Who’s the Fiduciary?

While the DOL’s fiduciary rules for financial advisors are new, fiduciary standards among 401(k) plan sponsors are not.

Even before the new DOL rules, plan sponsors were targets of lawsuits regarding the 401(k) plans offered to their employees. To avoid such ugly situations, it’s more important than ever for retirement plan sponsor to understand the responsibilities involved in being a fiduciary.

What is a fiduciary?

According to the Department of Labor, someone is a fiduciary if they perform certain functions with regard to the 401(k) plan. These include discretion over a plan’s administration as well as the selection of the plan’s assets. The focus is on the functions performed with regard to the plan.

Plan fiduciaries must:

  • Act solely in the best interest of all plan participants
  • Execute their duties prudently
  • Follow the specifications of the plan’s documents
  • Diversify the plan’s investments
  • Pay only reasonable plan expenses

Delegating fiduciary responsibilities

Plan sponsors can hire outside service providers to share in their fiduciary responsibility, however, they cannot abdicate this responsibility.

Here are a few types of fiduciary roles these service providers can assume.

A 3(38) fiduciary has the full discretion to make all plan decisions, including the those regarding the investments offered.

In this capacity, advisors are the decision maker for the plan’s investments; they are not merely offering suggestions. The plan sponsor’s fiduciary obligations are more limited here than for other arrangements, but it does have the responsibility to select the investment manager and to ensure that the chosen manager is properly executing the plan’s fiduciary duties.

A 3(21) fiduciary typically recommends investments to the plan sponsors, monitors those investments, and makes recommendations when investments need to be replaced. The final decision, however, lies with the plan sponsor. 3(21) advisors provide counsel and guidance to the plan sponsor, but they do not exercise discretion over the plan investments as a 3(38) does.

A 3(16) fiduciary must ensure that the plan is created and managed according to the ERISA rules. This is typically a role filled by a third-party administrator, either in an unbundled setting or as part of a bundled plan. If there is no outside administrator, then this role must be filled by the plan sponsor.

Using outside service providers

Typical service providers include an investment advisor and a third-party administrator.

VestWell can help you offer a top-notch plan even to your smallest plan sponsor clients. We can act as a 3(38) fiduciary via our arrangement with Palladiem. We can serve as a 3(21) advisor in partnership with you via our relationship with Morningstar. We can also support you as the 3(21) advisor with our cutting-edge administrative capabilities.

Additionally, we can help you offer your clients plan design options including new comparability plans, 403(b) plans and even a cash-balance pension option.

It makes sense to partner with experts in this area to enable sponsors to meet their fiduciary obligations. You can help plan sponsors offer a plan that meets their goals of attracting and retaining employees while helping their employees meet their retirement goals. Hiring the right partners allows the sponsor to focus on what they do best: growing their business while mitigating their fiduciary liability. And it makes you look really good as their advisor!

Vestwell Raises $8 Million in Series A Funding led by F-Prime Capital Partners

As Vestwell’s Digital Retirement Platform Experiences Rapid Growth, Funding will be used for Market Expansion and Further Development of the Platform’s Technology


NEW YORK, Oct. 2, 2017 /PRNewswire/ —  Vestwell, the industry’s first and only fiduciary-backed retirement platform for the financial advisor community, today announced $8 million in Series A Funding led by F-Prime Capital Partners, the venture capital group associated with the parent company of Fidelity Investments, with participation from Primary Venture Partners, FinTech Collective, and Commerce Ventures. Launched in late 2016, Vestwell received $4.5 million in its initial Series Seed of financing in September 2016.

Vestwell has grown rapidly this year with an exceptional market reception. As advisors look to better engage with their clients, while scaling their practice, Vestwell’s platform can be leveraged to facilitate every aspect of the advisor, company and employee’s needs. The unbundled, turnkey 401(k) and 403(b) platform becomes an extension of the financial services firm, helping to reshape how plan sponsors and employees are serviced. The multi-recordkeeper, multi-custodial technology can also incorporate 3(21), 3(38) and 3(16) investment and administrative services.

So far this year, the company has signed over 50 registered investment advisor (RIAs) firms, as well as independent broker-dealers, asset managers, and bank/trust custodians, with plans to onboard several thousand advisors this year.  The funding will be used to grow the team while further enhancing the technology.

