LPL Tech Problems

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Greenbacks's picture
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Well it is monday the 6th of August and our system is down again
This has been happening  often lately.
We called the tech department and were told they installed four new servers this weekend and we would not be up untill noon eastern time
I have a feeling LPL is growing too fast
On the bright side they made a statement that they may offer group health care starting Jan 2008
 

troll's picture
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Indyone's picture
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...LPL, if you want my trade blotters done today, you'd better get this system back up soon!

Greenbacks's picture
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Up for a while and CRASH
Bad day at LPL
 

unclesam's picture
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How often does this stuff happen there?

csmelnix's picture
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See the investment news article today about LPL wanting to compete in the clearing and custody arena too?  This will learn 'em!

Indyone's picture
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unclesam wrote:How often does this stuff happen there?
Mostly, if there's maintenance, it's done on a weekend (and relatively few of those at that).  Recently, LPL's tried to move a bunch of servers to Charlotte, which caused a service disruption. and now, apparently, they're putting on some enhancements that went overtime this weekend.  I wouldn't say it happens a lot, but it's happened twice within the last month or two and that's unacceptable in my world.
I'm guessing that things will settle down and be fine by tomorrow and I'd say that LPL will be very careful about adding new "enhancements" on the tail end of this mess...

Spaceman Spiff's picture
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The little red guy with a pitchfork on my right shoulder tells me I should create some nasty little post referencing you indy guys and your badmouthing of Jones technology and karma.
The white guy on the other shoulder with the wings tells me to sympathize with you, reminding me of a time when the Jones satellite crashed for a while. 
Which to choose...which to choose...

Roadhard's picture
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Joined: 2007-02-23

Hey Spac-e-man, I've on both sides of the issue 14 years at Koolaide central and here (LPL) for 4 months--the crash of the satellite was much worst than this--for one thing our contact management system is seperate from the LPL branchnet so I can still bring up client's info and do trades without having to call Jones, wait and have them fax my contact notes.
That being said--this is not a good time to have this happen since 1/3 of the advisors were at National all last week too!
 

Greenbacks's picture
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08/07/2007 another down day at LPL, so far
 

Spaceman Spiff's picture
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Roadhard wrote:
Hey Spac-e-man, I've on both sides of the issue 14 years at Koolaide central and here (LPL) for 4 months--the crash of the satellite was much worst than this--for one thing our contact management system is seperate from the LPL branchnet so I can still bring up client's info and do trades without having to call Jones, wait and have them fax my contact notes.
That being said--this is not a good time to have this happen since 1/3 of the advisors were at National all last week too!
 

The satellite crash wasn't bad for me.  I was up and running in less than a day.  It's good to know people in the right places I guess.
Dude, it was a joke.  A little chuckle at the end of the day.  Take some pills, relax.  Have a little fun.

troll's picture
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Greenbacks wrote:
08/07/2007 another down day at LPL, so far
 

The tech problems started when they gave back the UIT haircuts. I guess they needed that money.

Roadhard's picture
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Spaceman, I understand it was a joke and still respect your posts!
That being said--this still s-u-c-k-s!

troll's picture
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It gives new meaning to the phrase "Out of commission!"
Every technology has down days. This too shall pass.

troll's picture
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Indyone's picture
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I got up this morning at about 6am and printed out review materials for my 9am meeting...glad I did!
So, did out satellite go down?!!

troll's picture
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blarmston's picture
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You LPL guys should go out and pick up a bottle of Jack... Take a couple slugs and everything will be better...

Indyone's picture
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I'll bet the tech guys would like a bottle of Jack right now...
...My biggest frustration is trying to decide if I should cancel my next appt or hope that the system is back to speed in the next 90 minutes...

troll's picture
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troll's picture
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Greenbacks's picture
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I canceled all my meetings today
This is no way to run a business
 

Indyone's picture
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Woohoo!!!  Got my reports...

footsoldier's picture
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I had a mortgage broker in my office and he directed me to liquidate all his AF holdings in his IRA. Thinks that armageddon is here. Two clients who are mortgage brokers with 20+ years experience said exactly the same thing. They had never seen a credit market turn so quickly upside down. 30 year paper Jumbo loans are 100 basis points higher this week killing their biz. Anyone else seeing this behavior?
Oh by the way spent time waiting to liquidate all funds on hold. Can't be fun for support staff at LPL. Hopefully all resources are being used to fix this upgrade. One insider said there is talk they may remove the new upgrade and go back to where we were on Friday. Sure makes business difficult.

vbrainy's picture
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Spaceman Spiff wrote:
The little red guy with a pitchfork on my right shoulder tells me I should create some nasty little post referencing you indy guys and your badmouthing of Jones technology and karma.
The white guy on the other shoulder with the wings tells me to sympathize with you, reminding me of a time when the Jones satellite crashed for a while. 
Which to choose...which to choose...

