LPL Financial (LPLA) said Thursday that it has beefed up its retirement planning platform with tools for financial advisors and plan participants from Morningstar Associates, Financial Finesse and Wealth Management Systems.
With these new tools, the Worksite Financial Solutions platform, which LPL launched in early March, can serve as a more effective “end-to-end solution” for retirement plan sponsors and advisors, according to LPL, while better meeting the needs of plan participants with tools for financial education, personalized advice and account-transition services.
“We are tremendously excited to work with some of the most outstanding and forward-thinking service providers in the industry, in order to give our nation’s workers the tools and resources they need to plan for all stages of their financial lives, including retirement, and to make our vision become a reality.”
In late March, LPL rolled out a program, the Retirement Partners Group, to recognize and support top financial advisors focused on advising retirement plans for corporate clients. The group was launched with 87 advisor members, who advise 4,000 retirement plans with nearly $40 billion in assets. It is staffed by about 65 LPL employees.
Of LPL’s 13,300 affiliated reps, about 1,400 have five or more retirement plans in their books of business, the independent broker-dealer said earlier this year. For most, this market represents about 25% or more of their total sales.
For the Worksite Financial Solutions platform, LPL's partners are contributing the following enhancements:
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