In conjunction with this funding news, Vestwell also announces Ben Malka as a member to the Board of Directors. Malka is a partner at F-Prime Capital and also serves as co-chairman of the Financial Services Venture Capital Association.

“We’re excited to increase our reach in the financial advice industry and continue to develop better technology for our clients,” said Aaron Schumm, Founder and CEO of Vestwell. “Vestwell was founded to provide advisors and plan sponsors with an affordable, compliant, and easy-to-use retirement planning solution to help close the retirement savings gap in America, and F-Prime has supported that mission since our inception. This announcement, combined with the outstanding leadership that Ben brings to the Board of Directors, is instrumental to Vestwell’s success.”

“Vestwell’s white-labeled platform provides financial advisors with the ease of compliance and automation while maintaining the human interaction that makes their businesses succeed,” said Malka. “By giving advisors and plan sponsors access to low-cost plan options, Vestwell is providing employees across the country with the tools and plans that can help them to retire happily.”

Vestwell is the industry’s first and only fiduciary-backed retirement platform for the financial advisor community. For more information about Vestwell or to inquire about how financial advisors can leverage the platform, please visit: http://www.vestwell.com/.

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team led by CEO Aaron Schumm, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

Source: Vestwell Holdings, Inc.

Related Links

http://www.vestwell.com

Vestwell Named Winner of XY Planning Network’s 2nd Annual Advisor FinTech Competition

The FinTech competition was held at the #XYPN17 Conference in Dallas, TX on Aug. 28-31

September 20, 2017 (BOZEMAN, MT) – XY Planning Network is proud to announce the winner of its second annual Advisor FinTech Competition. Vestwell (vestwell.com), the digital employer retirement plan platform for advisors, took home first place against six other finalists during a live presentation at the #XYPN17 Conference which brought together 500 attendees and 116 exhibitors in Dallas, TX.

The competition, which solicited a record-breaking 24 submissions, was hosted by advisor technology guru Bill Winterberg of FPPad, and overseen by an elite panel of judges including XYPN Co-founder Michael Kitces, and representatives from the FinTech competition sponsors Betterment for Advisors and Quovo.

“It was our explicit goal with the XYPN FinTech competition to provide these new startups a way to showcase their technology to our young, tech-savvy advisors, who need the help of technology to service Gen X and Gen Y clients efficiently,” said Kitces. “When you look at the scale and quality of submissions we received this year, it’s evidence that the advisory industry really is attracting a tremendous new wave of startups looking specifically to serve the growing needs of financial advisors.”

“The judges were extremely impressed with Vestwell’s platform, and the way that they have weaved together the complex and disparate elements of the employer retirement plan industry into a single technology platform that makes it easy for advisors to help their small business clients with qualified plans,” continued Kitces.

Launched in September 2016, Vestwell’s retirement technology combines the best parts of automated investing with a human touch, removing the friction points of confusion, cost and compliance overhead that come with traditional retirement plans. The white-gloved retirement platform includes modern dashboards and rich visuals demonstrating planning objectives at the participant level, and a low-cost, compliant solution to scale the advisor’s business.

“It was incredible to witness the energy and passion of the hundreds of advisors who attended #XYPN17,” said Vestwell CEO, Aaron Schumm. “A large part of Vestwell’s early success can be attributed to the many advisors who have been early adopters of our technology. These advisors, along with everyone involved with XYPN, have a shared vision to create an accessible, fiduciary future for financial services – we’re honored and excited to be a part of it.”

As the winner, Vestwell will be featured on Bill Winterberg’s FPPad.com and Michael Kitces’s Nerd’s Eye View blog. The company will also have a segment on the popular #XYPNRadio podcast, and appear on XYPlanningNetwork.com.

CSLA Technology won Honorable Mention for its Student Loan Repayment Tracker which reduces the complexity of the college decision process. The other finalists included DataPoints, Loanbuddy, RobustWealth, ROL Advisor, and Tolerisk.

The 2018 conference, renamed #XYPNLIVE, will again include a FinTech competition, and will be held in St. Louis, MO on September 23-26, 2018. To register, visit info.xyplanningnetwork.com/xypn-live.

