LPL Financial LLC is no longer planning to sell any component of its Worksite Financial Solutions platform, InvestmentNews reported, citing a LPL spokesperson.
The LPL Financial Holdings Inc. unit earlier informed its advisers that it planned to shut down the platform in September. LPL was said to be in talks with Global Retirement Partners LLC for a potential sale of the platform, which helps 401(k) participants and advisers with rollovers from retirement plans.
LPL will retire the platform in late September, but will still allow its nearly 16,000 financial advisers to have access to features provided as part of the platform, the spokesperson said. Global Retirement Partners is working to recreate aspects of the platform that LPL is shutting down, according to the report.