Vestwell Honored as a 2021 Best Place to Work by Built In

Vestwell is honored to be recognized by Built In three times this year as a “2021 Best Place to Work,” including Best Places to Work for NYC, Best Small Companies to Work For, and NYC Companies with the Best Benefits. This annual awards aims to highlight top employers across the country that continually go above and beyond for their employees, taking into account benefits, support, culture programs and initiatives.

100 Best Places to Work In NYC 2021

50 Best Small Companies to Work for in NYC 2021

50 Companies with the Best Benefits in NYC 2021

 

Interested in joining the Vestwell team? Check out our open opportunities at https://vestwell.com/jobs.

Franklin Templeton Partners with Vestwell to Deliver Advisor Managed Account Offering in a Modern Recordkeeping Construct

Thousands of financial advisors can now leverage Franklin Templeton’s Goals Optimization Engine (GOE) to provide personalized advice for their retirement plan clients

New York, NY and San Mateo, CA: January 6, 2021 — Franklin Templeton has partnered with digital recordkeeping platform Vestwell to build an advisor managed account experience that will reset the bar on how advisors engage with clients. The new offering combines Franklin Templeton’s proprietary Goals Optimization Engine (GOE™) methodology with Vestwell’s modern recordkeeping infrastructure to create an entirely digital, open-architecture and cost-effective managed account solution. The offering will live natively in Vestwell’s platform, with the ability to automatically enroll participants into a personalized investment strategy.

To date, managed accounts have been somewhat commoditized, simply added on top of existing offerings and therefore failing to provide the experience or cost-effectiveness investors deserve. With a clear market need to revolutionize the space, Vestwell and Franklin Templeton set out to build a managed account offering that is customizable, affordable, and built on a modern fintech infrastructure that benefits all users. By architecting it directly into Vestwell’s platform, Vestwell can capture data that provides participants a more personalized investment experience at each stage of their retirement journey. With a completely open-architecture fund universe and a dynamic qualified default investment alternative (QDIA) capability, advisors can craft their own unique investment programs to provide fiduciary advice while leveraging a modern fintech platform to effectively scale.

“We believe every U.S. worker and household has the right to experience financial well-being during each life phase. Enabling plan advisors to deliver goals-based, personalized, cost-effective advice to Americans in the workplace is our focus.  We want to equip advisors and investors with innovative tools and technology to achieve that goal at scale,” says Yaqub Ahmed, Head of US Retirement and Insurance at Franklin Templeton. “We’re thrilled to be working with Vestwell to deliver a managed account offering that helps advisors more effectively engage during all stages of a participant’s savings journey.”

The managed account solution allows plan sponsors to rethink their default option by choosing a dynamic investment model for each employee, rather than a traditional single target-date series. What makes a dynamic QDIA unique is that participants can be defaulted into a target-date series early in their savings journey, before being moved into a more active model as they approach, or reach, retirement. As a result, participants with more complex financial needs can get the personalized advice they need when they need it. And because of the technology efficiency, it can cost a fraction of the price of the typical managed account option.

The offering is currently in late-stage development, with an expected rollout in the first half of 2021. At that time, advisors can leverage Vestwell’s unbundled, open-architected, configurable platform to deliver their own white-labeled 401(k) with an integrated advisor managed account solution.

“We recognize the important role customized advice plays in the retirement plan ecosystem and are excited to be working with Franklin Templeton on a native managed account offering,” says Aaron Schumm, Founder & CEO of Vestwell. “Whether a plan has $500 thousand or $500 million under management, participants deserve access to a quality, personalized investment plan. With a native advisor managed account offering powered by Franklin Templeton’s Goals Optimization Engine (GOE), we can deliver on making great plans more equitable and accessible.”

