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LPL Financial in talks to sell worksite financial solutions platform

LPL Financial LLC is planning to sell its worksite financial solutions platform to Global Retirement Partners LLC, Investment News reported.

The two companies are in discussions regarding a possible transaction, Global Retirement Partners Managing Partner Geoff White told the publication.

LPL Financial earlier considered closing the platform, saying it didn't serve a "substantial portion" of advisers nor met "the return on investment needed to continue," the publication reported, citing Andy Kalbaugh, the company's managing director and divisional president of national sales and consulting.

Worksite Financial Solutions helps 401(k) participants and advisers with rollovers from retirement plans.

LPL Financial is a unit of LPL Financial Holdings Inc.