LPL Financial announced Tuesday a new initiative called The Rollover Results Program that is designed to benefit its representatives who advise retirement plans as well as plan sponsors, while providing objective education to plan participants.
According to David Reich, LPL's executive vice president for retirement platform development, the first offering in the program includes the Retirement Results Desk, which in addition to providing education for plan participants as they separate from their employers, provides an added service for those employees by LPL-affiliated retirement plan advisors. "It's a value add for the employers," Reich said, is "great for [retirement plan] advisors when they're going up with prospective plan providers, and will help participants reach their retirement goals."
The Desk will "expedite rollovers" from those retirement plans to either the retirement plan advisors themselves, when appropriate, or match separating employees with other LPL advisors based on an advisor-matching database with multiple criteria, including geographic proximity to those participants and advisors who are active in retirement planning. The retirement plan advisor and the outside advisor will then work together on a plan for individual clients.
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As part of their agreement with employer plan sponsors, the team at the Desk will notify separating employees of their options, and follow up with a telephone call to discuss those options, which may or may not include rolling over their 401(k) plan assets to an IRA.
"Our first and foremost objective," Reich said, "is that employees need better education on what they can do in the 401(k) space; when an employee separates from service they may or may not know what their options are." The program, he said, is "designed to help those employees understand their options."
Reich further pointed out that LPL is not charging a fee to the employer to participate in the program, which he called a "further differentiator for advisors to show their capabilities" in providing retirement plan advice.
Reich, a former Ameriprise Financial VP for retirement strategies, was hired by LPL last year to round out its retirement plan management team, which includes Bill Chetney; both men report to Derek Bruton, managing director and national sales manager for LPL Independent Advisor Services.
Reich said that other facets of the Rollover Results Program are in development.
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James J. Green
Jamie Green is editor of Jamie Green Reports, an advisor-focused writing, editing and shepherding service. He can be reached at [email protected]. Jamie is former Group Editorial Director of the Investment Advisory Group at ALM Media, where he had overall editorial responsibility for ThinkAdvisor.com and Investment Advisor and Research on Wealth magazines, monthly print magazines that have served advisors of all kinds for more than 30 years. In more than 30 years of experience in print and electronic journalism, Jamie has been covering the investment advisory industry since 1999. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York, and was editor of Telecommunications Research, a monthly journal. He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Massachusetts, and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, New York.