About Vestwell

Vestwell is the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern fintech era. We have rearchitected the workplace retirement chassis from the ground up and built an engine to power the $30T industry. Our customizable, open architecture, and white-labeled platform becomes a natural extension of financial services and payroll partners, while removing traditional friction points plaguing legacy recordkeeping. The result is an easier, more efficient, and all-around better experience for everyone, delivered at a fraction of the cost. Learn more at Vestwell.com and on Twitter @Vestwell.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN], is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and approximately $1.5 trillion in assets under management as of November 30, 2020. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Copyright © 2021. Franklin Templeton. All rights reserved.

Media contact

Abbey Yvon
Vestwell
917.979.5358
abbey.yvon@vestwell.com

Vestwell’s 2020 Employee Retirement Trends Report in the news

In November 2020, we surveyed thousands of employees who were either using Vestwell’s platform for their retirement plan or were eligible to do so. Our 2020 Employee Retirement Trends Report explored how some of this year’s major topics, namely racial unrest, the presidential election, and the global pandemic, intersected with 401(k) plans.

Check out some of the coverage.

2020 Employee Retirement Trends Report

JUST RELEASED: 2020 Employee Retirement Trends Report: A look at 401(k) plans at the intersection of a pandemic, presidential election, and racial unrest.

Between a contentious presidential election, heightened attention to racial inequality, and, of course, a global pandemic, it’s safe to say 2020 has been a year unlike any other. In November of 2020, Vestwell surveyed over 1000 employees who were either currently leveraging its platform for their retirement plan or were eligible to do so.

Some of our key insights include:

  • Minorities such as African Americans and Hispanics/Latinos typically save at lower rates for retirement, even though they generally align with Caucasians regarding how much they believe they should be putting away. When looking at Caucasian respondents, almost 40% have $50k+ saved versus only 16% of Hispanics/Latinos and 11% of African Americans.
  • Employees are generally open to plan advisors reaching out to them, with 70% of respondents saying they welcomed their advice when contacted. However, only 41% of participants surveyed said an advisor reached out to them over the past 12 months.
  • Despite the pandemic putting millions of Americans in tight financial situations, interactions with their 401(k) accounts remained relatively stable. Only 7% of respondents took out a loan, hardship distribution, or both. However, 40% of those who leveraged these funds said it was related to COVID-19.

Download the full report below.

 

Industry Veteran Richard Tatum Joins Vestwell as President of Retirement Services

Former CEO of TPA Avintus and executive of FuturePlan by Ascensus brings 20+ years of retirement experience

New York, NY (December 15, 2020)—Vestwell, the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern fintech era, today announced Richard Tatum as its President of Retirement Services. Tatum will report to the firm’s CEO, Aaron Schumm, and will be responsible for further scaling the platform operations, administration and client services as Vestwell continues to advance through exponential growth.

Tatum started his career in the 401(k) industry more than 20 years ago, and brings with him extensive expertise in plan design, administration, and payroll integration. Prior to joining Vestwell, Tatum was the president and CEO of Avintus, a third-party administrator (TPA) firm he joined in 1998. Under his leadership at Avintus, the TPA service division grew into a regional powerhouse while also expanding its service suite to include payroll, human resource, and 3(16) fiduciary outsourcing solutions. In 2018, the firm was acquired by Ascensus under their TPA Solutions division. Following the acquisition, Tatum became a Divisional Vice President, where he was responsible for sales in FuturePlan by Ascensus’ Southern Division.

“I’ve been following Vestwell since the firm’s inception and have always been inspired by their mission to make retirement more accessible,” says Tatum. “It’s an honor to join this incredibly talented team and I’m excited to roll up my sleeves at Vestwell and continue innovating the retirement industry for the better.”

Vestwell is quickly establishing itself as the new standard in workplace investment and savings programs, leading through technology to create scale in a space plagued by inefficiencies. During this phase of hyper-expansion, it’s imperative that the servicing and operations engines not only support the firm’s growth trajectory, but also provide users with the experience they’ve come to expect and deserve. As President of Retirement Services, Tatum will immerse himself in the firm’s ecosystem of partners — which includes global financial services companies across financial advisors, asset managers, and insurance providers, as well as payroll providers, company plan sponsors, and participating employees — to influence the design and deployment of a world-class servicing department.

