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.”
#99…I am not sure how much you know about LPL. So either you have never worked there or you haven’t worked there in a long time. LPL now makes their money through several different channels. I am sure the indepent advisor is hurting but he still has to pay Lpl…its a fixed cost regardless of how much the advisor actually makes. Buying Uvest and expanding the institutional side was a good call as well. Those bank programs are a fixed source of revenue as well unless they decide not to continue using lpl’s platform. What people don’t realize is that although the big banks are failing, there are quite a few mid size banks and credirt unions that are doing okay. This is LPL’s target market. This is also where the public is running to….smaller banks and credit unions….so I don.t see that stream of revenue going anyway. One thing I am concernced about is lpl’s “custom clearing” services. But you can’t have it all.
Bottom line….yes lpl may be in debt….but not to the extent that you stating. There may be another layofff….but i think we have some on that as well. March maybe a little too soon. Hold on Chicken Little….the sky isn’t falling yet : ) !!
Get this…we had a guy threaten to “blow this place up” and “shoot this guy in his face”…and this lunatic STILL WORKS HERE!!!!!!!!! let’s lay off some good people but not fire crazy guy who makes a direct threat! ?????????
Get this…we had a guy threaten to “blow this place up” and “shoot this guy in his face”…and this lunatic STILL WORKS HERE!!!!!!!!! let’s lay off some good people but not fire crazy guy who makes a direct threat! ?????????
Where do I send my resume? I want to come back now…..
Bonus hit…. thanks lpl. just hanging around getting paid…thanks lpl….All is well in wpb florida. too cold to go to the beach…its only 77 degrees here.
job search is going well…thanks lpl,pacific life and MSC….my resume is sweet and I have several great leads for a new job. The trick here folks is the think positive, use the reputation of the great ones and use those network contacts you should have been building when you were employed. Like the old fable, the ant and the grasshopper… which one are you?
luckily I was an ant and I worked hard to build a reputaion of being a hard worker, problem solver who made many contacts which I can use to get a new job…
later… hope you all are well
I do miss all of the wonderful folks at MSC. I can verify to all of you uvest,lpl folks that MSC was a company that was running splendedly. Our IT department was awesome. We never had issues on being compliant. We were a family of folks that spent lots of time together and everyone got along. We went through births,deaths,divorces etc. We got hosed by how our systems were taken over to be replaced by bnet. Because I was there for many years I knew each person who was laid off. No one can say that any person from MSC deserved to be laid off. We had no dead wood. We were laid off by department not by position. Whole departments were let go not just managers. We lost fantastic people. Each and every one of them became part of the MSC family. We worked three times as hard when lpl bought us, when someone would leave we were not allowed to replace them. We thought we were going to be okay but then bnet came and caused a lot more which added a huge amount of work and stress….but now that is over for me and I will miss MSC for the company it once was. I was sad but lpl had already killed it. I wish everyone luck and best wishes. God Bless.
In reference to post # 101….I thought Dave Butterfield moved on….he still works there?
Holy Cow #98! Did anyone else check this out? It’s unbelievable!
I got laid off, was a “leading performer” in 2008 and got 13% of my bonus from last year.
Unconsciounable the treatment to those laid off (with no rhyme or reason) to completely get shafted out of no fault of their own. At a time when financially hurting, LPL chose to screw those laid off with the bonus to take care of those still employed. Understandable but completely classless.
If there were criteria for the layoffs, I would understand. But I have now spoken to too many that there was no criteria used, and in fact, even EVPs were not asked who were the good performers. Probably stupidest way to do it, and if you’re currently employed at LPL, it sends the message that you don’t need to work hard or even listen to your boss, he/she has NO POWER in making decisions (even if they are an EVP).
Post #98 has been information that has been out there for a year……..obviously the employees were not keeping or paying attention……..at least the “roach coach” didn’t get canned!
What happened to “invest in others”? What a crock!
Sorry employees - even though we don’t have any shareholders, we’re cutting you loose. Good luck with your mortgage (since we underpaid you while you lived in the most expensive cities in the country). Oh yeah, and good luck making that COBRA payment too.
Why did they pull my question: were any homosexuals layed off? That was a serious question as at least 10 out of 100 were gay at LPL, and I haven’t heard of ONE that got layed off.
Esther isn’t done with them yet
#95 - First, Todd Robinson would never post on this site as he has too much class, and if you want to use his name, you may want to spell his name right.
