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

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

 

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

Pensionmark Partners with Vestwell to Bring Modern-Day Recordkeeping to Advisors and Their Plan Sponsor Clients

NEW YORK, NY, July 7, 2020. Pensionmark Financial Group, a premier network of retirement plan specialists and financial advisors, has partnered with Vestwell, an advisor friendly digital recordkeeper, to provide a more effective way to scale in the 401(k) and 403(b) markets. Together, the companies will bring a unique approach to corporate retirement plans by solving the historical challenges faced by plans in the small-to-midsize space while giving clients the customized experience they deserve.

Marrying a tech-forward solution with retirement plan specialists and back office support means advisors can spend more time providing valuable services and driving better outcomes. The offering can be white-labeled to further define an advisor’s value-proposition by putting their brand and reputation at the forefront, while relying on the platform for the rest.

“Technology plays a vital role in helping advisors efficiently deliver better financial solutions,” says Troy Hammond, CEO of Pensionmark Financial Group. “Partnering with Vestwell means advisors have access to advanced reporting, integration, and servicing capabilities so they can more effectively bring clients the experience they demand and deserve.”

Through a bundled or unbundled approach, the partnership can also deliver institutional pricing, premier funds, and 3(38) or 3(21) fiduciary oversight through Cota St, Pensionmark’s investment management arm. This means companies that once lacked access to certain proprietary funds or competitive pricing can now engage in the same investments and cost benefits traditionally enjoyed only by the large plan market.

“Like most in the industry, we’ve always been impressed by Pensionmark’s reputation amongst the advisor community and the clients they serve. After being fortunate enough to dive into their business model, we all quickly recognized the clear alignment of our missions, making this partnership all the more exciting,” says Aaron Schumm, CEO at Vestwell. “Pensionmark knows exactly what advisors need and what plan sponsors want. Leading with technology while prioritizing service, they can more effectively grow, scale, and retain clients, and we’re delighted to be there alongside them.”

About Vestwell Holdings, Inc. 

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 Pensionmark

The Pensionmark Financial Group network represents over 275 advisors and staff across 67 locations across the country with approximately 3,700 retirement plan clients. The Pensionmark network of retirement specialists include defined contribution, defined benefit and terminal funding, not-for-profit, wealth management, and executive/deferred compensation specialists.

 

Vestwell and LeafHouse Financial Launch an All-ETF Custom Investment Glidepath Solution for the Small Retirement Plan Market

New offering gives advisors a scalable, tech-forward program with smart investment strategies to effectively support the needs of plan sponsors

NEW YORK, NY, May 27, 2020 – Vestwell, a digital recordkeeper, announced today the launch of ETFVest, a new retirement plan solution that combines 3(38) investment management fiduciary line-up services from LeafHouse Financial with an all-ETF target date portfolio model from Stadion. ETFVest leverages Vestwell’s API-driven tech-forward solution to offer advisors a scalable, cost-effective, managed account solution in the small plan market.

The diverse, multi-manager line-up gives advisors exclusive access to an all ETF custom glide-path leveraging funds from Franklin Templeton, State Street Global Advisors, and Fidelity Investments. These ETF-based model portfolios built by Stadion, with fiduciary investment oversight from LeafHouse Financial, will be delivered through Vestwell’s modernized retirement platform and white-labeled as ETFVest.

“The small plan market is fraught with inefficiencies, so we’re always looking for innovative strategies to more effectively service it in a tech-forward, cost-effective way,” says Ben Thomason, EVP of Revenue at Vestwell. “With no revenue sharing, intra-day trading, low-cost yet highly effective funds, all built into a modern-day solution, we’re excited to bring ETFVest to market alongside some of the industry’s best advisory and asset management complexes.”

Featuring only ETFs with intra-day trading is unique to 401(k)s, but coupling that with funds from three of the industry’s most highly regarded asset managers makes it particularly appealing. In addition to their distinct portfolio construction, which offers the availability of specific beta exposure by factor, asset class, etc., ETFs offer price transparency with no revenue sharing. Additionally, using Vestwell’s intra-day trading capabilities may remove time out of the market as well as implicit trading costs.

“We’re excited to be a part of this innovative, tech-forward workplace retirement solution featuring several of our Franklin LibertySharesETFs, said Kevin Murphy, SVP, Head of Strategic Accounts for Franklin Templeton’s Defined Contribution Division – US. Innovation must be diverse and adaptive, and we feel this solution really checks those boxes with its inclusion of ETFs and transparent pricing delivered through a modernized technology platform.”

“In everything we do, we believe participants come first,” said Todd Kading, President of LeafHouse Financial. “ETFVest is designed to provide participants a low cost, diversified strategy for their retirement plan.”

