The company said the new program, offered through the company’s recently formed Retirement Plan Consulting Group, offers an array of retirement plan products, as well as recordkeeping and plan administration services through CPI Qualified Plan Consultants, Guardian Retirement Services, ING, and The Principal Financial Group.
LPL Financial said it chose those companies “following following extensive research, internal review, and requests for proposals from a broad spectrum of product sponsors.”
Furthermore, the Retirement Plan Consulting Group will provide advisers with additional tools, training, and technical support to help them in the retirement space, the company said.
“We are delighted to introduce our Retirement Plus Program, which represents a bold step forward in the expansion of our support and services for independent financial advisers involved in the retirement plan space,” said Bruce Harrington, senior vice president of Retirement Solutions at LPL Financial. “This is an area that we believe has significant growth potential for our advisers and our company, based on multiple demographic, industry, and regulatory trends. We are committed to providing our advisers with the tools and training they need to capitalize on these trends as experts and leaders in this space.”
LPL Financial said it has approximately $12 billion in group retirement plan assets. At the PLANADVISER National Conference last year, Kevin Keefe, SVP of Financial Planning at LPL Financial, acknowledged the firm’s intention to be a bigger player in the retirement plan space. Soon after, the company hired Harrington to lead its retirement efforts (see “Looking Ahead ” and “Harrington’s In For Retirement at LPL“).