LayoffBlog.com

January 5, 2009

LPL Financial To Lay Off 10% Of Work Force

Filed under: finance,US — 7macaw @ 4:24 pm
Tags: , ,

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.”

154 Comments »

  1. i work at lpl it was mostly management who was let go of…

    Comment by anonymous — January 15, 2009 @ 5:26 pm | Reply

  2. it all happened today there were security guards on every floors to make sure no one went postal

    Comment by anonymous — January 15, 2009 @ 5:29 pm | Reply

  3. […] LPL Financial Layoffs happened today [updated 1-15-2009] […]

    Pingback by Today’s Hot Layoff Topics « LayoffBlog.com — January 15, 2009 @ 6:12 pm | Reply

  4. I worked at LPL for 16 months, leacing this past summer. Not surprised, feel bad for the worker bees who put in some seious hours to line Easter Sterns pockets… guess they won’t go public any time soon… so justice is still at arms lentgh. Over all, the company would do well to eliminate 50-60% of their management, which made the company very inefficient. Their processes and controls will force them out of business if they do not change their ways. As an investor I would never put my trust in LPL back-end systems… trust me… I worked on the,

    Comment by JJ — January 15, 2009 @ 7:11 pm | Reply

  5. Just to respond to the comment by JJ, they actually did eliminate a lot of management. If you were to count 10 people laid off probably 6 or 7 were management positions. I believe most the worker bees were spared this time aroound. But I don’t know what to expect if there is another round.

    Comment by CC — January 16, 2009 @ 1:37 pm | Reply

  6. I worked at LPL for 6 years. Most of the upper level and mid level managers are idiots. The phrase “it’s not what you know but who you know” certainly applies to the hiring and promoting practices at LPL. If your advisor is affiliated with LPL it would be wise to move your money to another company. When LPL does go under, LPL clients will go through hell in getting their assets back.

    Comment by AB — January 16, 2009 @ 8:44 pm | Reply

  7. Yes I got the ax too. It was not based on performance, industry knowledge, tenure or anything else. Basically they staretd cutting dept heads and if you worked with them at any mgmt level you too were gone. There are tons of incompetent people left now running the company. Several of my spared co-workers at AVP didn’t know what IRA stood for . . .

    I also agree, it’s who you know and if they liked you. Heavily female dominated, and sorority style leadership (whoever gets the most hugs wins) Some of the best minds there were let go and this will be the begiining of the end for LPL.

    Comment by Annonymous — January 17, 2009 @ 10:58 am | Reply

  8. I worked there a year and a half too long and worked many long hours thinking I’d be rewared. What happen? After upgrading their systems I was replaced with H-1B’s. The project manager was actually sneaking into my office and into my dev machines to get copies of my code in the after hours the week I was laidoff — that’s the “professionalism” that exists there.

    Comment by cctech — January 17, 2009 @ 1:16 pm | Reply

  9. I was a VP with a ton of experience. With no warning after a near perfect performance review, I was given the boot. No idea why I was chosen over others and was not given any facts surrounding the decision.

    Comment by VP — January 17, 2009 @ 7:33 pm | Reply

  10. I would sell my soul to the devil if he would guarantee the demise of LPL.
    If I live to see the day that LPL fails I will die a happy man.

    Comment by AB — January 18, 2009 @ 9:02 pm | Reply

  11. I worked at LPL for 2 years. I figured they would choose the employess who have been there the least. Unfortunatly that wasn’t the case. I can say that I am thankful for the pay and severence. Everything Happens for a reason!

    Comment by Newstart — January 19, 2009 @ 11:19 pm | Reply

  12. What did they base it on then?

    Comment by dkhbd — January 20, 2009 @ 1:31 am | Reply

  13. I went in the morning of the layoffs having already heard from home about the widespread panic. Knowing that the panic stricken/unable to cope with crisis, individuals, were the last ones that needed to worry at a firm like LPL, I made a comment that I was at a stage in my dealings with the firm that if they decided to list me amongst the ranks, I’d walk out happily. I now look at things from a standpoint of total relief – that I’m not going to be among the people that are there in 10 years with no pay increases or other acknowledgement – and as they think back on their careers, realize that because they got comfortable there, they actually just rotted away there. And a lot of people that had been with the company since it was just a few dozen were on that chopping block – so even those that weren’t cut can continue on rest assured, that if the chips were down their backs wouldn’t be covered either.

    Comment by Anonymous — January 20, 2009 @ 7:16 am | Reply

  14. Ok I dare to post this blog with my name due to the fact that I don’t want speculation that I may have left some of these messages that I am reading–I just want my message to be clear. I understand the sentiments shared from everyone. I was at LPL almost 15 years – I lived and breathed my job. Although I am still shocked that I was one of the casualities of this market, trying to figure out ‘why me’ or ‘how could they’ will do me no good and is wasted energy. The only thing I will say is that I am sad for the department and staff and friends I left behind and worry about how things will get done now – this is only natural after all… It was a big part of my life for many years and of course I still care. That being said, these changes have been made and it is time to move on and move forward. Change can be good. Things really do happen for a reason and we will all end up working where we are meant to. A friend of mine told me “you’re new job is looking for a job”. That is what I am focusing on – moving forward. I understand people need to vent and grieve but don’t take too long. Use this time to figure out what you want to do and try to make it happen. Focus on turning this around and into a positive for yourself. !!

    Comment by Anonymous — January 20, 2009 @ 7:59 am | Reply

  15. No one else could have said it better! Way to have a positive outlook on the situation! Wish you all the best of luck!

    Comment by Newstart — January 20, 2009 @ 8:56 am | Reply

  16. I worked at LPL for over 7 years. When i started there were under 100 people in the company. I watched it grow to over 1000. All i can say is I’m shocked.

    Comment by DLight — January 20, 2009 @ 6:04 pm | Reply

  17. BTW .. I left years ago.

    Comment by DLight — January 20, 2009 @ 6:09 pm | Reply

  18. Shocked and saddened. A lot of good people lost their jobs and my prayers go out to them and their families in these difficult economic times.

    You can’t blame LPL. The economy is in shambles so what else can they do?

    What has happened to our country?

    To BC: Best of luck to you.