“We are only as good as our people, which makes us all the more excited to welcome Richard as a member of Vestwell’s executive leadership team,” said Vestwell CEO Aaron Schumm. “Richard’s unique background as both an entrepreneur and industry executive makes him the perfect person for this role. He’s been close to this business since it was only an idea in my head. His knowledge and experience in 3(16) administration, payroll integration, and business innovation will be a tremendous asset to Vestwell and the companies we serve.”

Tatum holds a Bachelor of Science in Finance and Business Management from Lipscomb University.

ABOUT VESTWELL

Vestwell is the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern Fintech era. We have rearchitected the workplace retirement offering from the ground up and built an engine to power the $30T industry. Our customizable, open architecture, and white-labeled platform becomes a natural extension of financial services and payroll partners, while removing traditional friction points plaguing legacy recordkeeping. The result is an easier, more efficient, and all-around better experience for everyone, delivered at a fraction of the cost. Learn more at vestwell.com and on Twitter @Vestwell.

MEDIA CONTACT

Abbey Yvon

Senior Vice President, Marketing

Abbey.Yvon@vestwell.com

 

Envestnet Introduces New Retirement Plan Solutions for Advisors: Tech Roundup

Envestnet has teamed with Vestwell to offer turnkey retirement plan solutions to financial advisors.

Vestwell is a digital recordkeeping platform that specializes in 401(k) and 403(b) plans. Through the new collaboration, advisors who use Vestwell’s platform can now access Envestnet’s 3(38) investment management services through Envestnet Retirement Solutions to provide clients with a turnkey solution.

READ MORE

Vestwell, Envestnet Partner on 401k Investment Management

Vestwell announced a partnership on Wednesday with Envestnet to give advisors who use its platform access to Envestnet’s 3(38) investment management services. Envestnet will provide plan-level fiduciary services, while Vestwell manages recordkeeping and plan administration. Vestwell noted that “over time, the relationship will expand to include other Envestnet offerings.”

READ MORE

Vestwell Partners with Envestnet to Offer Turnkey Retirement Plan Solutions to Industry Advisors

New offering leverages technology to help advisors deliver efficient 401(k) plan investment-management solutions across diverse client needs

New York, NY and Chicago, IL—December 9, 2020—Vestwell, the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern Fintech era, today announced a partnership with Envestnet, Inc. (NYSE: ENV).

Through this collaboration, Vestwell advisors can now access Envestnet’s 3(38) investment management services, through Envestnet Retirement Solutions, LLC, to provide clients with a true turnkey solution. Over time the relationship will expand to include other Envestnet offerings, helping bring advisors closer to their clients while helping them further differentiate through greater customization.

As the 3(38) investment manager, Envestnet will provide plan-level fiduciary services for Vestwell, which will handle recordkeeping and administration through its API-driven platform. Together, the tech-first providers will make it easier for advisors to effectively scale while focusing their attention on participation and outcomes for 401(k) plan provider clients versus set-up and implementation.

“At Envestnet, we are dedicated to partnering with industry leaders like Vestwell to further the evolution of the art of recordkeeping for retirement plans, and to help advisors improve outcomes for plan participants,” said Khash Sarrafi, Senior Vice President, Envestnet Retirement Solutions. “Our fiduciary 3(38) capabilities, powered by Envestnet | PMC, combined with Vestwell’s transformative recordkeeping platform, will provide more advisors with the support they deserve to effectively and efficiently sell into, and service, small and medium-sized businesses. This is the latest step forward in our ongoing commitment to expand the essential advice which helps clients achieve financial wellness—and lays the groundwork for scalable practice growth.”

Both Vestwell and Envestnet are transforming the way financial advisors are running their businesses through the effective use of technology. The partnership unites the companies in their efforts to streamline retirement plan services, data aggregation, plan benchmarking, and investment selection and oversight.

