LPL Financial (LPLA) said early Wednesday that Vanguard and Ascensus would give retirement plan clients access to LPL’s Worksite Financial Solutions platform. That platform will offer investors saving for retirement with Vanguard and Ascensus tailored financial advice and education and the chance to interact with LPL financial advisors.
The independent-broker dealer, which is now hosting its annual advisor conference in San Diego, says the partnership should give LPL advisors the chance to provide services to more than 1,000 plans representing more than $2.1 billion in retirement assets.
“We are very pleased to partner with Ascensus and Vanguard to offer our custom-tailored participant-level advice and education solution to their Vanguard Retirement Plan Access clients and to Ascensus plan participants,” said Bill Chetney, executive vice president of LPL Financial Retirement Partners, in a press release. “By offering this service of personalized financial guidance to plan participants, these industry leaders are taking a new step forward and giving participants another important option for planning for their future.”
LPL’s Worksite Financial Solutions platform lets retirement plan clients work directly with a financial advisor — either face-to-face, online or by phone. The clients can get customized retirement advice through online services that gather information on each participant’s financial situation. After completing a detailed questionnaire online, they can chose to receive advice through the system or manage their accounts on their own. At their discretion, participants also can elect to receive advice all the way through retirement.
The Worksite Financial Solutions platform is integrated with LPL Financial’s reporting and monitoring tools for plan advisors. Thus, participants can receive account reviews and updates from their advisor, which allows advisors to work closely and possibly expand their relationships with plan participants.
Advisors are embracing the arrangement, hoping to expand their retirement-focused work.