    :-(

    Comment by Anonymous — January 21, 2009 @ 9:03 am | Reply

  19. You people need to look at what LPL gave you comapared to a lot of other companies that didn’t give out anything but an empty box to pack your stuff in. It does suck to laid off because it happened to me after working for five years at a company and i didn’t get no paid 60 days and or a severence.

    Comment by Lucky — January 21, 2009 @ 10:14 am | Reply

  20. You have job security at LPL if you meet one of the following criteria:

    1) You are a top brass monkey’s ass?
    2) You are dumber than a goat and blindly do what you are told
    3) You make less than $30,000/yr

    If I live to see the day that LPL fails I will die a happy man.

    Comment by AB — January 21, 2009 @ 12:45 pm | Reply

  21. I still work at LPL.

    BranchNet has a infinite loop error that was never fixed. It is a ticking timb bomb and there are too many idiots in the company to understand whats going on… Their software is outdated and quite unreliable. The cannot go public because the accounting is off. There are examples of client A and client B having their dividends switched for years.

    The SQL Server code to BranchNet does not present an abstract variable for a transaction but an integer. When SQL Server enters a Race condition it causes an infinite loop. IE: BranchNet failures in August 2007 were never fixed.

    Everybody I work with is a complete idiot and ruthless. They use your ideas for their own ground and report it as their own. I’m only here until my Employer 401K Match is up then I’m quitting. The one good thing about this company is you learn how NOT to run a business. You see all the bad back-end examples possible that now you know what to look for anywhere. There is a reason LPL gets fined all the time and hacked. Their technology is from the 90’s.

    Comment by Anonymous — January 21, 2009 @ 1:39 pm | Reply

  22. to Lucky: LPL didn’t give anything beyond 1 month to most. the 60 days notice is MANDATED by law. And since LPL is the only game in town, many who relocated for the job are now out of luck, and are no doubt under water on a house purchase. LPL doubled their employee count in a year VERY unresponsibly and now have left hundreds of families in a lurch at the worst possible time.

    to Dirk: You can blame LPL when the reasons behind who got cut were never explained or were flat out lies. It was no doubt a popularity contest.

    to AB: add a minority, gay/lesbian, or female

    to Annonymous: there’s no 401k match anymore . . . you also learn mgmt styles that are completely contrary to best practices

    Comment by unimpressed — January 21, 2009 @ 6:22 pm | Reply

  23. To the moderator: Why were the top brass monkey asses’ name deleted? Oh well, we know who they are.

    To anon: About 1 in 5 accounts have major accounting mistakes of at least $5000. Whenever I came across one of these mistakes and pointed it out to a supervisor I was told to correct the mistake. Why did I have to fix it? LPL’s logic was that I found the mistake so it was my responsibility. Wouldn’t it have been better for the person who made the mistake to correct the mistake so that it wouldn’t happen again? Eventually I had to just overlook these accounting errors because I would get written up for not completing my mindless daily drivel.

    Email to me from an LPL customer service rep: This mistake must be fixed immediately as there is market risk in treasury bills!!! Idiots abound at this place. Lucky for LPL that the clients don’t know how stupid most LPL employees are.

    If I live to see the day that LPL fails I will die a happy man.

    Comment by AB — January 21, 2009 @ 7:21 pm | Reply

  24. Riddle me this?
    What works 6-7 hours a day, has half a brain, is on probation, and can’t do a simple advisor phone call without their hand being held? Answer-a current LPL employee.
    What works 11-12 hours per day, gets exceptional reviews, has a full brain and can carry on escalated calls with advisors flying solo? Answer-a laid off LPL employee.
    Not bitter, actually relieved. Now I can work for a company that actually cares about and values hard work.

    Comment by JPL — January 22, 2009 @ 6:51 am | Reply

  25. LPL sucks. We all know that. I worked at LPL and as soon as I came out of training, I knew it sucked. My manager was dumb, my director was dumber, my AVP was the dumbest, and so on and so on and so forth. Let’s not talk about Human Resources. What company do you know where the HR Generalist is really an Administrative Assistant and the VP of HR does the work of the Generalist??? If it is dumb, makes no sense and is a SEC violation, it is policy and procedure at LPL.

    Comment by LPL Sucks and You All Know It — January 22, 2009 @ 9:12 am | Reply

  26. I always hate to hear about people losing their jobs, but as an ex lpl employee I know the grass is greener on the other side. If you didn’t feel like you were compensated enough, had growth opportunities, and felt like many of your co-workers and management didn’t know anything then you should be glad that you were let go and they will pay you for 30 days.

    Life is too short and there is always opportunity out there. Best thing that I took away was all the contacts within the industry of mutual fund, annuity, & insurance carriers. Because of those, I feel like many different carriers would welcome me as their employee. Best of luck to those in search of a new venture.

    Comment by LPL IAI — January 22, 2009 @ 10:26 am | Reply

  27. LPL is a good company, they did what they had to do.

    Comment by LX — January 22, 2009 @ 11:24 am | Reply

  28. I agree that overall they are a good company. Just like every other in the industry you either fit into the culture or you don’t. From what I hear they hired way too many employees over the last 4-5 years and I would think they still might need to cut 300-500 more if things continue to get worse.

    Are the advisors happy? Have many of them left? Also, hasn’t LPL been saying they are going public “soon” for the last 10yrs. I wouldn’t hold out for that.

    Comment by LW — January 22, 2009 @ 12:21 pm | Reply

  29. You guys are just pissed because you worked your asses off for nothing.

    I am a lazy no good slacker and was able to keep my job w00t!

    Comment by Still Have A Job — January 22, 2009 @ 12:30 pm | Reply

  30. I heard that people got laid off. The names were surprising. Basically all the smart people that did a good job got laid off. There are not a lot of talented people there left. Advisors are going to get crappy service and this is the beginning of the end.

    Comment by NoChance — January 22, 2009 @ 12:44 pm | Reply

  31. LPL RULEZ!

    Comment by Still Have A Job — January 22, 2009 @ 12:45 pm | Reply

  32. all in all, this company is whatever. i just wish i had a say on who got to leave and who stayed. i would have left (on my own accord) but would have taken many incompetent, self righteous folks with me. its not about who you know its all about how much you brown nose and how much you look like you are trying round here. dont get mad at me cause my C effort is your A! if you cant do the job as good as me when i barely try… sorry. dont throw rocks at the throne. its disappointing cause you shouldnt have to brown nose to get anywhere but it seems like LPL THE GREATEST MICROMANAGER IN THE WORLD (only in the service center i hear), from my understanding… only brown nosing gets you attention and promotion with NO pay increase. go figure. im here now but soon… i wont be. thank the system the folks that got laid off got paid. lucky bastards. anyone wanna switch positions?

