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LPL Launches Program to Ease Retirement Plan Rollovers

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LPL Financial announced Tuesday a new initiative called The Rollover Results Program that is designed to benefit its representatives who advise retirement plans as well as plan sponsors, while providing objective education to plan participants.

David Reich, executive VP for retirement plan development, LPL FinancialAccording to David Reich (left), LPL’s executive vice president for retirement platform development, the first offering in the program includes the Retirement Results Desk, which in addition to providing education for plan participants as they separate from their employers, provides an added service for those employees by LPL-affiliated retirement plan advisors. “It’s a value add for the employers,” Reich said, is “great for [retirement plan] advisors when they’re going up with prospective plan providers, and will help participants reach their retirement goals.” 

The Desk will “expedite rollovers” from those retirement plans to either the retirement plan advisors themselves, when appropriate, or match separating employees with other LPL advisors based on an advisor-matching database with multiple criteria, including geographic proximity to those participants and advisors who are active in retirement planning. The retirement plan advisor and the outside advisor will then work together on a plan for individual clients.

As part of their agreement with employer plan sponsors, the team at the Desk will notify separating employees of their options, and follow up with a telephone call to discuss those options, which may or may not include rolling over their 401(k) plan assets to an IRA.

“Our first and foremost objective,” Reich said, “is that employees need better education on what they can do in the 401(k) space; when an employee separates from service they may or may not know what their options are.” The program, he said, is “designed to help those employees understand their options.”

Reich further pointed out that LPL is not charging a fee to the employer to participate in the program, which he called a “further differentiator for advisors to show their capabilities” in providing retirement plan advice.

Bill Dwyer of LPL Financial.Reich, a former Ameriprise Financial VP for retirement strategies, was hired by LPL last year to round out its retirement plan management team, which includes Bill Chetney, to whom Reich reports. Chetney, in turn, reports to Bill Dwyer (left), president, national sales, for LPL.

Reich said that other facets of the Rollover Results Program are in development.


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