Ascensus, Inc.

Online, June 8, 2016 (Newswire.com) - DRESHER, Pa.--Ascensus, the nation's largest independent retirement plan and college savings services provider, announces that it will offer LPL Financial's new 3(38) Small Market Solution.

"We are proud to be able to put LPL's size and scale to work to offer the tools and resources that can help firms such as Ascensus in the delivery of retirement plan solutions to its clients."

The Small Market Solution will incorporate LPL's 3(38) investment management service and its Worksite Financial Solutions into Ascensus' plan management tools to create an innovative solution tailored to small business owners' needs. The solution includes full service or recordkeeping-only services for 401(k), Money Purchase, and Profit Sharing retirement plans with less than $20 million in assets.

The 3(38) Small Market Solution aims to minimize investment fiduciary risk while maximizing efficiency for small employers. Through the plan's 3(38) investment fiduciary service, LPL Financial acts with discretionary authority over the plan's investment selection and ongoing monitoring and offers employers assistance with a number of administrative functions.

The Small Market Solution also features enrollment in Worksite Financial Solutions, a guidance-based, beginning-to-end retirement solution designed to help employees create confidence in their financial life. Worksite Financial includes four custom solutions designed to help meet the needs of employees throughout the life of the plan:

1. Employee Engagement Solution - This solution helps employees get started with their plan by providing assistance in the enrollment process and helping them consolidate retirement assets.
2. Employee Advice Solution - This managed account option creates a customized retirement strategy based on the employee's current financial situation and future retirement goals. It implements the strategy and provides ongoing professional account management, rebalancing the account as needed.
3. Employee Education Solution - This holistic wellness solution includes tools and educational resources that inspire employees to take action toward saving for a healthy retirement.
4. Employee Transition Solution - This solution enables employees to keep their retirement planning on track during times of career transition, featuring early separation counseling, retirement counseling, and rollover education and guidance.

To facilitate clients' transition, Ascensus implements ExpressEnroll. Via ExpressEnroll, plan participants are re-enrolled into the qualified default investment alternative (QDIA) of the client's choice - The Employee Advice Solution offered through LPL's Worksite Financial Solutions or target date funds.

These QDIA solutions offer participants investment guidance tailored to personal variables, including risk tolerance, age, and desired retirement year. Data from the Ascensus platform suggests that an increasing percentage of clients are embracing QDIA re-enrollment, with nearly 80% of new clients opting for QDIA re-enrollment in 2015. Furthermore, 95% of plan participants remained in the QDIA for clients who adopted this process.

"With access to LPL's Small Market Solution, small business owners can utilize retirement plans in a cost-effective manner," said David Reich, LPL executive vice president and head of Retirement Partners. "We are proud to be able to put LPL's size and scale to work to offer the tools and resources that can help firms such as Ascensus in the delivery of retirement plan solutions to its clients."

"Ascensus is pleased to offer LPL's Small Market Solution to be able to broaden our range of product offerings and support that can ultimately help more Americans save for the future," added Kathleen Connelly, executive vice president of client experience and relationship management.

About Ascensus

Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 6.5 million Americans save for the future. With more than 35 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retirement plans and over 3.5 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts and is home to one of the largest ERISA consulting teams in the country. For more information about Ascensus, visit www.ascensus.com.

View career opportunities at careers.ascensus.com or on LinkedIn at linkedin.com/company/ascensus. For the latest company news, follow @AscensusInc on Twitter.

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and served $482 billion in advisory and brokerage assets as of April 30, 2016. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also service an estimated 45,000 retirement plans with an estimated $121 billion in retirement plan assets, as of March 31, 2016. LPL also supports more than 4,200 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,400 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

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