Paychex Adds LPL Financial’s Employee
401(k) recordkeeping clients supported by LPL
Financial now have access to LPL’s Employee Advice Solution (EAS). This
online system provides plan participants with tailored financial advice and
education, the firm says.
The EAS can help employees digitally
visualize their entire financial pictures, and they can elect to receive advice
throughout retirement. Individuals also have access to advisers who can help
them personalize their retirement savings strategies.
Paychex points to a study by Morningstar
which showed that participants who received professional online advice for
retirement planning increased savings rates by nearly 28%, and 87% of
respondents acted on recommendations to save more.
“Paychex is committed to providing
401(k) participants with the tools and education they need to navigate the
retirement planning process with ease, flexibility, and service at every step,”
says Tom Hammond, vice president of
corporate strategy and product management at Paychex. “The ability to offer
plan participants access to financial advice from LPL Financial is another way
Paychex focuses on helping our retirement services clients optimize this
important employee benefit.”
EAS adds to the suite of tools and
services that Paychex offers through LPL’s employee Worksite Financial Solutions. The worksite offers retirement
guidance, education, and managed accounts. Enrollment in Worksite includes LPL Small Market Solution, which Paychex began offering to its
customers in 2016. The Small Market Solution is designed to help advisers and
plan sponsors met fiduciary requirements, while enhancing efficiency.
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