Bill Chetney, Executive Vice President of LPL Financial Retirement Partners, said, "Since our acquisition by LPL Financial, we have actively leveraged our enhanced resources and scale to completely re-invent the world of retirement plan financial advice. The current model for providing retirement advice to plan participants is simply inadequate, and does not enable workers to manage and grow their retirement plan assets across the full spectrum of their financial lives. With the Worksite Financial Solutions platform, LPL Financial is taking steps to provide workers the advice they need for retirement, while at the same time creating new opportunities for our affiliated retirement-plan focused financial advisors."
Barbara Delaney, Principal of StoneStreet Equity, LLC in Pearl River, New York, a retirement-plan focused financial advisor with $2.5 billion in assets under advisement affiliated with LPL Financial, said, "The Worksite Financial Solutions platform shows how LPL Financial is taking a new and innovative approach to the problems facing thousands of American workers and plan sponsors across the country. With the new framework they have announced today, LPL Financial is stepping up to make real advice more widely available to plan participants, while opening enormous opportunities for retirement plan-focused advisors to work with a large, underserved segment of clients nationwide."
Specific tools offered through the Worksite Financial Solutions platform will include the following:
- Employee Advice Solution. The platform will enable the delivery of custom-tailored participant advice through an online service offering that gathers information on each participant's financial picture through a detailed "on-boarding" process. Based on this information, participants can elect to receive personalized advice through the system or manage their accounts on their own. Participants can opt to receive advice all the way through retirement, as well.This online platform will feature full integration with LPL Financial's reporting and monitoring tools for plan advisors. Participants will receive account reviews and updates from the plan advisor, facilitating a closer relationship between advisors and plan participants.
- Employee Education Solution. The educational services component of the Worksite Financial Solutions platform will include an online financial wellness center powered by Financial Finesse, which will enable participants to develop a clear view of their own current financial situations and needs and provide them tools to support their individual improvement in areas of concern. Plan sponsors will be able to view aggregate data from participant wellness assessments as part of the integrated plan-level reporting they receive from their LPL Financial advisor.The educational component of the platform will also help to build stronger relationships between plan sponsors, participants and advisors by providing advisors with pre-approved marketing materials and educational workshops designed to facilitate ongoing, in-depth dialogue with plan participants about their financial needs which are tailored to the gaps identified through the survey process mentioned above.
- Employee Transition Solution The Worksite Financial Solutions platform will also incorporate the Employee Transition Solution, which LPL Financial launched in May 2012 to educate retirement plan participants, and where appropriate, transition retirement plan accounts for separating employees. This program provides retirement plan-focused advisors powerful new options to grow and strengthen their businesses.
Mr. Chetney concluded, "As we seek to tackle the serious challenges facing plan sponsors and participants in today's retirement environment, LPL Financial is excited to propose new solutions that will help move the industry forward. The Worksite Financial Solutions platform will enable plan sponsors, advisors and participants alike to better understand and prepare for the retirement landscape, and will help American workers to maximize one of their most valuable assets – their savings in employer-sponsored retirement plans."