The Problem: Employees Are Falling Behind.

401k plan santa claritaHalf of American workers are not ready for retirement, according to the most recent confidence survey published by the Employee Benefit Research Institute.¹ Eighty-one percent of employees say they are a little or a lot behind schedule in planning and saving for retirement.

  • Workers say they do not know how to save, and fail to see the importance of putting money in a retirement plan, or if they do, are not really sure how their money is invested.
  • The explosion of online technology has put more information at employees’ fingertips, which has been empowering for some, but debilitating for the majority who have saved less than $25,000 for their retirement.

Our Solution: Worksite Financial Solutions and Financial Wellness

LPL Financial is tearing down those barriers. A multimillion-dollar investment in Worksite Financial Solutions has resulted in a comprehensive program plan sponsors can use to give participants the advice, education and services they really need, in a matter that addresses compliance concerns. Worksite Financial Solutions addresses every stage of participants’ working lives. From initial plan entry, asset accumulation, job transitions and into retirement, plan sponsors can add value every step of the way.

Employee Engagement

Changing jobs can be one of the most stressful times in our lives. Employees sometimes need help enrolling in a new employer’s retirement plan, but may not find that help because the HR department has many competing priorities. A significant number of people who change jobs leave their 401(k) account balances behind, very often losing track of them. When that occurs, the participant may miss out on potential growth based on the money they have already worked hard to save.

Employee Education

Employees who wonder how they’re going to pay their bills each month are distracted.  Many have not had access to financial education, and so have never learned the basics of debt, budgeting and saving. Employees who wonder how they’re going to pay their bills each month are distracted.  Many have not had access to financial education, and so have never learned the basics of debt, budgeting and saving.

401(k) In-Plan Advice

Employees want help in selecting their funds and managing their account.  Until now, that was not allowed.  Utilizing our 401k in-plan advice solution along with your 401k plan, we can select the investments for your employees, build their portfolio, manage their portfolio on-going, and provide them quarterly report cards projecting how much income they are potentially on-track to receive in retirement.  Learn more about 401k In-plan Advice

Employee Transition

The departure of employees is difficult for all parties involved. The Employee Transition Solution can help make the process less stressful giving former employees the tools and advice they need to move forward.

Request Your Consultation

Next Step: Contact us for your complimentary consultation.

Let’s review your current 401(k) and discuss goals for your new 401(k) plan. We can identify areas that can potentially be improved to help you pursue your retirement plan goals.
Request Your Consultation



In-plan Advice Statistics:

Source 1: The New Rules of Engagement for 401k Success; Charles Schwab (June 2010)

Source 2: Help in Defined Contribution Plans; Financial Engines/ AON Hewitt Study 2006-2010 (Sept. 2011)

Source 3: Help in Defined Contribution Plans, is it working and for whom? Financial Engines (January 2010). Not a Guarantee of Future Results

1 EBRI’s 2012 Retirement Confidence Survey: Job Insecurity, Debt Weigh on Retirement Confidence, Savings

2 Harris Interactive Inc., The 2012 Consumer Financial Literacy Survey

3 Employees of an 8,000-plus employee group who left feedback about the company’s financialwellness program

4 Principal Retire Secure 2010 Participant Survey

5 Principal Retire Secure database statistics of 50,000 one-on-one meetings, as of Q4 2009