Pretty good post.  How is the technology at Mutual services corporation that LPL recently bought?

vbrainy's picture
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footsoldier wrote:
I had a mortgage broker in my office and he directed me to liquidate all his AF holdings in his IRA. Thinks that armageddon is here. Two clients who are mortgage brokers with 20+ years experience said exactly the same thing. They had never seen a credit market turn so quickly upside down. 30 year paper Jumbo loans are 100 basis points higher this week killing their biz. Anyone else seeing this behavior?
Oh by the way spent time waiting to liquidate all funds on hold. Can't be fun for support staff at LPL. Hopefully all resources are being used to fix this upgrade. One insider said there is talk they may remove the new upgrade and go back to where we were on Friday. Sure makes business difficult.

All the mortgage brokers, real estate brokers, and builders are really telling the sob story.
They are losing sooooo much money and the building market is sooooo bad.
Hey, what about the years that they did WELL.  That they made tons of money and didn't care about the mark ups they charged clients on new homes? 
I don't feel sorry for them one bit.  If they left all of their money in one asset class (real estate) and they were too stupid to listen to our advice, they are getting what they deserve.
BUT LESSON TO ALL OF US, don't keep all of your assets in one place.  Diversify.  Sock some dough away for the tough times as they will surely come to every business.
Even our most excellent business.
 

troll's picture
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blarmston's picture
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If anything, its a good time to throw out some feelers and let the sellers know that you are out there...

roostertale's picture
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vbrainy wrote:Spaceman Spiff wrote:
The little red guy with a pitchfork on my right shoulder tells me I should create some nasty little post referencing you indy guys and your badmouthing of Jones technology and karma.
The white guy on the other shoulder with the wings tells me to sympathize with you, reminding me of a time when the Jones satellite crashed for a while. 
Which to choose...which to choose...

Pretty good post.  How is the technology at Mutual services corporation that LPL recently bought?

Tech was one of their biggest selling points when I visited SD...

Greenbacks's picture
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Joined: 2004-12-21

Day three and still severe tech problems. It seems the system works in the middle of the night. Maybe we need to change our office hours from 10pm to 6am.
This sucks and if it was not so difficult our office would consider moving our books.  
When LPL sold out to a private equity firm it sent up a red flag and we are just seeing the beginning of the end for LPL. When a company has to answer to share holders it is no longer indy! There is a conflict of interest. It is time to think about and prepare to move our books!

Roadhard's picture
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Time to go and visit the Psychologist, my daughter thinks the appointment is for her--LOL--its for my anger management today, this my friends is getting worst hour-by-hour!

footsoldier's picture
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Spiff-
It aint always greener.
I am balanced now that Barry did it last night. I can think straight again. And still in spite of the current technology issues facing LPL, I am much happier independent. I just have no one to talk to like I did at Jones!!!

Malcolm's picture
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To where Greenbacks?

troll's picture
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Roadhard wrote:Time to go and visit the Psychologist, my daughter thinks the appointment is for her--LOL--its for my anger management today, this my friends is getting worst hour-by-hour!
How does one progress past worst?  Is it possible to be better than best?

Spaceman Spiff's picture
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footsoldier wrote:
Spiff-
It aint always greener.
I am balanced now that Barry did it last night. I can think straight again. And still in spite of the current technology issues facing LPL, I am much happier independent. I just have no one to talk to like I did at Jones!!!

I don't envy you're technical situation at all.  As a Joneser I thought it was a little ironic to see a tech problem from the almighty LPL. 
Glad you're happier as an indy.  Good for  you.

Greenbacks's picture
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Malcolm wrote:To where Greenbacks?
 
