LPL Financial has announced that New York Life Retirement Plan Services will allow some investors to get one-on-one financial advice from LPL reps using the broker-dealer’s Worksite Financial Solutions platform early next year. “The addition of New York Life to the growing roster of retirement plan record keepers who can administratively support our Worksite Financial Solutions platform is a significant win for LPL Financial, our advisors and retirement plan participants,” said Bill Chetney, executive vice president of LPL Financial Retirement Partners, in a press release.
In August, LPL struck a similar deal with industry giant Vanguard and Ascensus. The partnerships should give LPL advisors the chance to provide services to more than 1,000 plans with more than $2.1 billion in retirement assets. New York Life Retirement Plan Services, part of New York Life Insurance, administers some $47.2 billion in retirement plans.
LPL supports roughly 13,400 financial advisors and 700 financial institutions, as well as more than 4,600 advisors licensed with insurance companies. It added tools from Morningstar Associates, Financial Finesse and Wealth Management Systems to its Worksite Financial platform in June, after launching it in March.