March 4, 2013
/PRNewswire/ -- LPL Financial LLC – the nation's largest independent broker-dealer*, a leading RIA custodian, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA) – today announced the launch of the Worksite Financial Solutions platform. The platform is focused on new solutions that will enable retirement plan sponsors and advisors to better address the needs of plan participants throughout their financial lives, from the date of hire to separation and beyond.
The Worksite Financial Solutions platform reflects the vision of LPL Financial Retirement Partners, the retirement plan-focused division of LPL Financial, for the future of the retirement plan advisory services industry, and encompasses the Employee Transition Solution, which launched in May of 2012. LPL Financial expects the rollout of the new platform to be completed in April.
The core goal of the platform will be to provide an alternative to the current fragmented system of participant advice, in which most workers receive only rudimentary financial education and a menu of investment
options, rather than the personalized financial advice and guidance they need to adequately plan for the future.
The Worksite Financial Solutions platform will introduce new tools enabling plan sponsors and advisors to better serve plan participants across the full spectrum of the retirement preparation process via three key areas of focus:
- Providing more in-depth advice on retirement plan investments throughout workers' careers;
- Helping employees assess their own financial wellness; and
- Enabling employees to identify and implement the most appropriate solutions for their needs upon separation from an employer's plan.
The platform will also serve to better align the needs of participants, sponsors and advisors throughout this multi-year process, helping workers truly prepare for retirement while creating new opportunities for plan-focused financial advisors.