-- Reflects LPL Financial's Vision for the Future of Retirement Plan Participant Advisory Services --
-- New Platform Enables Delivery of Comprehensive Retirement Services and Advice to Plan Participants throughout Each Stage of Their Financial Lives --
SAN DIEGO, March 4, 2013 /PRNewswire/ -- LPL Financial LLC – the nation's largest independent broker-dealer*, a leading RIA custodian, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA) – today announced the launch of the Worksite Financial Solutions platform. The platform is focused on new solutions that will enable retirement plan sponsors and advisors to better address the needs of plan participants throughout their financial lives, from the date of hire to separation and beyond.
The Worksite Financial Solutions platform reflects the vision of LPL Financial Retirement Partners, the retirement plan-focused division of LPL Financial, for the future of the retirement plan advisory services industry, and encompasses the Employee Transition Solution, which launched in May of 2012. LPL Financial expects the rollout of the new platform to be completed in April.
The core goal of the platform will be to provide an alternative to the current fragmented system of participant advice, in which most workers receive only rudimentary financial education and a menu of investmentoptions, rather than the personalized financial advice and guidance they need to adequately plan for the future.
The Worksite Financial Solutions platform will introduce new tools enabling plan sponsors and advisors to better serve plan participants across the full spectrum of the retirement preparation process via three key areas of focus:
The platform will also serve to better align the needs of participants, sponsors and advisors throughout this multi-year process, helping workers truly prepare for retirement while creating new opportunities for plan-focused financial advisors.
Bill Chetney, Executive Vice President of LPL Financial Retirement Partners, said, "Since our acquisition by LPL Financial, we have actively leveraged our enhanced resources and scale to completely re-invent the world of retirement plan financial advice. The current model for providing retirement advice to plan participants is simply inadequate, and does not enable workers to manage and grow their retirement plan assets across the full spectrum of their financial lives. With the Worksite Financial Solutions platform, LPL Financial is taking steps to provide workers the advice they need for retirement, while at the same time creating new opportunities for our affiliated retirement-plan focused financial advisors."
Barbara Delaney, Principal of StoneStreet Equity, LLC in Pearl River, New York, a retirement-plan focused financial advisor with $2.5 billion in assets under advisementaffiliated with LPL Financial, said, "The Worksite Financial Solutions platform shows how LPL Financial is taking a new and innovative approach to the problems facing thousands of American workers and plan sponsors across the country. With the new framework they have announced today, LPL Financial is stepping up to make real advice more widely available to plan participants, while opening enormous opportunities for retirement plan-focused advisors to work with a large, underserved segment of clients nationwide."
Specific tools offered through the Worksite Financial Solutions platform will include the following:
Mr. Chetney concluded, "As we seek to tackle the serious challenges facing plan sponsors and participants in today's retirement environment, LPL Financial is excited to propose new solutions that will help move the industry forward. The Worksite Financial Solutions platform will enable plan sponsors, advisors and participants alike to better understand and prepare for the retirement landscape, and will help American workers to maximize one of their most valuable assets – their savings in employer-sponsored retirement plans."
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,300 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
*Based on total revenues, Financial Planning magazine, June 1996-2012
This press release may contain forward-looking statements relating to the launch of the new Worksite Financial Solutions Platform. The words "anticipates," "believes," "expects," "may," "plans," "predicts," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that future results, plans, intentions or expectations expressed or implied by LPL Financial Holdings Inc. or its affiliates will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties which may cause actual results to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and financial market conditions, effects of competition in the financial services industry, changes in the number of our financial advisors and institutions, and the other factors set forth in Part I, "Item 1A. Risk Factors" in LPL Financial Holdings Inc.'s 2012 Annual Report on Form 10-K, which is available on www.lpl.com and www.sec.gov.
SOURCE LPL Financial LLC
|LPL Financial Launches Retirement Partners Group, An Elite Membership Network Of Its Top Retirement Plan Financial Advisors (2013/3/26)|
|Stoltmann Law Offices Files Two New FINRA Arbitration Claims Against LPL Financial Corp. for Selling Away Scheme -- LPLA (2013/3/27)|
|LPL Financial Welcomes Ingham Retirement Group to its Broker-Dealer and RIA Custodial Platforms (2013/5/2)|
|LPL Financial Names Ryan C. Parker EVP of Investment & Planning Solutions (2013/4/9)|
|LPL Financial Names Robert Moore to Expanded Role (2013/3/1)|
|LPL Financial Announces Fourth Quarter and 2012 Year-End Financial Results (2013/2/6)|
|LPL Financial To Host Career Day For 35 Students From The Preuss School UCSD (2013/3/26)|
|LPL Financial Announces Financial Results for First Quarter 2013 (2013/4/25)|
|LPL Financial Selects Bernstein-Rein As Marketing Agency Of Record (2013/2/27)|
|LPL Financial to Present at the Citi 2013 US Financial Services Conference (2013/2/25)|
|LPL Financial Holdings Inc||View lpla Stock Quote|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise)|
|P||Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs)|
|P||Morningstar Stock Analyst Reports (full research on 2,000 stocks)|
|P||Morningstar Stock and Fund Stewardship Grades|
|P||Portfolio Manager (advanced with 10 x-ray analyses, including guidance)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.