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.

About LeafHouse Financial

LeafHouse Financial is an experienced, national discretionary investment manager and consultant for all types of retirement plans. LeafHouse acts in both a 3(21) and 3(38) fiduciary capacity for a multitude of private and public retirement plans that range from start-up to large institutions across the U.S. LeafHouse developed proprietary technology that is designed to prudently select, evaluate, and monitor investments that are solely in the best interests of plan participants and their beneficiaries. LeafHouse is a registered investment advisor. Registration does not imply a certain level of skills or training. More information about the firm, including its investment strategies and objectives, can be found in our ADV Part 2, which is available, without charge, upon request. Our Form ADV contains information regarding LeafHouse’s business practices and the backgrounds of our key personnel.

Vestwell Launches Next Evolution of its 401(k) Platform, Removing Traditional Recordkeeping that has Held the Industry Back

Vestwell eliminates the barriers that currently surround recordkeeping, bringing new efficiency to the $30 trillion retirement industry

New York, NY – February 27, 2020 – Vestwell, the advisor-friendly digital retirement platform, has announced the next evolution of their platform, resetting the bar across the retirement plan industry. Before Vestwell, 401(k) plan providers were beholden to thirty-year-old technology to oversee complex recordkeeping. Vestwell has reimagined the process by developing a modern tech stack that powers all aspects of retirement plans, without the need for recordkeeping in a traditional sense. The result is a more efficient, flexible, secure, and cost-effective way of offering 401(k) and 403(b) plans.

“Since inception, Vestwell has been about enabling anyone to offer and run a 401(k) or 403(b) program regardless of size and complexity and without the friction that comes with managing a plan. We have now been able to take that to the next level, flattening “the stack” and removing the need to “run recordkeeping” software in the traditional sense,” said Aaron Schumm, Founder and CEO of Vestwell. “We’ve now put the architecture in place to bring employees’ retirement plans account closer to the way they manage all of their other financial accounts.”

Historically, legacy recordkeeping technology and lengthy, redundant processing have resulted in a market hindered by high-costs, inefficiencies, and razor-thin operating margins that left half of the businesses in our country and their employees unserved. Employers in the small-to-midsize market have been left with three unfavorable options: provide a generic plan, pay high fees, or not offer a plan at all.

Vestwell has changed the game by developing a front-to-back, API-driven workplace investing architecture that modernizes the retirement industry. Vestwell is providing the infrastructure to handle a real-time, flexible company plan design with custom investment management options, in a fully white-labeled construct. Vestwell’s technology-driven construct innovates the following
features and services:

  • Recordkeeping: Company and employee records are now fully centralized and maintained in-house on a modern tech stack that allows for full plan design and investment flexibility while eliminating reliance on legacy tech solutions. The solution can power financial services companies, payroll companies, and third party administrators alike – all fully white-labeled.
  • 3(16) Administration: Vestwell can also step in as a full 3(16) plan administrator, maintaining employee eligibility, loans and distributions, notices, and compliance testing on behalf of the plan sponsor – thus halving processing time and enabling faster issue spotting and resolution.
  • Custody: As part of a partnership with a modern, API-driven custodian, Vestwell has created an infrastructure that revolutionizes the cash movement and investing capabilities of individuals in and out of a workplace offering. Each next best dollar for an employee can be managed in the most appropriate way possible, under one seamless architecture.

Vestwell’s platform will become the new norm across the retirement industry, bringing the worlds of the workplace and individual financial investing together. Furthermore, it enables advisors, payroll companies, and enterprise partners to focus on their most core competencies: providing value, while bringing their clients and relationships closer.

About Vestwell Holdings, Inc.

Vestwell is a digital platform that makes it easier to offer and administer retirement plans. Vestwell removes traditional friction points through flexible investment strategies, fiduciary oversight, and streamlined administration, all at competitive pricing. By acting as a single point of contact, Vestwell has modernized the retirement offering while keeping the advisor’s, employer’s, and plan participant’s best interests in mind.

Learn more at Vestwell.com and on Twitter @Vestwell.

Vestwell Appoints Two Financial Industry Leaders to its Board of Directors

Rana Yared, Principal Strategic Investments, Goldman Sachs

Lori Hardwick, CEO Wealth Tech, RedRock Strategic Partners

Goldman Sachs’ Rana Yared and industry veteran Lori Hardwick join the board following Vestwell’s $30 million Series B

New York – July 2, 2019 – Vestwell, a digital retirement platform, announced the appointment of two new members to the company’s Board of Directors, Rana Yared, Partner and Managing Director of Goldman Sachs, and Lori Hardwick, CEO of Wealth Tech at RedRock Strategic Partners and Chairman of Riskalyze. The two executives join Vestwell’s board on the back of the company’s recent $30 million Series B funding round, which will be used to fuel innovation and scale the company’s retirement technology platform.

