LPL advisors will now have access to a multiple employer aggregate program powered by Lincoln Financial Group’s recordkeeping platform, making it easier for small businesses to offer employer-sponsored retirement plans.
According to the Oct. 14 announcement, the newly launched Strategic Market Solution (SMS) Plus expands on the firm’s existing SMS program to leverage strategic industry leaders to offer a suite of retirement plan administration solutions for small businesses and start-up plans. The aggregated support model will help mitigate investment fiduciary risk and create efficiencies of scale for plan sponsors, reducing the costs and administrative tasks associated with managing retirement plans so they can focus on running their core business.
In addition to using Lincoln Financial’s recordkeeping platform, 3(38) investment management fiduciary services are offered through LPL, the Retirement Advantage (TRA) offers 3(16) administrative fiduciary services and sponsors can opt for payroll services through Paylocity.
“We believe providing American workers access to employer-sponsored plans is imperative to retirement readiness,” notes Rob Pettman, LPL Executive Vice President of Wealth Management Solutions. “LPL is committed to delivering retirement plan resources that can help advisors grow their business by serving the unique needs of their clients.”
“By joining a group employer plan, business owners can have the benefits of reduced administrative responsibilities combined with a customized plan for their workforce, so that they can help their employees achieve the retirement they envision,” adds Ralph Ferraro, Senior Vice President, Retirement Plan Products and Solutions at Lincoln Financial Group.