    Comment by Anonymous — January 22, 2009 @ 1:09 pm | Reply

  33. The one thing I found funny was the amount of people who got laid off who did not want to lose their jobs. I would have gladly volunteered and taken the package if that was an option. But it wasn’t. Why? Because they would have lost a lot of hard-working, under paid, and under appreciated employees.

    A lot of the changes they make in culture are phantom changes. They are there to make you think that the company is responging to employee concerns/complaints, but they really are not. Take the tuition reimbursement program, which was an absolute joke. Ditto the new Employee review process – waste of time.

    When it comes down to to it, LPL is pretty much like working with the rest of corporate America. Oh and the only people left in my department from when I started are the Director and VP. Turnover of about 15 people.

    Comment by I would have volunteered — January 22, 2009 @ 1:23 pm | Reply

  34. Okay you whiners, get a grip and get over it. There is no such thing as loyalty in corporate america, so if that is what you are looking for then you will be continually disappointed wheverever you go. LPL did their part….they gave you a paycheck…everything else was gravy. If you chose to stay in an environment where you were unhappy that”s on you.

    Don’t get me wrong,, my heart goes out to the ones who lost their jobs, some of whom I knew personally. But you can’t go around with all this hate. As someone who has been laid off several times…both with and without severance, i do understand the fruistration…but you wouldn’t want this coming out in your next interview.

    For those of us still here, be careful.. Especially if you are using lpl’s computer to make your comments. What goes around, comes around and you could be in the next round of laysoffs.

    For the record, there are still plenty of knowledgeable people in lpl who do not kiss ass…we were just lucky this time around.

    Comment by luckyone — January 22, 2009 @ 1:43 pm | Reply

  35. I too was one that was laid off from LPL and have been in the financial industry for 20 years. Its good to see those that were let go able to express their grief here on this blog. But to those that do have a job, get your head out of your asses. LPL has its quirks but what company dosent. This is a global recession, everyone is tight strapped for cash and families are barely making it to survive. Whatever your salary range is be happy you have a Job. Its not prison and you can obviously find another line of work. To those that feel like someone owes you something, look in the mirror, whatdo you owe yourselves. Why work somewhere that you do not like. mediocre habits will only get you mediocre results. This is not the first time and will not be the last the industry will have to lay off ppl in order to stay afloat. Tenureship or not. For those that volunteer to stop working. Here give me your badge I will work for you.

    Be grateful.

    Comment by gizmo — January 22, 2009 @ 1:57 pm | Reply

  36. Which department got hit the hardest?

    Comment by no name — January 22, 2009 @ 2:06 pm | Reply

  37. Some people that posted on here need to get over it and themselves. Some of you say the company is comprised of morons and incompetent people. You just happened to be the most incompetent/overpaid and had to go. Don’t take it out on the rest of the company who are hardworking individuals. Everyone I know there has a college education and many are Series 7 licensed. I don’t think a incompetent idiot could attain those, do you? Get over yourselves, your A’s got canned for a reason and the reason was you were a waste of money.

    Comment by Anonymous — January 22, 2009 @ 4:37 pm | Reply

  38. Anon are you kidding me??? Are you on drugs or were you born stupid? Most of the smart and competent people left long before all this went down. The good employees that got let go are glad they did as the LPL culture kept the “cream of the crop” at the bottom. Anon, if you work at LPL I’m sure I corrected your many mistakes and/or had to teach you the definition of esoteric financial terms such as IRA, 401k, cash, etc.

    My dog could get a four year degree and pass the series 7. And I’m sure she is much smarter than you.

    If I live to see the day that LPL fails I will die a happy man.

    Comment by AB — January 22, 2009 @ 5:27 pm | Reply

  39. Well put #35!

    If you live in Charlotte this is not unfamiliar territory. Let’s see TIAA-CREF moved a bunch of people down from NYC in 2000 (on their NY salary might I add) and layed them off in 2002. And last I heard they were laying off without severance. Walk All Over Ya (I mean Wachovia) and BofA lay off seasonally. And that is a well known fact when you take on a job for either of them. Um…Vanguard doesn’t pay worth a crap (which is why everyone starts there 1st because they will pay you while you get your licenses). And trust many of the people that you interacted with made the local rounds to many of these companies. So all that feeling the love stuff is a bunch of crap.

    AB I have just one question for you…if LPL sucked so bad, why the hell did you wait for them to lay you off? 6 years is LONG time to put up with a bunch of incompetent idiots for less than $30k per year. I bet your brass monkey ass signed the damn aggreement and will not be returning your 1 month pay or any amount of the severance they will be giving you. Entitlement is b*tch!

    Comment by NTW — January 22, 2009 @ 6:09 pm | Reply

  40. Did someone post names and they got deleted? What happened to freedom of speech?

    does anyone have any names? I’d be interested as someone who bailed a year ago

    Comment by Interested ex employee — January 22, 2009 @ 6:33 pm | Reply

  41. NTW: Where did I post that I was laid off from LPL? You’re right, 6 years is a long time to work with so many incompetent idiots and brass monkey asses. I should have WALKED OUT much earlier than when I did. Since you don’t seem really that bright I’ll explain to you that when you voluntarily quit a job you are not entitled to severance or unemployment benefits (uh, this means I received no entitlements). NTW, I feel sorry for you because having 4th grade level reading skills must be a b*tch! Here’s an idea, apply for a job at LPL. I’m sure with your “qualifications” you would get hired and I know you’d fit right in.

    If I live to see the day that LPL fails I will die a happy man.

    Comment by AB — January 22, 2009 @ 6:55 pm | Reply

  42. REMEMBER THIS YOU WHINEY LIBERALS: No employer or company owe you anything! Pull yourselves up by your bootstrap and stop whining. You former employees need to stop throwing stones at a company that only did what was only in its best interest. Remember, a business decision is never a personal decision.