“We’re very excited to have Rana and Lori join our Board to lend their expertise in financial services and technology and help guide our next phase of growth,” said Aaron Schumm, Co-Founder and CEO of Vestwell. “Rana is a clear visionary with deep insight into how fintech companies can successfully navigate and disrupt traditional financial services, while Lori is a renowned and dynamic industry executive with decades of experience leveraging technologies to scale platform businesses at pivotal junctures. Their contributions will certainly help make our future vision a reality.”

“I was drawn to Vestwell because it has developed a modern and intuitive interface that empowers advisors to more efficiently manage customized retirement plans,” said Yared. “I’m looking forward to working alongside the team to continue reimagining retirement through technology.”

Rana Yared joins the Board of Directors as a representative from Goldman Sachs, which led Vestwell’s Series B funding round in April 2019. At Goldman, Yared plays a leading role in the company’s financial technology investment arm and helps lead the commercialization of the bank’s technologies. She was recently named one of Goldman Sachs’ “Most Powerful Women” and has been recognized by Fortune’s 40 Under 40 list.

“Vestwell is filling an important gap that has prevented so many retirement advisors from not only scaling their businesses, but also improving their client experience,” said Hardwick. “I’m thrilled to join the board to help fuel a much needed transformation in how retirement plans are administered, managed, and experienced by all stakeholders.”

Lori Hardwick is a renowned industry veteran, with specific expertise in investment, technology, and advisory solutions. In addition to her current position, Hardwick serves as a member of the Board of Directors for AI Labs, a company she co-founded in 2017. Previously, she was one of the original partners at Envestnet, as well as Chief Operating Officer of Pershing. Hardwick has been named to the “Women to Watch” list by InvestmentNews, listed as one of the “50 Most Influential Women in Private Wealth” by Private Asset Management magazine, and included in Investment Advisor’s 25 list, among other accolades.

About Vestwell Holdings, Inc.

Vestwell is a digital platform that makes it easier to offer and administer retirement plans. Vestwell removes traditional friction points through flexible investment strategies, fiduciary oversight, and streamlined administration, all at competitive pricing. By acting as a single point of contact, Vestwell has modernized the retirement offering while keeping the advisor’s, employer’s, and plan participant’s best interests in mind. Learn more at Vestwell.com and  on Twitter @Vestwell.

Media Contact

Brooke Flohr

914-715-3247

brooke@bevelpr.com

Vestwell to Add Multi-Manager Target Date Model Portfolios from Morningstar Investment Management

New offering will give advisors diversified strategies to help support the needs of plan sponsors

portfolios

NEW YORK, NY, April 16, 2019Vestwell, a digital retirement platform, announced today the upcoming launch of a service combining 3(38) fiduciary line-up services with target date model portfolios from Morningstar Investment Management LLC, a provider of discretionary investment management and advisory services. This series of target date model portfolios, built from one of the line-ups created by Morningstar Investment Management, will give Vestwell advisors exclusive access to a new set of target-date strategies.

The service will offer active-passive blended models free of any revenue sharing or referral fees. In addition, the diverse, multi-manager line-up will give advisors access to funds from Lord Abbett, State Street, OppenheimerFunds, Cohen & Steers, and Franklin Templeton Investments. These model portfolios, coupled with Morningstar Investment Management’s fiduciary support, will be delivered through Vestwell’s modernized retirement platform.

“When looking to expand the asset management strategies on our platform, we sought out an investment firm with core capabilities in asset allocation, investment selection, and portfolio construction,” said Aaron Schumm, Founder and CEO, Vestwell. “Fortunately, we did not have to look far, and we’re thrilled to have Morningstar Investment Management’s line-up fully integrated into the Vestwell platform.”

Vestwell’s proprietary recordkeeping and model management technology offers a highly flexible open-architecture construct, making for a simple integration that helps both parties more effectively support their client’s diversified needs. Advisors, in turn, can efficiently scale their retirement practices through advanced technology and sophisticated offerings.

“Vestwell’s offering provides advisors with a modern, streamlined approach to retirement services,” said Brock Johnson, President, Global Retirement and Workplace Solutions, Morningstar Investment Management. “We’re pleased to support Vestwell’s commitment to providing advisors with the retirement technology tools, investment offerings, and fiduciary support they need to assist plan sponsors.”

For more information on the service, please visit www.vestwell.com/news.

