How to Close an LPL Financial Account
• You can close an LPL Financial account in several ways.
• Sometimes, there may be a fee to close an LPL Financial account.
LPL Financial provides a few different ways to close an account. Make sure to follow these steps closely to avoid any problems.
Closing LPL Financial Account with an ACAT
One way to close your investment account with LPL Financial is to transfer it to another firm. Using the electronic ACAT system, the account at LPL will be closed once transferred. Keep in mind that the account will reappear at the new firm, so if you want to completely get rid of the account, not just move it from LPL, this method won't achieve that.
To transfer your account from LPL to another firm, you first need to open a new account where you want to transfer your assets. After setting up the new account, you can move your assets from LPL using the ACAT system. To do this, just contact the new firm and request a full transfer via ACAT. Ensure it's a full transfer, as a partial transfer won't close the LPL account.
You might be able to request an ACAT transfer online as many firms now offer digital tools for this. You'll need your LPL account number for the transfer. There's no need to contact LPL Financial directly; the firm receiving the transfer will handle everything once they get your ACAT request.
Note that not all investment products, like futures contracts or some annuities, can be transferred via ACAT. It’s wise to check with the new firm first to see if they will accept all your investments from LPL. Trying to transfer an unsupported product can cause complications.
If there are any assets that can’t be transferred, you might need to sell them or move them to another LPL account before you can close the original account completely.
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Traditional Method to Close LPL Financial Account
If you want to completely close your account, not just transfer it, you’ll need to empty the account by selling all the investments and withdrawing the cash. This might require help from your financial advisor at LPL.
After selling all your investments and withdrawing the cash to zero out the account, you’ll need to formally ask LPL to close the account. You can do this in one of three ways:
(1) Talk to your financial advisor and ask to close the account.
(2) Call LPL Financial’s customer service at (800) 558-7567.
(3) Write to LPL Financial’s customer service:
LPL Financial
P.O. Box 509049
San Diego, CA 92150-9049
Fax: (858) 202-8500
LPL Financial Termination Fees
Some investment firms charge fees when you close an account. LPL Financial, for example, charges $125 to close a retirement account and the same fee applies for transferring any taxable account through ACAT.
Don’t Forget the IRS
The IRS may tax you if you sell assets in a taxable account or take money out of a retirement account. It's a good idea to talk to a CPA before you sell assets or withdraw money to understand any tax consequences.
LPL Financial Top Competitors
| Broker Review |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0 + $0.65 per contract
|
$0
|
$0
|
|
Firstrade
|
$0
|
$0
|
$0
|
$0
|
$0
|
|
Robinhood
|
$0
|
na
|
$0
|
$0
|
$0
|
Updated on 7/4/2024.
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