    Furthermore, employees of any company are expendable…there’s nothing special about you or me. I must say, the extraction of middle management is an unusual move but I understand the logic. Also, the negative and childish opinions expressed here are indicative of what was wrong with the company in the first place. LPL is not perfect place to work but it’s a good company compared to most and I would gladly say it again if I was laid off at the end of the next qaurter. To those of you who wish to remain in the finance as a career choice, PLEASE HEED MY WARNING: We are in for a very arduous and tough four years now that we have an untested and clueless “tax and spend” liberal/socialist president in office. Here’s to a QUICK and PAINLESS FOUR YEARS! GOD SPEED,I wish you well former colleagues and friends.

    Comment by DogEatDogWorld — January 22, 2009 @ 7:37 pm | Reply

  43. LOL #42. That’s what was needed comedy. Right at the right time!

    Comment by anon — January 22, 2009 @ 7:52 pm | Reply

  44. ONE MORE THOUGHT: Too bad operations wasn’t entirely wiped out. They do nothing but collect a paycheck, screw up simple data entry detail, give bad and often vague information. Heck, trained monkeys can do better than those people. Well that’s all for me folks!

    Viva la Reagan and Cheers!

    Comment by DogEatDogWorld — January 22, 2009 @ 8:00 pm | Reply

  45. Amen Dog Eat Dog! You’re are telling the truth, brother! Most of these California liberals are whiners indeed.

    Republican and Proud

    Comment by Morning Joe — January 22, 2009 @ 8:32 pm | Reply

  46. Has LPL Human Resources reps entered the site as Replubicians? Raw Raw LPL! Raw publiciannn! Stay tuned!!!

    Comment by LB.com narrator — January 22, 2009 @ 9:53 pm | Reply

  47. #42, all this mess was caused by the right wing neo conservative deception of perfect markets and no need for regulation, by greed corruption, and deception of the last 8-12 yrs. so u say the new guy is going to make it worse than the traitor of all americans gw bush and his policies destroyed the fundamentals of our economy stripped away the checks n balances that made it trust worthy to do business in america…..but either way, why are you complaining now you are really on your own, go get that job a 7 eleven like u guy so often advocate to the working poor…

    Comment by employed not bitter — January 23, 2009 @ 11:17 am | Reply

  48. Very bad management from top to bottom. HR is a joke. IT infrastructure is a joke. Pay and benefits are a joke. This is a typical third rate company. No, I was not laid off. I went out and started a company 3 years ago. It’s a first rate company that pays its employees well and treats them with respect.

    Comment by I HATE LPL — January 23, 2009 @ 1:29 pm | Reply

  49. To #48 ARE YOU HIRING!?
    Thank you.

    Comment by Interested — January 23, 2009 @ 2:51 pm | Reply

  50. I’ve been gone from LPL for over four years and from the look of these comments, it looks like nothing has changed. My department was a joke. My boss was unqualified, autocratic, had zero listening skills and had horrible buffalo breath. What a tyrant. I’m glad I left when I did! To those of you who got the axe, trust me, there’s a whole world of opportunity out there. Go make it happen.

    Comment by LPL sucks — January 23, 2009 @ 3:16 pm | Reply

  51. Tough decisions were made – you’ll all get over it.

    Comment by E.W — January 23, 2009 @ 10:44 pm | Reply

  52. What was the head count at the other sites? In West Palm Beach 33 people were laid off. Wasn’t it suppose to be 10% percent through out all of LPL?

    Comment by I'LL NEVER TELL — January 24, 2009 @ 3:05 pm | Reply

  53. C’mon people! Let’s have less political & economic philosophy and more useful gossip! Like on lay off day, the police were called over in Plaza 4 because someone was getting confrontational. Does anybody know the story on that?

    Comment by Anonymous — January 25, 2009 @ 2:36 pm | Reply

  54. Right on 53. I’m really surprised someone didn’t go postal. LPL really does suck…BAD!!!

    Comment by LPL iza Joke — January 25, 2009 @ 7:33 pm | Reply

  55. It’s unfortunate that talented long time people were laid off. Is this really a beginning of the end for LPL? It’s clear that more layoffs are coming. Why get rid of the managers and leave temps, staff that is underperforming. And everyone knows that there is at least one employee in every department that can easily be removed. I’ve heard that there are a collection of now unsupported software and applications that exist in Microsoft Access that need support and maintenance. It’s time for financial advisors to realize that LPL is no longer a good place to stay with and move their business elsewhere. Technology is outdated and you need talent to enhance it, that is now laid off.

    Comment by Jone Doe — January 26, 2009 @ 11:33 pm | Reply

  56. So, last week it was OK for people at LPL to look at this blog and this week it’s not?

    Comment by Anonymous — January 27, 2009 @ 4:31 pm | Reply

  57. #56: not much new to report, maybe..

    Comment by Anonymous — January 27, 2009 @ 6:27 pm | Reply

  58. they blocked this site!!!! too funny….

    Comment by Anonymous — January 27, 2009 @ 6:35 pm | Reply

  59. they blocked this site at work….too funny!

    Comment by Anonymous — January 27, 2009 @ 6:36 pm | Reply

  60. LPL is becoming the worse place in town to work at, they are taking away all benefits and treat everyone like crap now, they know people just have to shut up and take since things are so bad out there.

    Comment by Anonymous — January 27, 2009 @ 6:38 pm | Reply

  61. #58, 59: they do not want people to speak out. Freedom of speech means nothing to them

    Comment by Anonymous — January 27, 2009 @ 6:42 pm | Reply

  62. #58, #59: Turn on your ‘stealth mode’ and access layoffblog anonymously by using http://www.browser9.com

    Comment by Anonymous — January 27, 2009 @ 6:49 pm | Reply

  63. Google Cache works too!

    Comment by Anonymous — January 27, 2009 @ 6:53 pm | Reply

  64. I was laid off and a great performer (at least that’s what my reviews always said). Anyway, almost 2 weeks later, I feel the best I ever have, have a new outlook on life and am truly blessed. It was hard to see how crappy things were there until you’re on the outside.

    Anyway, as I have a strong background, already have 2 offers at more than I was making at LPL, and the benefits are MUCH better (I had contacts that I always kept in touch with and were immediately looking to bring me on). I believed the hype to make a switch to LPL (as it was such a “respected” and “growing” place) and although the environment was ok, it was a terrible place to keep your brain working.

