially annuity pushers, not true financial planers.
And the back office will start to lose advisors as service continues to suck and get worse and advisors figure out the ipo either is not coming or will be priced as a joke.
Then you will see the mass exodus to real companies with actual research, marketing, and exec support.top Lpl execs would be lucky to be svps at real comapnies.
I sense that the kool aid drinking posts on here are those blind monkeys that have never worked for another financial services company and probably haven’t traveled east of vegas. So for san diego LPL impresses them.
Hey Joe Schmoe (#160), take your feeble attempt of capitalizing on this blog forum for free advertisement and pitch it to another website!
By the way, do yourself a favor and look up “Schmoe” in the dictionary. ROTFLMAO
Where are all you people from?
Whered they lay off from-CA? NC?
who really needs to know?
There’s going to be a backlash against financial advisers and mutual fund managers. Lawyer jokes will be replaced financial adviser jokes. They failed completely and they’ll pay.
I’m sure LPL is monitoring this site. Maybe the person they hired gets paid OT.
Guess who got a 20% raise last year, 1/2 the bonus and is retiring this year?
LPL advisors are not annuity pushers, I’m sure some do but to make that claim that all due is 100% fallacious. I have worked on the street, and LPL has great things to offer to investors because of independent advice that is brought to investors without a bunch of hype but with common sense. Yes clients have lost money, but so has everyone. LPL didn’t have risky investments, and will be one of the biggest companies in 2009. To says it’s a fly on someones back is ignorant, just plain ignorant. I suspect for those who got laid off and are making silly remarks, this is your first job and you feel you are owed. wake up.
My husband and I are firing our LPL adviser. With only 5 years to go until retirement our retirement account is down 40%. We thought five years ago was the time to go to cash and bonds but he advised us not too. I have nothing to say but do not make the same mistakes we did with LPL. Terrible company.
Don’t hate. You were invested in the stock market and it tanked. Your adviser was to blame, not LPL. They are INDEPENDENT. Get it straight before bashing a whole company bee-yotch.
Quit Crying; Successful LPL advisors are annuity pushers. Yea maybe the <100k GDC aren’t . . . they’re not following the rules of how to make money at LPL. Just look at the annuity manufacturers to see where their sales come from. Do you know what the #1 annuity in sales is? I suspect you don’t so wouldn’t have a clue.
“without a bunch of hype” - look who gives money to LPL and see what the top product sales are, they claim independence but get a majority of their profits from soft dollars from the product manufacturers. Pay to play is alive and well, just maybe a little less conspicuous at LPL.
“LPL didn’t have risky investments” what does that even mean? Lpl offered risky investments to advisors and clients, including a push into structured products, alt investments, etc.
“will be one of the biggest companies?” now I KNOW you never worked on the street.
P.S. I never worked at LPL and never will, nice assumption though.
Advisers are car salesmen (women, but not as reputable. At least a car dealer sells something that people need…transportation. High commissioned annuities, bonds, LP’s…crap. Oh, lets take no load mutual funds and put a commission on it (management fee). What a joke. Know why their clients lost money…idiots, no or little experience at technical’s and just know how to buy and hold. Ever want to see if an adviser has some credibility? Ask to see their own account statements…for the past 5-10 years. That will say it all. Or when they call you to buy something, ask for a copy of their own confirmation. If they won’t buy it, why should you? They are not planners and they are not advisers, they are commission driven salespeople….nothing more, nothing else. They only look good when markets go up….when a bear market comes….they don’t know the difference between a buy ticket and a toilet seat. Most have never seen a bear market. JOKES…all of them. Manage your own money (learn how to)…YOU are the only one YOU can TRUST.
I did that #168. Sold 50% of my mutual funds for a loss. Went into ETF’s that are doing well. Then I bought single stocks at the beginning of March and got out of them before they crashed. These are things FA’s won’t do for you. No I do not have a little 40k to play with, I have 200k to play with. Even people with 2 million to play with are getting rid of their FA’s and doing it themselves. Plenty of helpful sites to look at on the web. Yeah I’ll make mistakes, but they’re MY mistakes, not some dumb FA that made $$$ off me. It’s a very fast moving market right now, and you have to be on top of it.
list some of those sites…please
Next round of layoffs will be announced in the next two weeks. The theme will be de-channelization
how do you know that, really de-dechanneling
have not seen or heard anything further on this…..
A birdie told me layoffs happened today.
what departments and how many?
I don’t understand some of the clients on this board whining about how they lost money…..if you knew the market was going to plummet, then why did you listen to your advisor. Practice personal responsibility people. Getting an advisor doesn’t entitle you automatic returns on your investments.
Hm, are you really stating that those people can’t put trust in the people that sell themselves on being professional advice givers?
Please, instead of talking down to these people. Please try to offer more positive feedback.