About Vestwell Holdings, Inc.

Vestwell is a digital platform that makes it easier to offer and administer 401(k) plans. Vestwell removes traditional friction points through a seamless plan design, automated onboarding, streamlined administration, and flexible investment strategies, all at competitive pricing. By acting as a single point of contact, Vestwell has modernized the retirement offering while keeping the plan sponsor’s and plan participant’s best interests in mind. Learn more at Vestwell.com and on Twitter @Vestwell.

About Morningstar’s Investment Management group 

Morningstar’s Investment Management group is a leading provider of discretionary investment management and advisory services. Guided by seven investment principles, the group is committed to focusing on its mission to design portfolios that help investors reach their financial goals. The group’s global investment management team works as one to apply its disciplined investment process to all strategies and portfolios, bringing together core capabilities in asset allocation, investment selection, and portfolio construction. This robust process integrates proprietary research and leading investment techniques. In addition to advisory services, the group’s investment professionals build and manage model portfolios for financial advisors in the United States, United Kingdom, Australia and South Africa to create strategies that incorporate a wide variety of investment objectives. Morningstar’s Investment Management group includes subsidiaries of Morningstar, Inc. that are authorized in the appropriate jurisdiction to provide advisory services.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $193 billion in assets under advisement and management as of Dec. 31, 2018. The company has operations in 27 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on Twitter @MorningstarInc.

 

Media Contacts:

Jessica Torchia

917-636-4804

Jessica.Torchia@ficommpartners.com

 

Vestwell Continues to Redefine Retirement, Announcing a $30 million Series B to Fuel Growth

 

Series B

New York, NY – Tuesday, April 2 — Vestwell, a digital retirement platform, announced that it raised $30 million in Series B financing. Goldman Sachs Principal Strategic Investments (PSI) led the round, working closely with Goldman Sachs’ Consumer and Investment Management Division (CIMD), joined by Point72 Ventures and a host of other strategic retirement-focused financial services providers including the venture capital arm of Nationwide, Allianz Life Ventures, BNY Mellon, and Franklin Templeton. The round also included participation from Series A and Series Seed investors, F-Prime Capital, FinTech Collective, Primary Venture Partners, and Commerce Ventures.

Vestwell is the first digital retirement platform built for the financial advisor, helping scale plan sponsor and participant relationships to a new level. With its innovative technology, streamlined administration, fiduciary oversight, and modern interface, Vestwell has reimagined the 401(k) and 403(b) industry for the better. This new financing will propel Vestwell even further, while resetting the bar for how open-architecture in retirement plans can be provided to companies of any size in an affordable and modern way. This includes significant investments in technology and client service, two areas where Vestwell continues to pioneer.

“We were drawn to Vestwell because it has developed a modern and intuitive interface that empowers advisors to more efficiently manage customized retirement plans,” said Timothy J. O’Neill and Eric S. Lane, co-heads of Goldman Sachs’ CIMD.

In just these past 12-months, Vestwell’s client growth increased tenfold and the company has implemented strategic alliances with BNY Mellon, Allianz, Namely, Dimensional Fund Advisors, OnPay and Riskalyze, among others soon to be announced. Retirement-centric advisory companies and incumbents are quickly turning to Vestwell to be the engine behind their retirement books of business, valuing cutting edge technology such as Vestwell’s patent-pending real-time payroll engine and advanced employee eligibility calculator.

“I feel Vestwell’s momentum on a daily basis, so it’s incredibly humbling to have so many of the industry’s leading players see the value in what we’re building and share our vision of what lies ahead,” says Aaron Schumm, founder and CEO of Vestwell. “We’re elated to align ourselves with retirement industry experts who are not only investing capital into Vestwell, but who are also investing time and resources into ensuring our success.”

“The market impact we’ve seen from Vestwell in the two short years since leading the seed investment in them is remarkable,” says Brooks Gibbins, Co-Founder and Managing Partner of FinTech Collective. “Participants, employers, and channel partners have all validated Vestwell’s approach, and we’re thrilled to continue supporting industry change alongside them.”

ABOUT VESTWELL HOLDINGS, INC.

Vestwell is a digital platform that makes it easier to offer and administer retirement plans. Vestwell removes traditional friction points through flexible investment strategies, fiduciary oversight, and streamlined administration, all at competitive pricing. By acting as a single point of contact, Vestwell has modernized the retirement offering while keeping the advisor’s, employer’s, and plan participant’s best interests in mind. Learn more at Vestwell.com and on Twitter @Vestwell.

 

Media please contact:

Jessica Torchia

FiComm Partners

908-872-7319

Jessica.torchia@ficommpartners.com