A newly announced partnership between Vestwell and Riskalyze is meant to help advisers scale their practice, while enhancing the client experience, “all with compliance and a fiduciary mindset at the core,” the companies say.
Advisers will be able to log into the Riskalyze platform to generate 401(k) proposals and to onboard clients electronically. In addition, plan participants will have access to pinpoint their own “Risk Number,” helping them find the right asset allocation.
Alongside Vestwell’s 3(38) investment management services, the new joint offering will include access to several of the asset managers in Riskalyze’s Autopilot Partner Store. This will give advisers, plan sponsors and plan participants access to additional investment strategies, while still allowing Vestwell to assume Employee Retirement Income Security Act (ERISA) 3(16) fiduciary responsibility on behalf of advisers and plan sponsors, the firms explain.
Overall, the new offering “will allow advisers to document their alignment and compliance with the pending Department of Labor (DOL) fiduciary rule, and demonstrate that they are acting in the best interests of plan participants.” The integration “will remove an adviser’s administrative burden to sell, implement and service retirement plans while handling both the HR [human resources] participant notification process and the 5500 tax filing on the adviser’s behalf.”
The offering will be available to Riskalyze users including registered investment advisers (RIAs), independent broker/dealers (B/Ds), investment managers, plan sponsors and employees. To learn more about Vestwell’s retirement planning platform, visit www.vestwell.com. For more information about Riskalyze, visit www.riskalyze.com.