    I honestly hope they pull through because so much talent is now gone from there. Most of those who worked for respected firms prior to LPL were let go, from what I gathered it was strictly a salary decision. If you made the most at your grade level you were gone compared to peers in your group. Problem is, usually those making the most are worth the most and perform far better than those making a little less.

    Comment by best thing that ever happened — January 27, 2009 @ 7:34 pm | Reply

  65. Whom might be LPL???

    Comment by ? — January 27, 2009 @ 7:41 pm | Reply

  66. I was one of the lucky ones. I worked with an affiliate b/d who lpl bought a year and a half ago. They came in and changed all of our processes which had been working for 40 years and systamatically flooded usnwith their crappy bnet and all of the other lpl systems which dont work and are going to be the death of lpl. just to change an advisors address takes 5 different departments and four months. the change over to bnet caused clients accounts and assets to go to other reps. personal client info being viewed by reps in other parts of the country!! I was with my company for 10+ years. I was very happy until the big monster came and ate us up and now have torn everything apart. HA HA I voluntered to leave but they said no but then happily they took apart my whole floor with 68 of our 160 employees being let go in wpb. My work ethics were being compromised so I wanted to get let go as it became a big fat joke. At first I got mad and frustrated out of my loyalty to the company that I loved. I hated to lie to reps about why their accounts were missing and assigned to other reps. Their clients were getting all kinds of welcome letters and began to call their rep who are trying to figure out just what smells like poop. Looks like dogeatdogworld apparently drank the lpl coolaid. I gave up and realized that lpl does the things they do because they dont care so why stress over it. You watch, lpl is headed down the long road of fines, law suits and once reps realize what has happened to lpl.

    Comment by ha ha I am off with pay — January 28, 2009 @ 8:52 am | Reply

  67. I used to work at LPL. Most of the people who were laid off were dead weight. Maybe 1 in every 10 names I heard was actually a loss and those were just b/c of redundant positions. LPL doesn’t really take perofrmance seriously so if someone fails in a role, especially management, they just move them elsewhere or make them a project manager. This is why there was plenty of dead weight to cut.

    In my opinion LPL didn’t cut enough. Middle management is still bloated and filled with peoples friends and drinking buddies. I’ve never been around a firm that has so many people who are not licensed and have no industry experience. As someone else mentioned, the lack of basic industry knowledge and understanding by so many VP’s and Directors is astounding. FINRA would have a field day with the fact that unlicensed people are acting in a principal/supervisory capacity.

    Comment by Anonymous — January 28, 2009 @ 6:44 pm | Reply

  68. Don’t work there and probably never will, just reading the blog because I am what some in this blog may consider the “IDIOT” manager that you worked for over the past 6 years and I need to fill a couple of positions in San Diego within the Financial Industry. Wow I will think twice now when I see a resume from someone who used to work at LPL. Not because I think they are idiots or incompetent, because you can’t rank #1 in this industry for so many years by doing all the wrong things. I will think twice because of emotional comments on this blog that make it to the internet and try and trash a company. So if you think that this attitude makes me an IDIOT go ahead and send me your resume we can discuss it during our interview (maybe).

    So maybe I’m just a little confused here we have people who stayed at a place they hated for 16 months, worked for people they considered “idiots” for 6 years, blame it on the president George Bush and numerous other comments of hate and discontent. Why would anyone stay at a job that brings so much stress or discontent? Why would someone work for “idiots” for 6 years? I’m sure that the President’s last thought was to ruin the job that you hate.

    I agree that this blog is a good thing, but venting will only get you so far.

    When you look around other companies are laying off thousands and have been laying off since 2000 (SUN). So instead of focusing on the negatives and being upset it’s time to take advantage of some of the knowledge that people who left before the layoffs or the assistance that is being offered to find a new job. So instead of complaining about the company help your colleagues with writing resumes, coaching for interviews or letting them know what temp agencies are available to find work in this industry.

    All the funny comments about security being around the day of the layoffs and the police being called may seem funny to everyone here but work at a place and witness a disgruntled employee come in and shoot 7 people and you will understand why. I’m sure it would be a big laugh if someone you worked with at this company and still had contact and respect for was killed by the same disgruntled employee. If security or police was not around then everyone here would be complaining about why didn’t they prepare for this potential situation. Or think if your spouse or significant other is at a company where layoffs are announced and security is not available and the disgrntled employee shows up and kills or injures them how funny is that?

    Having been in this industry for many years and watching acquisitions happen and not happen, guess what…? your part of the 20 years of success is for sale for a reason and it’s not because the biggest kid on the block is trying to take over, it’s because the company you once worked for is not making a profit on the 20 years of success. Maybe it wasn’t part of what they were good at. Never try to sell ice if you live in Alaska sell electricity, heating oil or natural gas instead.

    I know that responses will come in, some good some bad but, remember everything you say on here is public and searchable and if you don’t care about hurting yourself remember the people you “respected and liked and may be un-employed whether for valid or invalid reasons in your eyes” are trying to move on with their lives and possibly their family’s lives, and so far all your doing is hurting each other because in the long run be it fair or not, a group of a few can ruin it for all. So feel free to to respond negatively and send out your resume as I said maybe we can discuss it in the interview.

    Comment by Confused — January 28, 2009 @ 9:46 pm | Reply

  69. Oh really #67, so someone verbally told you the 300 or so employees laid off and you told them “dead weight” or “weight” while smoking a cigarette or a joint?

    Comment by Anonymous — January 28, 2009 @ 10:38 pm | Reply

  70. This is probably the only time we will be able to talk to each other around the company. What about hearing from some AXA folks?

    Comment by Anonymous — January 29, 2009 @ 4:48 pm | Reply

  71. I would only blame GWB for the global economic downturn. Go Obama!

    Comment by Anonymous — January 29, 2009 @ 7:51 pm | Reply

    • 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

      Comment by sifts through the BS — March 3, 2009 @ 12:09 pm | Reply

  72. Comment by Anonymous — January 28, 2009 @ 6:44 pm

    No question that was someone from LPL HR “public and searchable” sounds like a threat

    Comment by in response — January 29, 2009 @ 8:28 pm | Reply

  73. I was at LPL for four years, and left just over a year ago when I saw “the writing on the wall.” I ran an entire division reporting directly to the CEO. After 5 acquisitions in a 18 month span, I saw ‘golden parachute” executive position creation for inept “key executives” at the acquired firms. I knew the bubble was going to burst when LPL went from having 5 managing directors when I first arrived up to over 20 MD’s when I left.

