Nationwide Offers Advisers Small Plan Investment Fiduciary Services

Advisers can help small employers minimize investment fiduciary risk through LPL's 3(38) Small Market Solution service.

Nationwide now offers advisers access to a turnkey solution that helps small employers minimize investment fiduciary risk while maximizing efficiency through LPL’s 3(38) Small Market Solution service.

Through the plan’s 3(38) investment fiduciary service, LPL Financial acts with discretionary authority over the plan’s investment selection and ongoing monitoring and offers employers assistance with a number of administrative functions. The Small Market Solution also features enrollment in Worksite Financial Solutions, a guidance-based, beginning-to-end retirement solution designed to help employees create confidence in their financial life.

Worksite Financial includes four custom solutions tailored to meet the needs of employees throughout the life of the plan:

  • Employee Engagement Solution – This solution helps employees get started with their plan by providing assistance in the enrollment process and helping them consolidate retirement assets.
  • Employee Advice Solution – This managed account option creates a customized retirement strategy based on the employee’s current financial situation and future retirement goals. It implements the strategy and provides ongoing professional account management, rebalancing the account as needed.
  • Employee Education Solution – This holistic wellness solution includes tools and educational resources that inspire employees to take action toward saving for a healthy retirement.
  • Employee Transition Solution – This solution enables employees to keep their retirement planning on track during times of career transition, featuring early separation counseling, retirement counseling, and rollover education and guidance.
“With access to LPL’s Small Market Solution, small business owners are enabled to serve retirement plans cost effectively,” says David Reich, LPL executive vice president and head of Retirement Partners. “We are proud to be able to put LPL’s size and scale to work to offer the tools and resources that can help firms such as Nationwide in the delivery of retirement plan solutions to its clients.”