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Paychex Announces Alliance with LPL Financial to Offer Fully Integrated Small Market Solution

April 25, 2016

Paychex, Inc., one of the nation’s leading providers in retirement recordkeeping services for businesses, announced today it has aligned with LPL Financial, the nation’s largest independent broker-dealer*, to offer the Small Market Solution, a solution that helps minimize investment fiduciary risk and provides increased efficiency for advisors and plan sponsors.

The Small Market Solution will incorporate LPL’s 3(38) investment management service and employee Worksite Financial Solutions into Paychex’s retirement offering, complete with recordkeeping, administration, and one-on-one dedicated service. LPL Financial will serve as the ERISA defined 3(38) investment manager for the plan’s investments, helping reduce plan sponsors’ fiduciary responsibility and legal liability under ERISA.

In addition, this integration enables plan participants who work with an LPL financial advisor to take advantage of the Worksite Financial Solutions platform, designed for custom-tailored financial advice and education. By offering this solution, advisors can better address the needs of plan participants face-to-face, online, or over the phone – whatever means of communication the participant prefers. Worksite Financial Solutions also helps streamline the enrollment process and promotes overall financial education and wellness.

This joint effort between Paychex Retirement Services and LPL Financial will help advisors and plan sponsors better navigate fiduciary obligations, while addressing the needs of plan participants throughout their financial lives and offer customized support for the life of the plan.

“Paychex understands the retirement challenges that financial advisors, plan sponsors, and participants face and is committed to providing the tools and education needed to help ease those processes with flexibility and service at every step,” said Lonny Ostrander, Paychex vice president of human resource services sales. “Aligning  with LPL – one of the nation’s most respected broker-dealers – demonstrates Paychex’s commitment to putting best-in-class solutions at our clients’ fingertips.”

David Reich, LPL executive vice president and head of Retirement Partners, added, “Plan sponsors rely upon support from a qualified retirement specialist that they can trust. With LPL’s Small Market Solution, advisors and plan sponsors have access to the tools and resources that can help them to meet their fiduciary responsibility and serve their plan participants in meaningful ways as they help them to prepare for a better retirement outcome.”

Paychex Retirement Services includes a full suite of retirement services designed to meet the needs of financial advisors and businesses of all sizes. In addition to extensive options for plan sponsors, Paychex Retirement Services also works with financial advisors to help grow retirement plan business through a dedicated team of wholesalers, sales representatives, and advisor support experts.

Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Paychex and PL Financial are not affiliated entities.

*Based on total revenues, Financial Planning magazine (June 1996-2015)

Tracy Volkmann
Public Relations Program Manager
585-387-6705

Tracy Volkmann

Tracy Volkmann began working at Paychex in July 2014 and currently serves as the public relations program manager. In this role, she is responsible for research PR efforts, as well as all publicity for the company's technology solution, Paychex Flex, and supporting overall goals of the public relations department. Tracy is a graduate of St. Bonaventure University and has a background in collegiate athletic communications, having spent seven years at West Point.