Second, Karen Forslund Lare will never be out of her prime.
Third, #68, where do we send resumes? I left LPL on my own a few years ago after many years and am looking for new opportunities in the industry.
Okay # 111, I misspelled my name for legal reasons. As for class, if you believe I am a class act (you are correct and I thank you), but for you to kiss my ass, shows you how dumb you are…Unless this was posted by Jim Putnam or Dave Butterfield. Hey, anyone hear from Mark Lopez, Gina Canella, Alan Dean, Jim Gaskie, Dawn Basore or that numb nut Scott in recruiting, how about Armando Vasquez, Lisa Kreitzer, Paul Tolley, damn…I miss the old crew…. You must be stalking Karen…you have followed her life and know her married name? Were you you wanking your shank when you wrote the post? Cheers all…..it was a great run, just glad I got out when I did….onward.
WOW! I worked at LPL for 10 years when we were a very small company owned by Todd. I left before the company was sold and changes really started happening. The LPL today is not the LPL it was and it makes me so sad. I loved my job and sometimes even miss the good ol days. What a shame it has all come down to this.
Greed at the top will always kill a fast growing company, insulating themselves with unqualified yes men that agree not to challenge the status quo. That’s why so many talented people left/were fired; they didn’t play along. Those that play along wouldn’t survive at a real company that requires intelligent, strategic thinking and are happy with their salary at any cost.
RIP LPL
Who were the hottest girls at LPL?….name ‘em dudes…any gal that worked there….let’s see some names.
How bout the hottest guys? hihi
How is the job search going for those laid off? It’s been over a month now. I would like to hear from those let go.
I was offered a job at Bank of America, but turned it down as I heard they are not doing well. I have a second interview at Citigroup on Tuesday…..wish me luck.
#118: Wow! Congrats and Good Luck!
Accepted a job within 2 weeks, had always been “networking” and got several offers upon my “wanted to let you know” email. Still working in financial services, but helping LPL competitors now.
Left LPL and found a job at another firm where I can read the NY Times, smoke cigs every ten minutes and they think I am doing something…..hahahaha, just like when I worked at LPL!!!
Found a job at Dunkin Donuts….you know….working on the bond desk is no different than working at Dunkin….I arrive early, mix the dough, (LPL-Separate orders), drop in the dough,(fax LPL reps), add icing and sell the finished product (Donuts) to customers….in the past, arrived early, pretended to be researching bond markets, took the “dough”, pawned off the over priced dough (donuts/bonds) to customers and let the weasels of LPL..(YOU KNOW WHO YOU ARE) to clients…..then I went out for my 12th smoke break of th e2 hour morning and bought banana bread for my breakfast from the roach coach….funny, i was fat, but everyone focused on Kerry Chong and he died from dieting..hehehehhehehehhehehehehe
Anyway..now at a credit union and I have them believing I do work….hehehehehe, some things never fail…including me
TM
More layoffs coming - from the San Diego Business Journal: LPL Financial, a national stock brokerage that maintains one of its three headquarters here, notified the state’s Employment Development Department it was laying off 122 people as of March 16. A spokeswoman said LPL announced a companywide reduction of 10 percent, or 275 workers, Dec. 29, and was not providing any further information.
No wonder…monkeys galore….too bad for the roach coach….fewer sales of food….maybe Chuey will lay off his wife from the grill when there are fewer employees buying meals on wheels. The financial markets are like the nation…greedy, over paid, over rated and nothing but blood suckers on other peoples assets…..gee…I will buyu you a mutual find and gaina 2% WRAP fee for eternity…..financial planners and experts? Please…Chuey is more an expert on finances that top brokers….reading this Ron????
why do they only list 58 titled positions and seems to stop atthe “p”s PAYROLL ADMINISTRATOR? what about all the VPs?
LPL Financial, a national stock brokerage that maintains one of its three headquarters here, notified the state’s Employment Development Department it was laying off 122 people as of March 16. A spokeswoman said LPL announced a companywide reduction of 10 percent, or 275 workers, Dec. 29, and was not providing any further information.
As of August, LPL reported it had 1,500 employees in San Diego.
#126. The 122 People are part of the 275 that no longer will be employed due to compensation packages expiring.
Good luck everyone in your future and beware of the doughnuts.
LPL for Sale?
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#129, how much you paying? Marci…get me another coke?
