Just weeks after the Department of Labor finalized its fiduciary rule,LPL Financial, the nation’s largestindependent broker dealer by revenue, has rolled out a new 3(38)fiduciary service capability targeted for advisors to the smallplan 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 ofadvisory care under the Employee Retirement Income Security Act.Under the 3(38) designation, advisors become solely responsible forthe selection, monitoring, and replacement of all planinvestments.

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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.