After strong demand from its affiliated advisors, Ladenburg Thalmann Financial Services released a turnkey fully bundled program that allows its advisors to provide qualified employee retirement plans to their business-owner clients. Qui(k), unveiled this week at the firm’s national conference, is available now to Ladenburg’s independent advisor and brokerage subsidiaries.
“We have seen significant demand from advisors, and the product was developed in conjunction with their feedback,” Paul Lofties, Ladenburg’s senior vice president of wealth management, told ThinkAdvisor. “The target audience for Qui(k) is advisors that have a few plans and want assistance in fulfilling the professional duties required by ERISA.” He adds that the program responds to that need by offering built in 3(38) and 3(16) fiduciary solutions.
Qui(k) has turnkey administrative and recordkeeping functions, including day-to-day administrative tasks, such as reviewing and approving employee loans, overseeing hardship distributions, qualified domestic relations orders, terminated employee distribution requests and more, according to the firm.
Plan sponsors (i.e. businesses) will access the Qui(k) program through an affiliated advisor. The plans will be custodied at Mid-Atlantic Trust and serviced by Touchstone Retirement Group as the recordkeeper and third-party administrator, according to Lofties.