LCP Institutional

LCP Institutional does not make investment decisions. The firm operates exclusively as a directed trustee, meaning all investment authority is retained by the plan sponsor, investment committee, or a separate retained discretionary advisor. This non-discretionary structure is a deliberate design feature intended to prevent conflicts of interest between asset custody and investment management.

LCP Institutional is a subsidiary of The Private Trust Company, which itself is a wholly-owned subsidiary of LPL Financial Holdings Inc. LPL Financial is one of the largest independent broker-dealers in the United States, and LCP Institutional serves as its institutional trust custody arm for retirement plans and similar structures. The relationship provides LCP with access to LPL's broader advisor network while maintaining separate fiduciary operations.

LCP Institutional serves strictly as a non-discretionary directed trustee and custodian. The firm does not manage assets, recommend investments, or exercise any discretionary authority over client portfolios. Its role is limited to holding plan assets in trust, executing transactions as directed by the plan's authorized fiduciary, and providing custody and administrative reporting.

LCP Institutional provides directed trustee services across qualified retirement plan structures, including 401(k), profit-sharing, and defined benefit plans. The firm is particularly relevant for ERISA-governed plans and Taft-Hartley multi-employer plans that require an independent trustee to hold plan assets separate from the sponsoring employer and investment advisor. Its custody model is also used by institutional separate accounts and retirement plan platforms managed by third-party RIAs.

As a directed trustee, LCP Institutional enters into a trust agreement with the plan sponsor that explicitly limits its fiduciary duties to custody and administrative functions. The trust agreement delegates all investment-related fiduciary responsibilities to the named plan fiduciaries. This creates a clear legal separation: LCP Institutional is responsible for safeguarding assets and executing instructions, while the plan sponsor's investment committee or advisor bears responsibility for investment selection and monitoring.