Paychex and LPL Financial are partnering to offer the Small Market Solution, which helps minimize investment fiduciary risk and increases efficiency for plan advisers and sponsors.

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

This integration also lets plan participants who work with an LPL financial adviser take advantage of the Worksite Financial Solutions platform, designed for custom financial advice and education. The platform also helps streamline the enrollment process.

“Paychex understands the retirement challenges that financial advisers, 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,” says Lonny Ostrander, Paychex vice president of human resource services sales.

Adds David Reich, LPL executive vice president and head of retirement partners: “With LPL’s Small Market Solution, advisers 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.”