Vestwell has partnered with Envestnet to make Envestnet’s 3(38) fiduciary services available to Vestwell advisers. Vestwell’s aim is to provide clients with a true turnkey solution.
Over time, the relationship will expand to include other Envestnet offerings, helping advisers become closer to their clients while being able to differentiate their services with 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 [application programming interface]-driven platform. Together, they will aim to make it easier for advisers to effectively scale their business while being focused on participation and outcomes for participants.
“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 advisers improve outcomes for plan participants,” says Khash Sarrafi, senior vice president at Envestnet Retirement Solutions. “Our fiduciary 3(38) capabilities, powered by Envestnet | PMC, combined with Vestwell’s transformative recordkeeping platform, will provide more advisers 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.”