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LPL Financial's Response to NY Times Article

Dear Friend:

Thanks for your question about the article in The New York Times. We wanted to let you know that we have also seen the story, and in fact was made aware of its upcoming appearance by LPL Financial.

By way of context, we can tell you that LPL Financial had a number of detailed conversations with the reporter prior to the publication date, in an effort to do everything possible to ensure a balanced article. In particular, the company emphasized the pivotal importance of the independent financial advisory business model and what in practice that means to you as the end investor. Above all, this includes the absence of proprietary products and imposed sales quotas, which drive outcomes that are not in the best interests of investors.

Unfortunately, we were disappointed with the disproportionate focus in the article on certain past compliance matters in Montana, as well as the one-year view of disciplinary actions taken against LPL Financial advisors, a figure that does not align with LPL Financial's regulatory data. That specific information falls far short of conveying a fair or accurate picture of the positive long-term track record of LPL Financial, including the firm's record in recent years, which when compared against other major broker dealers, ranks very strong. We have included a chart (link below) that will illustrate this important point.

We want you to know that LPL Financial provides us with a multitude of services and solutions that enable us to fully focus on serving you. We also want you to understand that LPL Financial considers its role in managing a compliant organization as a mission-critical function, and it has always held and continues to adhere to the principle of "doing the right thing" for investors.

Our constant focus, day in and day out, is on ensuring that you are provided with nothing less than quality financial advice that is objective, and we would never take actions to jeopardize that commitment.

We very much value our relationship, and we look forward to continuing to earn your trust every day. Please don't hesitate to let us know if you have any other questions, and thank you for your continued support.


The LLG Financial Wealth Management & Planning Team


Click here to download chart. (PDF opens in new window / tab)

Additional materials: LPL Financial's Commitment to Compliance




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