LPL Gives Advisors Access to Small-Business Retirement Plans
The firm's Strategic Market Solution Plus opens access to a suite of retirement plans for small-business clients.
LPL Financial’s affiliated advisors now have access to the independent broker-dealer’s new program that allows them to offer a suite of retirement plan administration solutions to small business clients.
LPL’s Strategic Market Solution Plus, which is a multiple employer aggregate program powered by Lincoln Financial Group’s recordkeeping platform, leverages strategic industry leaders to offer retirement plan solutions to small businesses and startup plans, according to the firm.
“Small businesses cite costs and complexity as the most common barriers to offering a retirement plan,” said Rob Pettman, LPL’s EVP of wealth management solutions, in a statement. “We believe providing American workers access to employer-sponsored plans is imperative to retirement readiness.”
The aggregated support model helps mitigate investment fiduciary risk and creates efficiencies of scale for plan sponsors, which reduces costs and administration tasks with managing retirement plans, according to LPL.
In addition, LPL offers 3(38) investment management fiduciary services, and its Retirement Advantage offers 3(16) administrative fiduciary services. Also, sponsors can opt for payroll services through Paylocity.