We recieved a call from RJ this morning. But I am starting to plan and move to RIA status when, I do not know! But LPL is starting look like a firm with propriatary products OMP,OAP both crap! Also they are just getting to BIG when they where small they seemed to care more about us now we seem to be just a number!
In all honesty I will wait for the IPO and then make a decision.
 

now_indy's picture
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Interesting article about the situation.
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/200 70808/REG/70808001/1035/TECHNOLOGY

troll's picture
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footsoldier's picture
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I have to say at least LPL figured out that the top 500 need to be helped immediately. When Jones lost their satellite, it was who ever is closest got re-pointed. Size didn't matter!
The lack of resources is so apparent. I hope management will get that we do have choices for our clients. It won't look good if there is an exodus of advisers for the IPO which I am sure must be further off in the horizon now.
I remember when I was being recruited and how impressed I was with their robust technology.

troll's picture
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Foot,
I've always wondered about that satellite tech. How does it work? Is it a two way system or is it a one way with a telephone uplink?
I have a buddy who showed me his setup with the gigantic mainframe in the back room, but he didn't really know how it worked.
If it is satellite download telephone upload then it can sort of be fast and you can aim it yourself.
I used to have two way satellite internet (My pocket protector side still thinks it was the coolest technology ever) but the latency issues made it useless for this business and the half second delay was tiresome (even at the speed of light, when a satellite is 22,000 miles away it's still an 88,000 trip your keystroke goes for before it shows up 6 inches away on the screen).

troll's picture
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It's easy to lose perspective during a frustrating time like this.  I have some open options positions and I can hardly get information about them, and if I wanted to trade them I would have to do so via phone.  I suspect if I attempted to do so I would face long wait time on the phone.Their technology is fantastic, or at least it has been for two years.  We've now had these two incidents of outages of a day or longer in the last month.  I hope the top folks at LPL are taking these problems very seriously.  I'm not completely satisfied with the comments made by our tech people, and I'd like to know what they're doing to build redundancy and safeguards into our system to prevent this from happening again.

Roadhard's picture
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I need a drink!  The Psychologist said my daughter is doing well but the dad needs to take up a hobby--anybody got a church key?  All this and a wholeseller just walked in--may their soul rest in peace!

Greenbacks's picture
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I am suprised LPL did not have a back up plan.  The liability has to be huge!
LPL is hanging there neck out here and I would not be suprised if they get sued!
This e-money is no more then a profit center for them at $300 month   
Our office is so pissed! But we only manage about 140ml so we don't have much say at LPL.   
 

troll's picture
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joedabrkr wrote:It's easy to lose perspective during a frustrating time like this.  I have some open options positions and I can hardly get information about them, and if I wanted to trade them I would have to do so via phone.  I suspect if I attempted to do so I would face long wait time on the phone.Their technology is fantastic, or at least it has been for two years.  We've now had these two incidents of outages of a day or longer in the last month.  I hope the top folks at LPL are taking these problems very seriously.  I'm not completely satisfied with the comments made by our tech people, and I'd like to know what they're doing to build redundancy and safeguards into our system to prevent this from happening again.
How often did that happen at PaineWebber?
Actually today was a great day to not be trying to trade.  At about 2:45 the Dow was up 100+, fifteen minutes later it was down about 30, by 4 it was up 150.
I was using limit orders and missed covering a slew of naked calls on the downswing.
Still ahead of the power curve, but not as far ahead as I was at about 3 o'clock.

footsoldier's picture
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I have a gas barbecue. I realized when I first set up the barbecue that with only one cannister I risked embarassment should I run out of gas at some point. I resolved the issue by purchasing another tank.
When I was with Jones they had a backup site. I guess LPL doesn't. Three days without systems is total incompetence. Heads should roll for this stupidity.

