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About Vestwell
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series D
Total Funding
$231M
Headquarters
New York City, New York
Founded
2016
Overview
Vestwell modernizes retirement plans for businesses and their employees through a digital platform. The service simplifies the management and administration of retirement plans, making it easier for employers to set up and oversee these plans with features like fast onboarding and vendor oversight. Employers can also choose fiduciary investment management services to reduce liability. For employees, Vestwell provides customizable investment options and a user-friendly interface to help them manage their retirement savings effectively. Unlike many competitors, Vestwell offers a comprehensive suite of services that includes everything from proposals to compliance, all under one roof, with transparent pricing. The goal of Vestwell is to improve the retirement planning process by leveraging technology to eliminate common challenges and ensure that both employers and employees can achieve their financial goals.
Simplify's Take
What believers are saying
- Growing demand for digital retirement solutions among SMEs boosts Vestwell's market potential.
- Partnership with TIAA addresses increased interest in lifetime income solutions.
- State-sponsored auto-IRA programs present opportunities for Vestwell's expansion.
What critics are saying
- Increased competition from companies like Ascensus challenges Vestwell's market share.
- State-mandated auto-IRAs may reduce demand for private retirement solutions.
- Complex regulations may impact the success of Netchex 401k partnership.
What makes Vestwell unique
- Vestwell offers a comprehensive digital platform for retirement plan management.
- The company provides customizable investment options for employees' specific financial goals.
- Vestwell's partnerships with major financial institutions enhance its credibility and reach.
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Funding
Total Funding
$231M
Above
Industry Average
Funded Over
5 Rounds
Lightspeed Venture PartnersIndustry standards
Benefits
Health Insurance
Paid Vacation
Hybrid Work Options
401(k) Retirement Plan
Performance Bonus
Company Equity
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↑ 3%2 year growth
↑ 2%BOSTON, Jan. 14, 2025 /PRNewswire/ - John Hancock Retirement, a company of Manulife Wealth & Asset Management, is pleased to announce FutureStep™, a new open-architecture retirement plan offering. As part of a multi-year transformation strategy to expand its capabilities and in keeping with its steadfast commitment to financial intermediaries, including third-party administrators (TPAs), retirement advisors, and sponsors, the firm has signed an agreement with Vestwell to bring this new solution to market.FutureStep will be an addition to the firm's existing plan suite, advisor-centric, and a fully digital new plan option designed with the support and experience of John Hancock Retirement.Vestwell's technology powers FutureStep by John Hancock Retirement, which will be available in early 2025. This offering is designed to help advisors scale their practices while providing a simple, modern interface for seamless interactions across the advisor, employer, and saver portals.TPAs, retirement advisors, and sponsors will see competitive pricing and opportunity for enhanced employer engagement and experience high-touch service within the new offering. They'll also receive support for personalized onboarding, ongoing administration and maintenance, robust payroll integration options, and assistance in navigating complex legislation."This is an exciting time for us, and we could not be more pleased to partner with Vestwell to help bring retirement planning to more employers who are helping their employees prioritize retirement," said Wayne Park, CEO, John Hancock Retirement. "As a multiplatform provider, we've added FutureStep so we can continue to expand the number of plans and participants that we serve, as a complement to our existing plan options.""We're focused on being the partner of choice for our distribution partners, TPAs, and plan sponsors by helping to make retirement planning easier and more effective," said Gary Tankersley, Head of the Core Segment, John Hancock Retirement
As part of a multi-year transformation strategy to expand its capabilities and in keeping with its commitment to financial intermediaries, including third-party administrators (TPAs), retirement advisors, and plan sponsors, John Hancock Retirement, a Boston-based company of Manulife Wealth & Asset Management, signed the agreement with New York City-based fintech Vestwell to bring this new solution to market.
Vestwell is partnering with TIAA to launch a lifetime income solution on its platform in 2025.
NEW YORK, Sept. 4, 2024 /PRNewswire-PRWeb/ - Vestwell, a leading holistic savings platform, announced today a partnership with TIAA to help improve retirement savings and retirement outcomes for smaller employers.
"We are thrilled to unveil Netchex 401k in partnership with Vestwell, a solution specifically designed to remove the barriers that prevent businesses from offering a retirement savings benefit." -- Will Boudreaux, Netchex CEO Post thisDespite all these benefits, setting up and managing 401k plans can be complicated and overwhelming due to complex regulations and tasks like enrollment, contribution calculations, and ongoing administration. Netchex 401k simplifies this process, allowing businesses to easily offer retirement savings plans that help attract and retain top talent.The benefits of Netchex 401k include:Easy Setup: Streamlined process minimizes time and resources needed to set up and manage the plan.Fully Integrated: Easily manage corporate Match Policies, Safe Harbor, and Fund Vehicle Selections all while minimizing the downstream impacts of audits and fines and reducing administrative workload for HR teams.Manage in One Place: Manage your 401k plan alongside other HR functions within the Netchex platform, creating a unified user experience for both employers and employees.plan alongside other HR functions within the Netchex platform, creating a unified user experience for both employers and employees. Employee Self-Service: Employeesmanage everything within the Netchex application available on the web and mobile.Netchex CEO, Will Boudreaux, emphasized the importance of simplifying retirement savings, "We are thrilled to unveil Netchex 401k in partnership with Vestwell, a solution specifically designed to remove the barriers that prevent businesses from offering a retirement savings benefit.""There's never been a better time for employers to implement or expand their benefits packages. We're proud to be the preferred partner behind Netchex's 401k solution and offer a seamless, modern solution for businesses of all sizes," Vestwell CEO, Aaron Schumm, echoed the enthusiasm for the collaboration. "Our platform is the only one to offer an end-to-end spectrum of other workplace savings solutions, like managed accounts, student loan matching and paydown services, ABLE benefits, and emergency savings accounts that can be easily integrated with a 401k plan offering."Abhinav Agrawal, Chief Product & Technology Officer at Netchex, added, "Netchex 401k just works out of the box and employees can easily access account information, check balances, manage contributions, and make investment decisions with a single sign on experience."Netchex 401k helps businesses attract and retain top talent with a competitive employee benefit. It reduces administrative burdens through automated features and streamlined processes, and it improves employee satisfaction with a user-friendly platform for managing retirement savings.Visit https://netchex.com/401k for more information
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About Vestwell
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series D
Total Funding
$231M
Headquarters
New York City, New York
Founded
2016
Vestwell is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today