For media inquiries, contact xypn@ficommpartners.com.

About XY Planning Network

The XY Planning Network, with nearly 500 advisors, is the leading turnkey financial planning platform for fee-only financial advisors who want to serve their Gen X and Gen Y peers, providing comprehensive financial planning services for a monthly subscription fee and without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele, and provides its members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions. http://www.xyplanningnetwork.com/

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team with an average of 18 years of financial technology experience and led by CEO Aaron Schumm, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com  and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

Source: XY Planning Network

It’s National 401(k) Day!

Happy National 401(k) Day! How will you be celebrating it?

What’s that — You’re not celebrating it? That’s understandable. After all, every day is a holiday now — In addition to Halloween and Mother’s Day, there’s National Ice Cream Day (Ben and Jerry’s gives out free cones!), national Pokemon day, and Hug a Farmer Day. You can even register your own holiday. But National 401(k) day is a day you should actually pay attention to — it’s the day you should do your Annual 401(k) Checkup.

Looking into your retirement savings sounds about as much fun as going to the dentist (which, crazy enough, experts say you’re supposed to do twice a year). Fortunately, this isn’t as painful as you think, and getting your 401(k) set up right can make a big difference in terms of having a brighter future. With a quick checkup, you could make changes that could forever improve your future.

This article is written from the perspective that your employer is offering you a plan. Fortunately, about 80% of Americans are offered some sort of plan by their company, though many small businesses don’t have one available.

Increase Your Contributions
Are you already contributing to your 401(k)? If so, that’s a great start. Only about 44% of Americans are contributing. The first thing you should check is whether you’re maxing out your employer matching. Many employers offer additional funds to employees who contribute to their account. If you’re not maxing it out, you’re leaving money on the table.

Even if you are maxing out your company match, you should probably contribute more. Try bumping up the amount of money you contribute every month — The maximum for people under 50 years old is $18,000 a year. Now, that may sound like a big chunk of your paycheck, but remember it’s pre-tax dollars, so it’s the equivalent of only about $12,000 in take home pay. So regardless of how much you decide to invest, if you took it as salary, you’d only get about two-thirds of it, and the rest would go to taxes. So try saving more and see how it feels — you can always dial it back down later. Your future self will thank you.

Optimize Your Investments
Saving money for retirement isn’t enough — you also have to make sure it’s invested properly for your needs. A few tips: Think about how comfortable you are with risk. Long-term investments are all about remaining comfortable while weathering the storm of volatile markets, and though it can feel counterintuitive, it’s oftentimes best to just stick with your investments. Still, if you’re particularly risk averse, there are ways to invest your money which are less tumultuous.
Think about your future needs. When do you plan to retire? And is your 401(k) your sole source of retirement funds, or do you have a partner who will also be contributing? Thinking ahead can make a world of difference.

Roll Over Your Old Accounts
Have you switched jobs over your career? Most of us have, particularly younger Americans, who tend to jump from company to company with high frequency. When you switch jobs, it’s easy to forget about money laying around in old 401(k) accounts. A good option may be to “roll over” those accounts into your current 401(k) provider for a number of reasons. First of all, consolidating accounts is an opportunity to save on fees. Many older retirement accounts charge surprisingly high fees. Even a 2% fee can cost you a fortune by the time you retire.

Consolidating accounts makes it easier to see all your money in one place and keep track of it. It can be easy to lose track of old accounts, particularly when your previous employers may not have your new address after you move.

At Vestwell, we believe that everyone deserves the right to receive unbiased advice and quality investment services at an affordable price. We’re proud to be at the forefront of a wave of 401(k) reform. You can learn more about our offering on our website at Vestwell.com.

#XYPN17 FinTech Competition Award

By Aaron Schumm

I am pleased and humbled to share with you the great news that Vestwell has been selected as the winner of the XY Planning Network’s annual FinTech Competition.  This honor is especially meaningful because we were up against such impressive competition.

The other contenders included CSLA Tech, which has an awesome offering that helps advisors reduce the long-term consequences of student loans, as well as DataPoints, Loan Buddy, RobustWealth, ROL Advisors and Tolerisk, which are also designing amazing technology for the financial planning services community. Together, all of us are working to meet the needs of the next generation of advisors and their clients.