    I was one of the fortunate ones to get out at a good time. I cannot complain about LPL as an employer. They treated me extremely well. However, i will happily concur with anyone who posts their discontent with the underperforming and inexplicably inept senior management that was absorbed in from numerous acquisitions LPL entered into.

    I would like to wish all of those who were adversely affected by the layoff, the best of luck. Hopefully, time may open up many other opportunities for you.

    Comment by EXEC — January 30, 2009 @ 7:45 am | Reply

  74. I seriously can NOT believe you laid off losers and disgruntled employees are still bashing LPL! It was a hard business decision and that’s that. You people are disgusting and I can not believe I had the displeasure of working with some of you people. Suck it up, and move on with your lives! After reading these comments, it seems to me the RIGHT people were laid off and I hope many of the current disgruntled employee get the ax at the end of the next quarter.

    e. pluribus unum

    Comment by e. pluribus unum — January 30, 2009 @ 6:42 pm | Reply

  75. I’m still at LPL and they are now having some stupid meetings for all management to help with the transition. Wasting more money!!! They spend so much money on stupid things. They are also hiring temps to fill in some areas. How can they lay off regular employees and still have temps? We still have temps in our area and they haven’t said a thing about letting them go. Most of the people laid off were old timers. I think they wanted to get rid of them so they could have new blood. It’s a shame. I’m sorry for all that lost their job and I hope you find something bigger and better!

    Comment by Still at LPL — January 31, 2009 @ 11:31 am | Reply

  76. It seems like a 2nd round of layoffs is planned for middle of march. current employees need to start looking for jobs before so many people are unemployed, that there will not be much jobs left. advisors need to move their business elsewhere because their work is being done by temps mostly. I wish someone would send a link to this blog to top 10 LPL advisors including Ron Carson.

    Comment by jokster — February 1, 2009 @ 11:09 am | Reply

  77. I am the author of post #67. Yes I had a list, by about 3:00 EST on 1/15 I had a list of ~100 names from one of my friends still at LPL. By the next day I knew of ~200 of the people’s names who were laid off. I was a VP there – trust me – I know who was well thought of and who wasn’t.

    When I saw the names my reaction was “project mgr, project mgr, guy who failed @ mgmnt, project mgr, guy who f’d up a big project, guy who failed @ mgmt, guy who was an AVP of a 5 person dept, Director of a dept which also had a Mgr, AVP & VP….you get the point.

    I actually commend LPL for laying off the weak people and not taking the easy route and laying off entire dept’s or locations (to avoid discrimination claims).

    Comment by Anonymous — February 1, 2009 @ 8:31 pm | Reply

  78. If LPL is such a horrible place to be, why such bile from those of you who are leaving? Shouldn’t you be happy? The environment is bad here in NYC and I’m keeping my eye out for opportunities. Sunny San Diego California sounds nice at this time of year! It’s difficult for me to determine whether the rantings here are just sour grapes or true indicator of something amiss at the firm. It’s hard to imagine the capitalists backing LPL allowing idiots to put their investments at risk.

    Anyhow, good luck to all. It’s tough all around. For those with and without jobs. At good firms and bad.

    Comment by FinServe — February 2, 2009 @ 10:11 am | Reply

  79. to those who keep claiming (incorrectly) that they laid off the “weak”, I can assure you I know of several who receive a leading performer review weeks before being let go. Does that constitute “weak”?

    Will you claim the performance reviews were all bogus as well? How you determine “weak” in an environment that is so juvenile is beyond me. From what I could see, 80% of the workers at LPL were San Diegans who had never been east of Arizona. For a wall st firm that’s beyond unacceptable. From what I also gathered, many who were let go had strong backgrounds on actual wall street.

    Also, you are assuming that managers had a play in the decisions, which is contrary to everything coming out of executive mgmts’ mouths.

    And to those posters claiming everyone let go a loser, etc do you see 300 posts here? You must be pretty ignorant to assume that a few LPL posters that need to get over it means that 100% of those let go are whiners.

    Comment by not true — February 2, 2009 @ 12:55 pm | Reply

  80. In some departments the reviews are a joke. And yes more layoffs coming maybe as soon as march.

    Comment by reviews — February 4, 2009 @ 12:44 pm | Reply

  81. After reading all the comments this evening I’m not shock but disappointed that while everyone seems to have the same basic understanding that management within this company LPL/UVEST can’t make good decision the owner’s still continue to have their head in the sand in California! Why can’t the culture change starting at the top and pushing through to everyone, we have to beleive that all of our efforts were not for nothing! If everyone would take the approach to actually having TEAMWORK this company could be awesome think of how the culture would change, employees would actually want to go to work and be productive instead of standing around waiting for the next round of lay-offs. If you are currently an Executive of either division please make a culture change, implement change, everyone knows we need it NOW!

    Comment by Culture Change — February 4, 2009 @ 4:31 pm | Reply

  82. Anyone get their bonus letter today?

    For those laid off: what percentage of last year’s bonus did you get (and what level)?

    For those currently employed: What percentage of last years?

    I’m hearing stories of as low as 10% of what you got last year . . . can a company retain employees if/when the market recovers treating their current and ex employees this way?

    Comment by bonus — February 4, 2009 @ 6:35 pm | Reply

  83. Current AVP, 87 percent of last year’s

    Comment by curent — February 4, 2009 @ 7:56 pm | Reply

  84. 37 percent of last year’s bonus. When the markets recover, they will ultimately pay in the end.

    Comment by Employed — February 5, 2009 @ 6:16 am | Reply

  85. Isn’t a smaller bouns better than none? At least you’re still there. If still working there isn’t good enough for you, you are free to leave.
    Last time I checked, if it’s not your name on the building then you don’t get to call the shots. This applies to pay, benefits, layoffs, bonuses, etc…
    If you’re still there, be happy because you have a job. If you were laid-off, be even happier!
    I was there for almost 16 years and left almost 4 years ago. The last 3-4 years I was there it seemed like many (not all) of the new hires had very little respect and/or pride for both the company and their coworkers. I don’t miss it one bit…well, except for all the cute girls who work/worked there.

