The retirement plan business of Nationwide has partnered with LPL Financial to deliver actionable participant data to better personalize savings strategies to LPL-advised defined contribution plans.
LPL, the nation’s largest independent broker dealer, has a channel of about 14,000 brokers and advisors, which oversee about $465 billion client assets.
In 2013 it launched its Retirement Partners Group to support advisors that have 401(k) sponsor clients. At the time of the rollout, LPL said about 1,400 of its reps had five or more retirement plans on their books, which represented about one quarter of those reps revenues.
In a release announcing the new partnership with Nationwide, LPL said its advisors serve an estimated 40,000 retirement plans with about $120 billion in retirement plan assets, as of June 30, 2015.
In 2014, LPL launched its Employee Advice Solution tool. By partnering with recordkeepers, the tool allows LPL plan advisors to support their defined contribution clients with data-based, personalized advice.
The partnership means that LPL plan advisors with clients that use Nationwide as the plan recordkeeper can receive a daily feed of participant data, if plan sponsors choose to pay for that level of service.
Sponsors can also choose a level of service that allows participants to engage directly with LPL advisors.
LPL has already partnered with John Hancock Retirement Plan Services and other recordkeepers to deliver its Employee Advice Solution tool.
It is yet another indication that retirement plan specialists are looking to pair data and technological capabilities with access to personalized advice.
Recently, Financial Engines announced it was opening up access to its live call center of advisors to all participants in Financial Engines directly sold plans. Previously that level of service had been reserved for managed account clients of Financial Engines.
The Sunnyvale, California-based leading provider of managed accounts also recently bought The Mutual Fund Store for $560 million.
The acquisition allows participants in 401(k) plans provided by Financial Engines to have access to face-to-face advice at any of The Mutual Fund Store’s 129 locations across the country.
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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.
