Are you thinking of ending your LPL Wealth Management Program? Then you might need a formal termination letter. This letter tells LPL you want to end your advisory relationship. People write it for many reasons. Maybe their financial needs changed, or they found a different advisor.
Writing such a letter can feel daunting. You want to be clear and professional. You might wonder what information to include. That’s why we’re here to help.
We’ll share sample letters to make this easy. Think of them as templates to guide you. You can quickly adapt them to your specific situation. Let’s make this process smooth and stress-free.
Sample Letter To Terminate Lpl Wealth Management Program
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
LPL Wealth Management
[LPL’s Address]
Subject: Termination of Wealth Management Program
Dear LPL Wealth Management,
This letter serves as formal notification that I am terminating my wealth management program, effective immediately.
I request that you cease all management activities related to my account and provide me with a detailed statement of my account balance and investment holdings as of the termination date.
Please also outline the process for transferring my assets to [New Institution Name, if applicable] or for liquidating my holdings, as per my instructions which I will provide separately.
I would appreciate a confirmation of receipt of this termination notice and an acknowledgement of the next steps involved in closing my account.
Thank you for your services.
Sincerely,
[Your Signature]
How to Write Sample Letter To Terminate Lpl Wealth Management Program
Subject Line: Clarity is Paramount
- Brevity reigns supreme; commence with “Termination of LPL Wealth Management Services.”
- Incorporate your account number for expeditious processing.
- Example: Subject: Termination of LPL Wealth Management Services – Account # [Your Account Number]
Salutation: Address with Finesse
- Avoid casual greetings; employ formal address.
- “Dear LPL Financial Compliance Department,” or “To Whom It May Concern,” are judicious choices if you lack a direct contact.
- If a relationship manager exists, use “Dear Mr./Ms. [Last Name],” for a personalized touch.
Body Paragraph 1: Declaration of Intent
- State unequivocally your decision to terminate the wealth management program.
- Indicate the effective date of termination; provide ample lead time.
- Example: “This letter serves as formal notification that I am terminating my Wealth Management Program with LPL Financial, effective [Date].”
Body Paragraph 2: Articulating Account Disposition
- Specify how you wish to manage your assets post-termination.
- Options include liquidating assets, transferring to another institution, or maintaining within LPL under a different arrangement.
- Provide explicit instructions; ambiguity is the enemy of efficiency. For example, “I request a full liquidation of my assets and a check mailed to my address on file.” Or, “Kindly initiate a transfer of all assets to [New Institution Name], Account # [New Account Number].”
Body Paragraph 3: Reiterate and Request Confirmation
- Reiterate your termination request and the desired action.
- Request written confirmation of the termination and asset disposition plan.
- Example: “To reiterate, I am terminating my wealth management services and request [liquidation/transfer] of my assets. Kindly provide written confirmation upon execution of these instructions.”
Closing: Cordial Yet Firm
- Avoid excessive pleasantries; maintain a professional demeanor.
- “Sincerely,” or “Regards,” are suitable valedictions.
- Include your full name, contact phone number, and email address.
Postscript: Scrutinize and Dispatch
- Proofread meticulously for errors in grammar and financial details.
- Retain a copy of the letter for your records.
- Consider sending via certified mail with return receipt requested for irrefutable proof of delivery.
Frequently Asked Questions: Terminating Your LPL Wealth Management Program
This section addresses common inquiries regarding the process of terminating your wealth management program with LPL Financial. Understanding these aspects can facilitate a smooth transition and ensure all necessary steps are followed.
What is the proper procedure for terminating my LPL wealth management program?
The proper procedure typically involves submitting a formal written termination request to your LPL financial advisor and possibly to LPL Financial directly. Consult your advisory agreement for specific requirements outlined for termination, including any required notice period.
What information should I include in my termination letter?
Your termination letter should clearly state your intent to terminate the advisory agreement, include your account number(s), the effective date of termination, and instructions for transferring assets or disbursing funds. Your full name, address, and contact information should also be included.
Are there any fees associated with terminating my LPL wealth management program?
Refer to your advisory agreement for details on termination fees. Some agreements may have early termination fees or other charges. Understanding these beforehand is crucial to avoiding unexpected costs.
How long does it take to fully terminate the program and transfer my assets?
The timeframe for termination and asset transfer varies, but it generally takes a few weeks to a month to complete the process. Delays can occur due to paperwork issues or the complexity of the assets involved.
What happens to my assets after the program is terminated?
Upon termination, your assets can either be transferred to another financial institution or liquidated, with the proceeds disbursed to you, based on the instructions provided in your termination letter or subsequent communications with LPL Financial.
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