Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
COLUMBUS, Ohio — Nationwide Financial has integrated LPL Financial’s Worksite Financial Solutions platform into its 401(k) products. The integration will help LPL advisors provide their retirement plan participants with financial advice. LPL Financial is the nation’s largest independent broker-dealer, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA).
By joining the platform, Nationwide Financial will enable its plan sponsor clients who work with a LPL advisor to offer the Worksite Financial Solutions platform’s Employee Transition and Engagement Solutions. This supports the efficient enrollment of employees into retirement plans, promotes financial education and wellness, and helps employees during times of transition – both when they join the plan and upon employment separation.
The goal is to help Nationwide Financial and LPL advisors better address the needs of plan participants throughout their financial lives from the date of hire to retirement and beyond.
“Nationwide and LPL Financial have a long-standing partnership, and we’re excited to join the Worksite Financial Solutions platform and offer these services to our shared clients,” said Joe Frustaglio, vice president of private-sector retirement plan sales for Nationwide Financial. “As an American company, Nationwide understands the retirement challenges America’s workers face, and this platform makes it easier for advisors to engage with plan participants and offer them the support they need to reach their retirement goals.”
“The Worksite Financial Solutions platform represents LPL Retirement Partners’ vision for the future of the retirement advisory industry,” said Bill Chetney, president of LPL Retirement Partners. “We are honored that Nationwide Financial recognizes the importance of this vision, and we look forward to working with them and all of our retirement plan focused advisors to move the industry forward.”