After LPL Financial outsourced certain services to India and made other changes, 17-year LPL veteran advisor Phillips Eggers says he moved his practice to Raymond James' independent broker-dealer.
"We started seeing a lot of lag times on responses" to service requests, says Eggers, of Legacy Retirement Planning in Plano, Texas. Eggers managed $130 million in client assets and brought in $1.3 million in annual revenues at LPL, according to a statement from Raymond James.
LPL has outsourced some functions to India, LPL spokesman Brett Weinberg said.
"It is important to note that this support is entirely back office and not client-facing," Weinberg said. "LPL has been pleased with the services provided by our offshore partners and works with them on an ongoing basis to ensure they are providing the maximum level of efficiency and effectiveness."
LPL says its advisor retention is among the highest in the industry, at 97%.
However, Eggers says he didn't find LPL's new service to be effective. "I think it's safe to say that when [LPL] outsourced to India, my clients were like, 'Say no more.'"
Eggers says he has moved 98% of his book over to Raymond James after making the move two months ago.
Raymond James reported last week that its wealth management profits rose by 6% while its advisor force expanded to a record 6,507.
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