LPL’s new broker platform clogs up late Tuesday
LPL advisers reported a slowdown in the company's new ClientWorks system that prevented some of them from making trades.
LPL Financial’s new wealth management technology platform, ClientWorks, is off to a bumpy start.
Three advisers, one in the Northeast, one in the Southeast and another in the Midwest, told InvestmentNews that around 3:30 on Tuesday they experienced kinks in the system that prevented them from entering trades.
“The big pinwheel is going around for everybody,” said one adviser, who asked to remain anonymous.
On Saturday, LPL started directing all advisers trying to access LPL’s old technology system, BranchNet, toward ClientWorks. Advisers can still toggle back to BranchNet after logging into ClientWorks.
During such a slowdown, advisers can call the firm’s trading desk and make trades directly over the phone. LPL will also honor the prices of adviser trades that they were unable to immediately complete, one adviser said.
“Shortly before markets closed, we experienced a brief period of system slowness that impacted some LPL advisers trying to access ClientWorks,” said LPL spokesman Jeff Mochal. “The issue was quickly resolved and our systems are fully operational.”
In a private LinkedIn group, LPL advisers recently expressed concern that they would be forced onto the new system before it was ready. Among the comments were requests for a more efficient trading system that is on par with the rest of the industry.
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