New York Life Retirement Plan Services is expected to provide a daily participant level data feed early next year to LPL Financial, when requested by plan sponsors, to enable LPL advisers to provide tailored financial advice.
“The need for comprehensive financial advice, beyond the 401(k), is vitally important to drive better outcomes for our participants,” said Patrick Murphy, managing director of distribution for New York Life Retirement Plans Services.
The addition of New York Life to the recordkeepers that can support the Worksite Financial Solutions Platform is a significant win for LPL, said Bill Chetney, executive vice president of LPL Financial Retirement Partners.
Worksite Financial Solutions is a platform that gives plan participants customized financial advice and education throughout their employment careers and after, in order to promote financial wellness and retirement readiness. The platform was rolled out this spring. (See “LPL Platform Addresses Financial Life Stages.”)