Driven by robust investment growth, health savings accounts grew to $98.0 billion in assets held in more than 32 million accounts, a year-over-year increase of 19% for assets and 8% for accounts, for the period ended Dec. 31, 2021. In January, HSA assets reached $100 billion and accounts totaled 33 million, according to Devenir, a Minneapolis-based firm that provides investments for HSAs and gathered the data.
The company found that more than two million HSAs have at least a portion of their money invested, representing over 7% of all accounts.
On average, investment account holders have a $19,224 total balance (deposits and investments combined).
Account holders contributed more $42 billion to their accounts in 2021, up 2% from the year prior, and withdrew almost $31 billion, also up 2% from 2020.
Devenir expects that by the end of 2024, there will be 38 million HSAs holding $150 billion in assets.
Separately, Fidelity Investments reported 23% growth in the number of plan sponsors using its HSA offering in 2021, bringing the total to nearly 1,400 employers.
Fidelity said its average HSA account balance rose to $6,200. In 2021, Fidelity’s HSA retail business reported $3.1 billion in assets, a 78% year-over-year growth, the company said in a release.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.
MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.
Wealth management unit sees inflows of $23 billion.
Deal will give US investment bank a foothold in lucrative European market.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
