New York Life Retirement Plan Services will enable its plan sponsors working with advisors affiliated with LPL Financial LLC to offer their employees financial planning help through a new LPL platform.

LPL Financial announced yesterday that the agreement with New York Life has been finalized. LPL previously reached similar partnerships with The Vanguard Group and Ascensus.

The platform, LPL's Worksite Financial Solutions, was launched earlier this year and enables retirement plan participants at companies working with an LPL advisor to get more tailored advice.

New York Life Retirement Plan Services is expected to provide a daily participant level data feed in the early part of 2014 to LPL Financial, when requested by plan sponsors, to enable LPL advisors to provide the tailored financial advice.

New York Life Retirement Plan Services offers bundled retirement plans and defined contribution investment-only products throughout the United States. The company, a division of New York Life Investments, administered more than $47.2 billion in bundled retirement plans as of June 30. New York Life Investments is a subsidiary of New York Life Insurance Co.

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc., the nation's largest independent broker-dealer.