To all interested in the posting for a study of employees of a broker dealer….we are dually interested…after all, why would we post under an IBD Survey? Answer and you may get your walking papers….I mena a promotion.
(646) 364-8532
Type: Land Line
Provider: Teleport Communications
Location: New York City, NY
Due to number portability, some numbers have been transferred to a new service provider.
Type: Land Line Provider: Teleport CommunicationsLocation: New York City, NY
(646) 364-8532 is Unpublished
…..FYI PEOPLE
Guys, we have a new phrase regards the lay-offs…..instead of jacking off, it is now Jack White’ing off. Yes, this is official, we have a new term. Wrobo and Miller, you know all about this.
Alan, because all the layoffs were white folk?
Not all the people in HR are terrible, just the current AVP’s and SVP. (What does an AVP do anyway?)
The smart ones have already left to pursue real HR work.
Agree with your comment about HR and the AVP’s…all the good HR people seriously left because that HR dept was CRAZY!
Most HR people are nothing but monkey’s. They peel bananas, act like everything is peachy and strut around like they own the castle. If you have a problem, they turn their backs on you. Monkey’s, monkey’s, monkey’s
Don’t hate LPL, it rules. Awesome pay, great benefits and top notch talent and technology. If you got laid off, I’m sorry. But it’s time to move on.
@ 138 -
3/10
Good attempt though… Needs a little more snark.
I hear GM and Citicorp are hiring talented AVP’s
Great benefits, a financial services co with no 401k match and terrible vacation/sick leave?
Your bigger competitors offer doubld the pto.
[...] LPL Financial Layoff news [updated 1-29-2009], discussion thread [...]
Things have been quiet so I offer you a farewell Haiku.
Empty promises
What is the meaning of this
This will never fly
Was anyone ever told WHY they were selected?
Some of the people let go were the best in our group, not sure what I should be doing to make myself indispensible if the strong performers (from my perspective) were the ones canned.
What did they do wrong and how can I avoid doing the same?
Not judging, just reporting…
“Finra yesterday fined one of LPL Financial’s independent broker-dealers more than $1.5 million because of wide ranging violations in the sale and record-keeping of variable annuities transactions.
The broker-dealer, Mutual Service Corp. of West Palm Beach, Fla., failed to conduct a timely review of variable annuity transactions, falsified books and records of the firm, and gave false and misleading information to the Financial Industry Regulatory Authority Inc. during its investigation, according to the Washington- and New York- based agency.
“We are pleased that this hearing — which involved the time period from 2002 through early 2005 — has been concluded, and that Finra did not at any time allege that any MSC customers were harmed,” LPL spokesman Joseph Kuo said in a statement.
Mutual Service Corp. has reviewed its compliance policies and procedures and made changes designed to avoid future occurrences, Mr. Kuo said. “Equally important, all of the individuals involved in this matter are no longer employees of Mutual Service Corp.”
The matter, however, is far from over. While Finra barred three Mutual Service employees from the industry, sanctions against three other employees have been delayed pending a ruling by Finra’s National Adjudicatory Council.
LPL Financial acquired Mutual Service Corp. in 2007. LPL, which is based in Boston, has more than 11,000 affiliated representatives and advisers across its various platforms.”
It just goes to show that LPL selected the right people to lay off…those of you who who have spent countless hours whining and complaining about the unfairness and bad mouthing anyone who is still with LPL. Get Over It! If you have enough time to spend continually responding to this blog (listen up AB - “if I live to see LPL…I’d be a happy man”) you are a LOSER and deserve to be gone. Good luck working at Mc Donalds….I hear they’re hiring.
LPL has it’s issues, but is a good company. I make a great living and live in San Diego, sure I have to put up with bull sh!t from time to time, but what job wouldn’t?
You really are stupid. If you are not a top brass monkey’s ass, you are not making a good living working at LPL. As far as working at McDonald’s, no I’m not. But I could write a check and buy a franchise outright if I so desired. I know you can’t say that; working at LPL you can barely pay your bills. If you want to see a real loser look in the mirror.
What makes you think you could run a multi-million dollar company any better?!?!!? It would do you whiners some good to really understand the truth that “Pride comes before the fall”. For those of you who are holding your head high, like “SueB”, I wish you all the best, you were always great to work with.
I love how some on here read a few posts and say all 300 are whiners based on this small sample.