More than anything, this award speaks to the promise of FinTech and the need for continuous innovation. We are thankful that XY Planning selected Vestwell, as it affirms our mission to provide the next generation of solutions that advisors need and clients demand.

We are committed to keep pushing the envelope on solutions that enable every financial advisor to be able to offer their clients a low-cost, fiduciary and automated retirement platform. With these tools, advisors can focus on what they do best – building their business by focusing on establishing and nurturing exceptional customer service and relationships.

Thank you for partnering with us.  We’re looking forward to a bright future for all of us.

Turbocharge 401(k) Participation: Two Smart Strategies for Advisors to Turbocharge Retirement Plans

Two Resources, Two Effective Tactics, Two Essential Steps

By Vestwell Staff

Meet Allison. At 24, she is a second year auditor in the Boston office of a regional consulting firm. When Allison joined the firm, she sat in a room with 40 fellow recruits to listen to a mandatory presentation about the firm’s benefit package. Squeezed between inventory training and the happy hour, that session was a blur of legalese. How was she supposed to pick the right funds if they all looked the same? On her way out the door, Allison tossed the thick 401(k) paperwork package into her desk drawer. That’s where it still sits, two years later.

Robert, the IT support team leader with an office a few doors down from Allison’s desk, has his own retirement worries. Robert is a baby boomer, and fears of being unable to retire are looming large on his radar. He is a well-respected professional with a long, successful career, yet his contributions to the company’s 401(k) plan have always been just the bare minimum. While Robert worries about his lifestyle in retirement, without a clear understanding of his investment options or tools to make intelligent decisions, he struggles to find the motivation to invest more.

Allison and Robert are not alone. According to the Bureau of Labor Statistics, 55% of the American workforce has access to a 401(k) plan, yet only 38% of them choose to participate. And it is not only Millennials that are not adding to their savings. Half of baby boomers, many of whom are already past their peak earning years, have retirement savings of less than $100,000.

We believe that a major source of this problem is the way that retirement plan options are presented to employees.

Many employees just like Allison and Robert are discouraged from enrolling in their company’s 401(k) plan or using it to its full advantage. Common obstacles include the cumbersome onboarding processes, confusing investment fund options, cryptic language and intimidating systems.

It does not have to be this way.

At Vestwell, we envision a future where companies can rely on retirement planning advisors to offer a new generation of plans.

Here is what the future looks like.

Retirement Plans Must Offer Customized Solutions

The problem with traditional 401(k) plans is that employees are limited by poor choices when it comes to fund options. Many 401(k) offerings have excessive costs, poor performing funds and not enough diversification opportunities to allow investors to properly manage risk. Put bluntly, these “off the shelf” product offerings force employees into portfolios that are just not good enough.

Then there is the lack of independence. Too many 401(k) plans still lock employees into proprietary funds. This practice dates back to the early 1990’s when many of the 401(k) platforms were offered through large mutual fund companies. At the time, investment options were limited to the affiliate’s funds in part because the record keeping technology did not allow a broader spectrum of investment products. Technology has since advanced, but many providers remain stuck in the past.

The solution is clear. Plan sponsors need a modern platform that will allow them to offer a wide range of independent investment options. Otherwise, underperforming and poorly managed funds will continue to limit the potential of plan participants to save enough for retirement.

Streamlined Onboarding and Plan Maintenance Are Key

Pensions were once the gold standard of retirement planning. A guarantee of retirement income was provided in exchange for years of service. Today’s 401(k) participation is anything but automatic. Employees must complete numerous paper forms and read through hundreds of pages of boilerplate disclosures. The convoluted enrollment process, combined with complex terminology, means that many employees fail to opt into their company’s 401(k) plan participation out of sheer confusion.

But it is not just employees who are exasperated and confused by the status quo.

The first 401(k) plans were launched back in 1982, yet the volume of paperwork that plan sponsors have to deal with has only increased. They also have to manually track enrollment status and participant changes and there is a stubborn lack of visibility into the fee structure of funds, which makes it difficult to compare costs across providers.

The maintenance of a 401(k) plan has become a full-time job for sponsors and the results (measured by plan participation and fund returns) leave much to be desired.

