Just weeks after the Department of Labor finalized its fiduciary rule, LPL Financial, the nation’s largest independent broker dealer by revenue, has rolled out a new 3(38) fiduciary service capability targeted for advisors to the small plan market.
The Small Market Solution will combine LPL’s existing 3(38) advisory capability with its Worksite Financial Solutions platform, which is marketed in accord with employer-provided 401(k) platforms.
The 3(38) fiduciary designation represents the highest level of advisory care under the Employee Retirement Income Security Act. Under the 3(38) designation, advisors become solely responsible for the selection, monitoring, and replacement of all plan investments.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
