Commonwealth to LPL Scaries
I work in admin/client services for a firm currently with Commonwealth that’s staying with LPL.
We’ve been having biweekly calls with the LPL transition team, but it feels like 80% of the questions we ask don’t have clear answers. We’ve been told that no client signatures are needed for the conversion and that all accounts will transfer tape-to-tape, but there are still a lot of unanswered questions and concerns.
There are also quite a few processes and features that ClientWorks/LPL apparently won’t support on their platform (proportional systematic withdrawals, excluded assets, etc.).
I’ve only ever worked with Commonwealth, and I don’t think I fully appreciated how good we have it until now. With November 13th approaching, I’m starting to get nervous about how this is all going to play out. What initially felt like a transition is starting to feel more like impending doom.
I’d love to hear from other firms going through the transition to LPL. Are you experiencing the same things? How are you feeling about the upcoming conversion?