Vestwell is solidifying its leadership in the 401(k) space through a new collaboration with JPMorgan.
On Wednesday, the fintech company announced it has partnered with JP Morgan Asset Management to expand distribution of its Everyday 401(k) offering.
Under the arrangement, the workplace savings platform for small businesses, initially available only through JPMorgan Chase business banking, will now also be accessible to financial advisors on the Vestwell platform.
“Vestwell’s strategic partnership with J.P. Morgan Asset Management signals the industry's emphasis on expanding access to premier workplace savings solutions,” Aaron Schumm, founder and CEO of Vestwell, said in a statement Wednesday.
The Everyday 401(k) plan is also introducing new capabilities, allowing financial advisors to act as 3(38) investment managers on workplace retirement plans.
“Enabling advisors to serve as a 3(38) investment manager, and complementing our own distribution with Vestwell's team, will enable us to reach even more financial advisors and their clients with Everyday 401(k),” added Steve Rubino, head of retirement at J.P. Morgan Asset Management.
The partnership expands on Vestwell’s existing capabilities to support financial advisors with a focus on workplace savings practices. Vestwell’s white-label platform includes omnichannel service, enhanced employer engagement, personalized onboarding, and compliance with complex legislation, among other features and serves.
Vestwell and JPMorgan Asset Management’s relationship began in 2023 with a partnership to enhance JPMorgan’s recordkeeping options and provide a comprehensive solution for clients.
More recently in December, Vestwell completed its $125 million Series D funding round, making it one of the notable US fintech funding successes of 2023.
Last July, the company revealed a deal to acquire Gradifi, a student loan benefits provider, from Morgan Stanley, in an expansion of its financial wellness solutions. After its most recent deals with three states, Vestwell now powers over 80 percent of live auto-IRA programs nationwide.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
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.
