Why BNY Mellon thinks fintechs are friends not foes

As the world’s largest custodian bank and asset servicing company, and one of the oldest banking corporations in the US through its predecessor, many would believe that the Bank of New York Mellon Corporation (BNY Mellon) is a traditional financial services company that has not kept up-to-date with digital and technology advancements and is instead tied to its legacy past.

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Read more about our partnership with BNY Mellon here.

To benefit from outsourcing, advisers need to focus on what is, and isn’t, core to their value

By Ryan W.Neal

Advisers are increasingly outsourcing parts of their business to focus on growth. But a new study from Vestwell, a digital platform that allows advisers to offer and administer retirement plans, suggests many aren’t doing it with a strategic focus on the unique value they provide clients.

When Vestwell asked 420 retirement plan advisers to name the key factor that differentiates their practice from others, 75% named some form of relationship management, such as employee education or holistic wealth management.

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Retirement Plan Improvements Highlight FinTech During 401kTV Awards

Retirement plan improvements help plan participants and plan sponsors alike.  Today, retirement plan improvement in the form of Fintech is at a tipping point. Led by advances and huge investments, fintech firms are competing to solve retirement, savings, investing and debt management issues at the worksite. At the inaugural 401kTV Genie Awards held in New York City on August 22nd at the Park Lane Hotel, 401kTV revealed the three Finalists for the 401kTV Genie Technology Award from the many nominations received.

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Reducing the number of 401(k) record keeper partners poses a challenge for plan advisors

With almost 500 retirement plans but less than $100 million in AUM, Steve Austin of Apex Financial, who is a former Paychex wholesaler, is proactively reducing provider partners. He said robos like Vestwell are making it easier, particularly with their focus on lower costs and technology, issues that resonate with clients. Mr. Austin also noted that advisers need a business process, especially if they are growing quickly, with consolidation a key component.

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2019 Wealth Management Finalist

wealth management 2019 logo finalist

Thank you Wealth Management! Vestwell is ecstatic to share we have been recognized twice as a finalist for the 401(k) Retirement Plan Support category for technology! Congratulations to our industry friends who were also listed and we look forward to hearing the final results in September.