What would it take to turn 401(k) plans into the valuable engine for retirement savings that they were intended to be? We believe that the answer lies in maximizing the use of technology. If vendors and partners could automate the time-consuming and error-prone processes of enrollment, account maintenance and reporting, plan management would become much easier. Adapting the design of the plan to fit the changing needs of the plan sponsor should take a few clicks, not dozens of forms and weeks of waiting.

The benefits of automation should also extend to plan participants. Vestwell’s research shows that companies with automatic 401(k) enrollment can double employee participation rates. Other surveys have shown that employees with automated enrollment begin saving for retirement earlier. They also report that saving for retirement is easier. A strong 401(k) savings plan can go a long way towards retaining valued employees, recruiting new promising talent and creating better retirement outcomes.

Tips for advisors to turbocharge retirement plans

The current state of retirement savings enrollment is costly, cumbersome and confusing. If your company’s retirement plan participation statistics are disappointingly low, maybe it is time for a new approach. The 401(k) may not be the magical cure, but when used correctly it can be a powerful tool for creating peace of mind in your employee’s retirement.

Contact us at info@vestwell.com for more information about turning your 401(k) offering into a benefit that is easy to administer and manage.

Vestwell named as a Finalist for #XYPN17 FinTech Competition


XY Planning Network to name best-in-class innovation in Financial Planning

Bozeman, MT (July 24, 2017) – XY Planning Network (XYPN) is pleased to announce that seven finalists have been selected to compete in its upcoming Advisor FinTech competition, which is scheduled to take place on Wednesday, August 30, 2017 during the organization’s national conference, #XYPN17, in Dallas, Texas.

The XYPN FinTech Competition was created to help promote startup firms that are building technology solutions to help financial advisors better serve Gen X and Gen Y clients, thereby expanding access to financial planning. The popular competition, now in its second year and sponsored by Betterment for Advisors and Quovo, drew more than two dozen submissions, and the seven finalists were chosen by esteemed industry judges Michael Kitces (XYPN), Bill Winterberg (FPPad) and Joe Ziemer (Betterment).  To be considered, finalists had to meet one or more of the following requirements: have a tech offering that launched in the last 12 months, have less than $1 million in revenue to date, or be an existing company with a new feature that is substantially different from the parent company.

The finalists represent all corners of financial planning, from student loan repayment tools to automated investment solutions and a small business retirement plan platform. Each company will have the opportunity to introduce their technology offering to a large, tech-savvy audience of financial planning entrepreneurs, and #XYPN17 is anticipated to draw over 500 attendees next month. Finalists include:

• CSLA Tech Repayment Tracker aims to transform the financial services industry by helping advisors reduce the long-term consequences of student loans.
• DataPoints helps advisors strengthen client relationships using behavioral science, offering advisors a library of tools to assess client psychology and behaviors.
• Loan Buddy is a financial technology platform with a focus on providing solutions for advisors who want to be pioneers in student loan planning.
• RobustWealth aspires to be the best-in-class, low-cost-leading, next-level automated wealth platform for advisors.
• ROL Advisor aims to solve the challenge of adding value in a world where technology and competition are driving down the value of investment management.
• Tolerisk, using patent-pending technology, aims to revolutionize risk tolerance assessments by incorporating cash-flows to separately measure a client’s willingness and ability to take risk.
• Vestwell is a digital retirement platform striving to become an extension of the financial advisor’s services, acting in everyone’s best interests while scaling through technology and allowing financial advisors to focus on clients.

One deserving champion will receive a press release by PR agency FiComm, along with facilitated media introductions. Additional benefits for winning include promotional opportunities through a feature on Bill Winterberg’s FPPad.com, and Michael Kitces’ Nerd’s Eye View at Kitces.com. The champ will also receive interview opportunities to reach a large audience of financial planners on the #XYPNRadio podcast and via the
XYPlanningNetwork.com blog.

These promotional prizes are intended to help the most successful startup offering gain more rapid traction and advisor adoption. Last year’s winner, SnappyKraken saw an immediate impact from their big win. “Entering the XYPN FinTech startup competition was incredible for our business,” said Robert Sofia of SnappyKraken, “Within the first three months of winning, we went from zero to over $700,000 in sales, landed two large
enterprise accounts, and attracted significant investor interest.”