“As we strive towards closing the retirement-savings gap, our efforts are hyper-focused on how we can help financial advisors more efficiently serve their clients,” said Vestwell CEO Aaron Schumm. “We are thrilled to be partnering with Envestnet, which shares our mission to empower advisors to succeed through innovative technology. We look forward to continuing to broaden our partnership with Envestnet to offer advisors an expanded suite of retirement services.”

ABOUT VESTWELL

Vestwell is the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern Fintech era. We have rearchitected the workplace retirement offering from the ground up and built an engine to power the $30T industry. Our customizable, open architecture, and white-labeled platform becomes a natural extension of financial services and payroll partners, while removing traditional friction points plaguing legacy recordkeeping. The result is an easier, more efficient, and all-around better experience for everyone, delivered at a fraction of the cost. Learn more at Vestwell.com and on Twitter @Vestwell.

about envestnet

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 105,000 advisors across more than 5,100 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of Fintech companies—leverage the Envestnet platform to grow their businesses and client relationships.

 For more information on Envestnet, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

Vestwell and Envestnet are separate and unaffiliated firms, and are not responsible for each other’s services or policies. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

MEDIA CONTACTS

Dana Taormina
JConnelly for Envestnet
973.647.4626
envestnetpr@jconnelly.com

Abbey Yvon
Vestwell
917.979.5358
abbey.yvon@vestwell.com

InvestmentNews Names Vestwell Winner of 2020 Innovation Award

Fintech firm recognized for revolutionizing recordkeeping for financial advisors

NEW YORK, NY, December 8, 2020 – Vestwell, the digital recordkeeping platform bringing the 401(k) and 403(b) retirement plan industry into the modern fintech era, today announced it has been named a winner of InvestmentNews’ 2020 Innovation Award in the adviser fintech, small firm category. The award honors firms with products, services, technologies, or platforms that allow advisors to run their businesses more efficiently or effectively, and Vestwell is recognized for its ability to empower advisors to scale using its white-labeled, digital recordkeeping platform.

Vestwell has taken a traditionally inefficient process built on legacy technology and built a modern, configurable recordkeeping platform, enabling advisors to streamline sales and delivery. Saving financial advisors’ time while minimizing human error, Vestwell creates fully digital processes for historically cumbersome tasks like eligibility, loans and distributions, data processing and more.

“We are so honored to be recognized by InvestmentNews,” said Vestwell CEO Aaron Schumm. “Winning the Innovation Award is a testament to the hard work of the Vestwell team and I am so humbled to be on this exciting ride alongside each and every one of them. Together with great advisors, partners, and employers, we’re able to help millions of Americans better navigate and save for retirement, and it means a great deal that InvestmentNews has recognized us for it.”

InvestmentNews began the Icons & Innovators program four years ago to pay tribute to the visionaries who have shaped and transformed the financial advice profession. This is the second year that InvestmentNews recognized the crucial role firms play in cultivating and implementing innovative answers to the financial advice industry’s greatest problems, such as retirement readiness, inefficient practices, and inadequate educational sources. With 18 finalists spanning six categories, the Innovation Awards demonstrate the importance of supporting original and inventive ideas in business. Click here to find out more about the awards.

For more information about Vestwell’s submission, please click here.

ABOUT VESTWELL 

Vestwell is the digital recordkeeping platform bringing the 401(k) and 403(b) industry into the modern Fintech era. We have rearchitected the workplace retirement offering from the ground up and built an engine to power the $30T industry. Our customizable, open architecture, and white-labeled platform becomes a natural extension of financial services and payroll partners, while removing traditional friction points plaguing legacy recordkeeping. The result is an easier, more efficient, and all-around better experience for everyone, delivered at a fraction of the cost. Learn more at vestwell.com and on Twitter @Vestwell.

MEDIA CONTACT

Abbey Yvon (Vestwell)

Senior Vice President, Marketing

Abbey.Yvon@vestwell.com