You can’t come crying to me about how much money you have lost because of your advisor. I’m sorry, you can’t. A salemen sells dreams and I’m sure gives some nighmares to clients as to what could happen…but every day the market sank, don’t tell me you couldn’t pickup the phone and tell them you want to sell everything. Sure they try to talk you out of it….and they were good too….but you …yes …you made the choice. A smart person like my dad would have been a good person to listen to 2 years ago…he would have told you what to do …but you wouldn’t listen and write him off as a nut. well there ya go.
So people are better off asking their father for advise?
You sound pretty thick so i’ll break it down. When I say it didn’t have risky investments, i’m saying that LPL personally own any risky shit like any of the other retailers. it didn’t hedge it complete financial state on speculative formulas and derives (look it up; http://www.google.com).
what clients and advisors buy or push is on them. go to lpl.com and read what it says, independent….look that up at http://www.webster.com.
First off it’s “you’re” but not surprising if you work at the great LPL that only hires the best and brightest.
Second, LPL is its advisors, without them, LPL has no business. LPL is a pass-through co, it doesn’t do anything else (except for it’s clearing business but that’s another story). LPL’s success or failure relies 100% on the businesses of its advisors.
what’s is “derives”? Did you mean derivatives? If so, yes it did, but you’re probably too low in the company to know the difference between what’s told to the masses, and what is really going on.
Sorry I confused your with you’re….really thanks. I guess it’s me being busy at work…while your probably waiting for that stimulus check to kick-in. I don’t know why you hate LPL so much. Did they not hire you? Were you fired for saying something naughty? I’m not even further acknowledging you as your just a waste of time and space.
I believe LPL could be one of the biggest companies to service clients, and it will do so because we have really smart people running the organization that knows when it’s time to tighten the belt. LPL didn’t have it’s hand in derivitives.
Oh, I get it…that’s why everyone is pissed off….and yelling…because you are job LOSERS. I feel bad for those who lost there job, but not for the ones who feel they need to have a bitch fit on web with a bunch squarley losers.
Why do you think he/she “hates” LPL? I didn’t read that in the post, just what he/she considers “facts” which I have also heard.
Really, you currently employed LPL drones should step back and not take everything so personally. It’s just a job, whether he/she was laid off, wasn’t hired, etc. This is a layoff blog, so I think those laid off have the right to express how they feel. It is more pathetic in my opinion for non-laid off people to scroll through here, for what purpose?
I believe LPL could be one of the biggest companies to service clients
It already is in the U.S.
and it will do so because we have really smart people running the organization
who’s that?
that knows when it’s time to tighten the belt.
the BOD?
LPL didn’t have it’s hand in derivitives.
WRONG! go back to work! or read the latest 10Q!
P.S. You did it again “your”, but I guess like most at LPL you are “too busy at work” to do anything right the first (or even second and third time). That’s about right from what I hear at LPL, a lot of work getting done, just a lot of BAD work (errors, etc).
“because you are job LOSERS. I feel bad for those who lost there job, but not for the ones who feel they need to have a bitch fit on web with a bunch squarley losers.” There are so many errors in this line you should be ashamed if English is your first language. their not there, job losers? (you in singular losers is plural), on web? (the web?) squarley losers? what is that word?
Your just a pathetic person who didn’t get hired by LPL. It’s cool, they have high standards. It’s cute that you throw out words and pretend to know what your talking about. Most people are above you and have an elevated understanding of what has and will happen in our economy. Don’t be pissed because you suck at your job and lost it, or were looked over by LPL. The fact is the market is competitive right now, and you have to be the best at your job….like interviewing skills because job creation is slim to none. Keep working on a positive self-image, continue to watch Mad Money and subscribe to penny stock alerts…and perhaps one day I will hire you to scratch my right nut.
You really do need to learn the difference between your and you’re, especially if you’re going to lecture others on being bad at their job.
I wouldn’t waste my time on the “Idiot” anymore, because they obviously already know what they are by their ‘Name’.
Stay cool, who ever you are.
Has nothing further to say–owned May 25th 2009 at 1:50pm.
looks like the good old security guards are back…more layoffs today
Is this a rumor? There’s nothing posted anywhere….
you make me laugh
the gummint would have no money without us, those people in gummint jobs would have no money ider
hahahaha
It looks like they are hiring again. See, I told you that it was just contraction.
Oh goody, yeah!
huh?
Can anyone tell me when the 2005 liquidity event was announced within the company?
hmmmmmmmmmmm
still scratchin me head…..
watch out for the falling shoe. Bring your umbrella
Who is Dave Butterfield - never heard of the guy - what office is he in?
That is why you’re an idiot. You have no understanding of economics, the effects of a liberal congress, the fact this all started well over a decade ago and how to watch the news and not blindly follow whatever propoganda they want to sell you for ratings. If you were capable of understanding how history repeats itself you would realize that Obama’s plan is going to ruin this country for decades to come, not because what he’s saying is not compassionate and plays to people’s fears, but because it is fiscally impossible