To learn more about each finalist, visit http://blog.xyplanningnetwork.com/advisor-blog/meet-our-2017-fintech-finalists. More information about the XYPN annual conference can be found at xypn17.com.

# # #About XY Planning Network:

About XY Planning Network:
The XY Planning Network is the leading organization for fee-only financial advisors who want to serve their Gen X and Gen Y peers providing comprehensive financial planning services for a monthly subscription fee and without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele, and provides its members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions.

Media contact:
Jennifer Mastrud
XY Planning Network
Jennifer@xyplanningnetwork.com

Fiserv Adds Digital Retirement Planning Solution to its Wealth Management Network in Partnership with Vestwell

Single platform strategy unites retirement planning and wealth management

July 10, 2017 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that it is integrating digital retirement platform Vestwell into its Unified Wealth Platform. This will enable financial advisors to access retirement planning and wealth management tools on a single platform, improving efficiency and facilitating a better experience for advisors and their clients.

Vestwell will also join the Wealth Management Network from Fiserv, which connects participants across the managed accounts industry.

“Our partnership with Vestwell brings retirement planning and wealth management together, empowering financial advisors while expanding the offerings and enhancing the value they can bring to their clients,” said Cheryl Nash, president, Investment Services, Fiserv. “The ability to offer a flexible, turnkey retirement platform provides advisors with a strong touchpoint and benefits peoples’ financial lives by reducing the time to investment and elevating the digital experience.”

Through the partnership, Fiserv and Vestwell are providing single access point convenience and low-cost, high-value automation, allowing advisors to open a 401(k) that sits alongside their clients’ other accounts that are managed either directly or through a third-party.

Vestwell is the only digital retirement platform that fully integrates the advisor, company and employee experience through a modern, configurable interface. The white-labeled solution allows advisors to deliver a consistent client experience through an open-architecture, multi-custodial, multi-record-keeping platform. Advisors have the option to bundle or unbundle their services while also leveraging administrative and fiduciary services as needed to scale their own advisory business.

Asset managers can also benefit from the solution, which enables them to provide mutual fund and ETF strategies that are managed based on risk tolerance or target retirement dates. As the DOL Fiduciary Rule is implemented, Vestwell helps asset managers align with the new regulations.

“Technology is fueling an industry movement towards holistic planning by helping advisors incorporate retirement planning services that extend beyond the reaches of wealth management,” said Aaron Schumm, founder and CEO, Vestwell. “Our partnership with Fiserv will serve to remove the administrative burden that advisors experience when implementing retirement plans, and will provide advisors with the tools they need to best serve their clients.”

Fiserv is a market leader providing innovative investment services solutions with five million managed accounts supported on its Unified Wealth Platform, representing over $1.4 trillion in assets under management. The Wealth Management Network from Fiserv provides industry access to a vast network of 70 sponsor firms, including eight of the top ten broker-dealers in the U.S., and support for approximately 300 asset managers with easy access to hundreds of model portfolio strategies. This facilitates real-time digital connectivity among all major market participants, including asset managers, broker-dealers, custodians, banks, aggregators, market utilities, advisors, investors and third-party partners.

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team with an average of 18 years in financial technology, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV. There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World’s Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017. For more information, visit fiserv.com.

Vestwell Featured on ThinkAdvisor

Our CEO and Founder, Aaron Schumm, explains to ThinkAdvisor how Vestwell plans to lower costs for participants by streamlining plan design and implementation. Click here to read the article.

“When an advisor comes in [to a company] to talk about a retirement plan, it’s usually a brown bag lunch scenario, where the advisor tells the company ‘here’s everything you can do but I can’t tell you what to do,” said Aaron Schumm, CEO of Vestwell, a new platform that helps advisors evolve their business to suit the changing world of retirement plan investing. “That can be intimidating and confusing, and more importantly, can prove to be a costly process for a business.”

“Because we’re taking care of the headaches that come with setting up a retirement plan – the cost, the fiduciary aspect, the investment side – it means that employees can ultimately save more,” he said. “By becoming the only interface that an advisor or plan sponsor needs to design a plan, implement it and invest that plan on [employees] behalf, we’re saving everyone a lot of time, expense and headache.”