Deals and People

Retirement Industry People Moves

Paychex Adds LPL Financial’s Employee Advice Solution; Amerilife Names New CEO; New Sales Consultant Joins The Retirement Advantage; and more.

By Javier Simon | January 27, 2017
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Paychex Adds LPL Financial’s Employee Advice Solution

Paychex’s 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.

NEXT: Amerilife Names New CEO