LPL Financial Account Types

LPL Financial offers a variety of brokerage account types to cater to different investment needs. The available account types include:

• Individual Accounts: These accounts are designed for single individuals to manage their investments.
• Joint Accounts: These accounts allow two individuals to share ownership and management of the account.
• Retirement Accounts: Options include:
• Traditional IRA
• Roth IRA
• SEP IRA
• SIMPLE IRA
• Trust Accounts: For managing assets held in a trust.
• Education Savings Accounts: Such as Coverdell ESAs.
• Custodial Accounts: For minors, managed by an adult until the child reaches a certain age.
• Corporate Accounts: For businesses to manage their investments.
• Partnership Accounts: For partnerships to pool their investments.

For each account type, LPL Financial provides tailored services and investment options to meet the specific needs of the account holders.

LPL Financial Broker Account Opening Process

Opening a brokerage account with LPL Financial involves several steps:

• Select Account Type: Choose from various account types such as individual, joint, or retirement accounts.

• Complete Required Forms:

• Non-Retirement Accounts: Fill out the Trade Direct Account Application.
• Retirement Accounts: Complete the appropriate retirement form, such as the custodial agreement for IRAs.
• Provide Additional Information: Depending on the selected account type, additional forms may be required, such as:
• Estate papers for estate accounts.
• Court/legal documentation for guardianship accounts.

• Choose Optional Features: Select any additional features for your account, such as margin trading or options trading.

• Fund Your Account: You can fund your account through various methods, including:

• Checks made payable to LPL Financial.
• Transfers from other firms.
• Wire transfers.

• Submit Forms: Send all completed forms and checks (if applicable) to LPL Financial via fax or mail.

• Receive Welcome Letter: After processing your application, LPL Financial will contact you for identity verification and send a welcome letter with your new account number and further instructions.

For more details, visit the LPL Financial resources page here.