    Comment by Off the Ledge — February 5, 2009 @ 10:41 am | Reply

  86. LPL is the best firm in the biz, all the haters on here are just pissed they didn’t get hired there!

    Comment by W Hates LPL — February 5, 2009 @ 12:07 pm | Reply

  87. Ex-VP got 10% of what my bonus was last year. It’s a little insulting, then again, I’d rather have them not pay a bonus and have kept me. I think they lowballed all the displaced folks. Any way you think HR/Sr Management would even bother explaining the formulas . Funny thing is my review was outstanding…Oh well.

    Comment by hmmm — February 5, 2009 @ 12:37 pm | Reply

  88. I worked at LPL and left on my own. Simply put, they employed a lot of people, some good, some utterly worthless. Is this different than other companies? No, not really. It was a culture of brown-nosing, no doubt about it. The talented ones did get some fair shakes, and some didn’t. Depended on how much brown stuff you wore on your nose. There have been rounds of lay-offs over the past 8 years. The company will survive. Change is good for people, it makes you realize what is important and what is not. I sympathize for those let go and sympathize for those still there. Automation is the driver of change and it is amazing there are as many people still there….after all, how many monkeys (especially trading) does it take to turn on a computer?

    Comment by LPL no More — February 6, 2009 @ 7:12 am | Reply

  89. What is the severance package at LPL layoff?

    Comment by FD — February 6, 2009 @ 9:32 am | Reply

  90. When I first heard of this site, I felt the need to pile-on as well, having been ruthlessly screwed by LPL too…but then after 88 posts, I had reached a certain zen and self-realization, so I have decided to express myself in a couple of haikus:

    Rochelle not there now
    Can’t protect and shield cronies
    Farewell easy job

    Stock options not for
    Those who actually work hard
    Free ice cream instead

    I am a VP
    In charge of 3 Managers
    No one really works

    Fixed Income Traders
    Work for a tenth of others
    Then they leave en masse

    Trading system down
    But I am worried about
    My Alcatraz cup

    Comment by The Ghost of J G — February 6, 2009 @ 10:13 am | Reply

  91. I can’t believe what I have been reading here. I only had the opportunity to work at LPL Financial for 14 months. During that time I was fortunate to be working with some of the sharpest and hardest working people I have known. Am I sad to have been laid off? You betcha! I am now facing some real financial hardships. Am I bitter towards LPL Financial? No way! They did the best they could to hang on to all of us when the layoffs should probably have come last Fall. As to the severance package and bonus, they didn’t have to offer us either. The only legal obligation they had was the 60 days. (Actually, I believe the law only requires 14 days!) I wish everyone still at LPL Financial only the best. I will truly miss working there, but I’m already working on moving on to something bigger and better for me.

    Comment by Admin Let Go — February 6, 2009 @ 4:35 pm | Reply

  92. So how do the ones that got laid off feel about the fact that LPL is now hiring? Anyone plan on posting for these poositions?

    Comment by bb — February 6, 2009 @ 6:54 pm | Reply

  93. I want to thank everyone posting here for keeping me entertained by reading your comments. Now here is some advice for everyone.

    PLEASE KEEP THE POSTING HAPPENING.

    Normally I read EbaumsWorld, EHOWA and other sites for humor and relief. Now I read this daily to get an understanding of all the love and hate everyone here has for LPL.

    Now for the disapointing news…LPL is no different than any other company going through these tough economic times. The only difference is you have been chosen to leave and move on to another opportunity to get screwed by another employer and another employer.

    So I beg and plead…keep the entertaining posting happening, I need my daily humor.

    Sincerely,

    Thanks

    Comment by Thanks — February 6, 2009 @ 8:28 pm | Reply

  94. Go to embaumsworld.com and watch the humane bark suppressant video. It’s hilarious and it reminds me of the pain and frustration I experienced at LPL. By the time I left LPL I was experiencing Level 6 pain.

    Comment by I HATE LPL — February 7, 2009 @ 10:49 am | Reply

  95. It is unfortunate that people lose jobs. More unfortunate that people lose money. Me? Never, I built the place, then dumped near the high of the market. Luck? No way, luck would be bagging Karen Forslund in her prime.

    Comment by Tod — February 7, 2009 @ 2:28 pm | Reply

  96. I received my bonus on Friday and it was 22% less. They determined the bonus on title, how long you worked there, how much you made and what you received on your review. I received a Moderate (the review was stupid and complicated to begin with). One of my staff a Manager received about $200 less then me because we gave them a Strong performance. Is that fair? One Manager received $500 more then another because one had Strong and Moderate. We received the sob story that the higher your level the more you were hit. Was that necessary to tell us. So, the SVP and Managing Director that make well over $100k a year had a big cut. So instead of buying a new BMW with their bonus they could only get a Lexus.

    Comment by Still at LPL — February 7, 2009 @ 2:45 pm | Reply

  97. If LPL is in such dire straits that it had to lay off people, why should you even get a bonus? If you are management you are a major part of the problem. If LPL is serious about turning things around they will give those in management human bark collars (set at Level 6), not bonuses.

    Comment by I HATE LPL — February 7, 2009 @ 7:14 pm | Reply

  98. Here’s something you all should take a look at. Google LPL Financial 10k Executive compensation to get an eye-full and also take a moment to find out how much it would cost to terminate a couple of these people. It’s no wonder bonuses were paid in January…those won’t have to be disclosed in the 2008 year-end SEC filing and by spring of 2010 no one will care anyway.

    Comment by Anonymous — February 8, 2009 @ 2:34 pm | Reply

  99. Can someone explain to me how this company has the money to keep running…

    Doesn’t it only have under 20k advisors or “customers”. Most of the money it makes is by taking a slice from the advisor’s profit… right?

    I’d imagine it’s making NO MONEY this year. Is it just borrowing to stay alive? How is this company NOT going lay off almost everyone in March?

    Comment by Anonymous — February 8, 2009 @ 5:36 pm | Reply

  100. #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 : ) !!

    Comment by bb — February 8, 2009 @ 6:40 pm | Reply

  101. 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! ?????????

    Comment by PO'd — February 9, 2009 @ 7:02 am | Reply

    • Who is Dave Butterfield – never heard of the guy – what office is he in?

