Ladenburg Thalmann Financial Services Inc. (NYSE: LTS), a publicly-traded financial services company, has launched a fully-bundled 401(k) program that allows its advisors to provide qualified employee retirement plans to their business-owner clients.
The new program, called Qui(k), was announced at Ladenburg’s second consolidated national advisor conference of the year, which the firm hosted in Washington, DC for advisors affiliated with Triad Advisors, Securities Service Network and Investacorp.
The new 401(k) platform incorporates a selection of investment products that are selected and monitored by Ladenburg Thalmann Asset Management.
The platform is available to advisors across all of Ladenburg’s independent advisor and brokerage subsidiaries, and provides administrative and recordkeeping functions, including day-to-day administrative tasks such as reviewing and approving employee loans and overseeing hardship distributions, qualified domestic relations orders, terminated employee distribution requests and terminated employee automatic threshold distributions.
“For small- and medium-sized businesses, having a competitive qualified employee retirement plan is essential in hiring and retaining the personnel they need to grow,” said Paul Lofties, senior vice president of wealth management at Ladenburg. “The fiduciary responsibilities and administrative burdens involved in setting up such plans, however, have too often acted as deterrents in offering these benefits in the past.”
Ladenburg’s subsidiaries include Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services.