LPL Financial is lowering the costs of advisors using its retirement-plans platform, while adding recordkeepers to it.
The platform fee for Small Market Solution (SMS), which outsources plan investment management to LPL, is dropping from 20 basis points to 10 basis points in January 2019.
As for recordkeeping, two new providers will be added by the end of 2018 and several more next year. The current providers are Nationwide, Paychex and Ascensus.
“Our singular focus is to provide advisors with the services and tools that help them create and grow highly profitable businesses,” according to Matt Enyedi, executive vice president, National Sales and Consulting.