      Comment by Anonymous — March 1, 2009 @ 5:07 am | Reply

  102. Where do I send my resume? I want to come back now…..

    Comment by dogggggggggggg — February 9, 2009 @ 7:23 am | Reply

  103. 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.

    Comment by we are free — February 9, 2009 @ 8:57 am | Reply

  104. In reference to post # 101….I thought Dave Butterfield moved on….he still works there?

    Comment by Checking in — February 9, 2009 @ 9:05 am | Reply

  105. Holy Cow #98! Did anyone else check this out? It’s unbelievable!

    Comment by Anonymous — February 9, 2009 @ 5:50 pm | Reply

  106. 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).

    Comment by screwed — February 9, 2009 @ 7:40 pm | Reply

  107. 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!

    Comment by dogggggggggggg — February 10, 2009 @ 6:53 am | Reply

  108. 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.

    Comment by realdeal — February 11, 2009 @ 5:57 pm | Reply

  109. 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.

    Comment by ? — February 11, 2009 @ 6:17 pm | Reply

  110. Esther isn’t done with them yet

    Comment by Mosaic — February 12, 2009 @ 12:46 pm | Reply

  111. #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.

    Comment by Anonymous — February 12, 2009 @ 8:39 pm | Reply

  112. 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.

    Comment by Tod — February 16, 2009 @ 8:05 pm | Reply

  113. 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.

    Comment by Anonymous — February 17, 2009 @ 8:36 am | Reply

  114. 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

    Comment by Greed at the top — February 17, 2009 @ 2:53 pm | Reply

  115. Who were the hottest girls at LPL?….name ’em dudes…any gal that worked there….let’s see some names.

    Comment by Scooter — February 20, 2009 @ 12:50 pm | Reply

  116. How bout the hottest guys? hihi

    Comment by Scooter 2 — February 20, 2009 @ 5:15 pm | Reply

  117. 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.

    Comment by jobseeker — February 26, 2009 @ 5:12 pm | Reply

  118. 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.

    Comment by Brandon — February 27, 2009 @ 11:37 am | Reply

  119. #118: Wow! Congrats and Good Luck!

    Comment by DF — February 27, 2009 @ 11:40 am | Reply

  120. 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.

    Comment by former AVP — February 27, 2009 @ 1:53 pm | Reply

  121. 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!!!

    Comment by T. McC — February 27, 2009 @ 7:10 pm | Reply

  122. 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

    Comment by Wayne — February 27, 2009 @ 7:17 pm | Reply

  123. 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.

    Comment by Anonymous — February 28, 2009 @ 7:03 am | Reply

  124. 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????

    Comment by Jim G. — February 28, 2009 @ 8:00 pm | Reply

  125. why do they only list 58 titled positions and seems to stop atthe “p”s PAYROLL ADMINISTRATOR? what about all the VPs?

    Comment by fsf — March 1, 2009 @ 7:52 pm | Reply

  126. 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.

    Comment by Brad — March 2, 2009 @ 5:41 am | Reply

  127. #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.

    Comment by Duh — March 2, 2009 @ 8:06 pm | Reply

    • its that koolaid that made me queasey and had a funny aftertaste.

      Comment by ready to rumble — March 25, 2009 @ 8:34 pm | Reply

  128. LPL for Sale?

    Comment by Brandon — March 3, 2009 @ 9:46 am | Reply

  129. ..

    Comment by IBD Survey — March 3, 2009 @ 11:28 am | Reply

  130. ..

    Comment by Anonymous — March 3, 2009 @ 7:52 pm | Reply

  131. #129, how much you paying? Marci…get me another coke?

    Comment by Alan — March 3, 2009 @ 7:52 pm | Reply

  132. 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.

    Comment by Human Resources — March 3, 2009 @ 7:57 pm | Reply

  133. (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

    Comment by Independent Eye — March 3, 2009 @ 7:58 pm | Reply

  134. 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.

    Comment by Alan — March 4, 2009 @ 6:20 pm | Reply

  135. Alan, because all the layoffs were white folk?

    Comment by khs — March 5, 2009 @ 1:08 pm | Reply

  136. 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.

    Comment by Former Employee — March 5, 2009 @ 3:33 pm | Reply

  137. 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

    Comment by RJV — March 6, 2009 @ 9:36 am | Reply

  138. 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.

    Comment by LPL RULES — March 7, 2009 @ 3:07 pm | Reply

  139. @ 138 –

    3/10

    Good attempt though… Needs a little more snark.

    Comment by Obvious Troll Is Obvious — March 7, 2009 @ 7:28 pm | Reply

  140. I hear GM and Citicorp are hiring talented AVP’s

    Comment by Wayne — March 8, 2009 @ 9:46 am | Reply

  141. Great benefits, a financial services co with no 401k match and terrible vacation/sick leave?

    Your bigger competitors offer doubld the pto.

    Comment by df — March 8, 2009 @ 2:05 pm | Reply

    • where do I sign up? anyone from atlanta hiring in your network of contacts

      Comment by ready to rumble — March 25, 2009 @ 8:00 pm | Reply

  142. […] LPL Financial Layoff news [updated 1-29-2009], discussion thread […]

    Pingback by Today’s Hot Layoff Topics « LayoffBlog.com — March 11, 2009 @ 2:19 pm | Reply

  143. Things have been quiet so I offer you a farewell Haiku.

    Empty promises
    What is the meaning of this
    This will never fly

    Comment by Anonymous — March 16, 2009 @ 8:59 pm | Reply

  144. 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?

    Comment by Current Employee — March 19, 2009 @ 3:58 pm | Reply

  145. 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.”

    Comment by The Ghost of J G — March 20, 2009 @ 1:51 pm | Reply

  146. 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?

    Comment by Get-Over-It — March 21, 2009 @ 9:01 am | Reply

    • 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.

      Comment by ready to rumble — March 25, 2009 @ 8:27 pm | Reply

  147. 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.

    Comment by Fall off your high horses! — March 21, 2009 @ 9:05 am | Reply

  148. I love how some on here read a few posts and say all 300 are whiners based on this small sample.

    Comment by rwr — March 23, 2009 @ 6:21 pm | Reply

  149. 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

    Comment by old news — March 25, 2009 @ 7:54 pm | Reply


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