troll's picture
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DAtoo wrote:joedabrkr wrote:It's easy to lose perspective during a frustrating time like this.  I have some open options positions and I can hardly get information about them, and if I wanted to trade them I would have to do so via phone.  I suspect if I attempted to do so I would face long wait time on the phone.Their technology is fantastic, or at least it has been for two years.  We've now had these two incidents of outages of a day or longer in the last month.  I hope the top folks at LPL are taking these problems very seriously.  I'm not completely satisfied with the comments made by our tech people, and I'd like to know what they're doing to build redundancy and safeguards into our system to prevent this from happening again.
How often did that happen at PaineWebber?
Actually today was a great day to not be trying to trade.  At about 2:45 the Dow was up 100+, fifteen minutes later it was down about 30, by 4 it was up 150.
I was using limit orders and missed covering a slew of naked calls on the downswing.
Still ahead of the power curve, but not as far ahead as I was at about 3 o'clock.Actually, smart ass, it did happen.In 2001 we were dark for an entire week because a pissed off former employee dropped a trojan horse virus into our system.Our branch had limited functionality back after a week.  We were one of the lucky ones because larger branches were fixed first.So while this is upsetting, it doesn't compare to the worst outing I experienced at one of your beloved wirehouses.Welcome back Devil's Advocate.  I hope they ban you again soon.  What did you do to earn your banishment this time?

troll's picture
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joedabrkr wrote: Actually, smart ass, it did happen.In 2001 we were dark for an entire week because a pissed off former employee dropped a trojan horse virus into our system.Our branch had limited functionality back after a week.  We were one of the lucky ones because larger branches were fixed first.So while this is upsetting, it doesn't compare to the worst outing I experienced at one of your beloved wirehouses.Welcome back Devil's Advocate.  I hope they ban you again soon.  What did you do to earn your banishment this time?

I'll ask Bob Benmoshe if that was even possible.  I can't imagine that PaineWebber did not have a redundant system, located in another city, ready to turn on at a moment's notice.
I think you're lying Joeboy--want to fess up before I ask Bob?

troll's picture
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DAtoo wrote:joedabrkr wrote: Actually, smart ass, it did happen.In 2001 we were dark for an entire week because a pissed off former employee dropped a trojan horse virus into our system.Our branch had limited functionality back after a week.  We were one of the lucky ones because larger branches were fixed first.So while this is upsetting, it doesn't compare to the worst outing I experienced at one of your beloved wirehouses.Welcome back Devil's Advocate.  I hope they ban you again soon.  What did you do to earn your banishment this time?

I'll ask Bob Benmoshe if that was even possible.  I can't imagine that PaineWebber did not have a redundant system, located in another city, ready to turn on at a moment's notice.
I think you're lying Joeboy--want to fess up before I ask Bob?Not lying-it's a fact and I suspect other posters could confirm it.  Frankly I am unsure if it was late 2001 or early 2002, but it definitely happened.Oh-and by the way-if the problems at LPL continue, the reality is that I own my business and I could pick up and leave with very little notice.  It would, of course, be a little inconvenient but that's all.  So, I know that ultimately I have that choice and I'm sure the LPL folks have that concern on their minds as they work to address this and prevent future occurences.AND-we've had at least partial functionality for a couple of days already.  Today our email is working fine, and we have access to some parts of the system.  When I said it was completely dark at PW NOTHING was working on the broker's desk for at least a week...I think we MIGHT have been able to get to the internet for quotes.Just a few minutes ago we received an email with an apology and update from the CEO and the COO.  At PW we received nothing of the sort.  They were too busy with more important things.

FreedomLvr's picture
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Greenbacks wrote:
This e-money is no more then a profit center for them at $300 month   
A profit center?  Have you ever signed up for emoney outside of LPL?  It costs about $1200 to set up and then $300/year PER CLIENT.  A buddy of mine was using emoney and it was costing him $42,000/year (approximately).  Financial Planning was a huge part of his practice and he used it for a ton of clients.  I'd say this one cost them money.

 

Greenbacks's picture
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On the bright side this may slow down growth for LPL. I know I will not be giving good referals to them.
I am also disapointed in the deferred comp plan they plan they maybe  rolling out. Why just offer it to 500,000 and up? If I make $300,000 I can afford to contribute to one  What the X&*crap do they care if I contribute to one for?  
LPL is starting to look like a wirehouse it only cares for big producers 
 
 

troll's picture
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Greenbacks wrote:
On the bright side this may slow down growth for LPL. I know I will not be giving good referals to them.
I am also disapointed in the deferred comp plan they plan they maybe  rolling out. Why just offer it to 500,000 and up? If I make $300,000 I can afford to contribute to one  What the X&*crap do they care if I contribute to one for?  
LPL is starting to look like a wirehouse it only cares for big producers 

Oh no, where will Joeboy shuffle off to next?

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