Through the partnership, plan participants will be able to receive customized retirement advice through an online service. The Worksite Financial Solutions tool gathers information on each participant’s financial picture and life stage. After completing the detailed on-boarding process, participants can elect to receive personalized advice through the system or manage their accounts on their own. Plan participants can elect to receive advice all the way through retirement, as well.
Jana Greer, president of the Houston-based VALIC, which is a subsidiary of American International Group (AIG), says her firm already has a well-established partnership with LPL. She anticipates the inclusion of the LPL Worksite Financial Solutions will lead to custom-tailored advice solutions that will benefit both AIG’s and LPL’s shared clients.
“VALIC’s long standing leadership position in the not-for-profit markets makes this a particularly exciting addition to the platform,” says Bill Chetney, president of the Boston-based LPL Financial Retirement Partners, which is an independent broker/dealer, a registered investment adviser (RIA) custodian, and a subsidiary of LPL Financial Holdings Inc. “We look forward to working together to further empower our retirement-plan focused advisers to move the industry forward.”