Betterment announced on Thursday that it has partnered with human resources platform Zenefits to provide its end users with access to Betterment’s 401k plans and financial wellness tools.
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Betterment’s offerings will be fully integrated into the Zenefits platform to provide users with seamless access to saving and planning tools. Employers will be able to integrate their Betterment and Zenefits platforms “with two clicks,” Kristen Carlisle, General Manager of Betterment 401(k), told 401k Specialist.
“One click through the marketplace to a Betterment landing page, which allows for data authorization, and then they’re done,” Carlisle explained.
Any changes that employers make to either platform, such as onboarding a new hire in Zenefits or changing a deferral rate with Betterment, will automatically update the other platform, she continued. “The two systems will talk to each other, completely removing the administrative burden for anyone who is a partner for both Zenefits and Betterment.”
Zenefits’ focus on financial wellness and small to medium-sized businesses makes it an ideal partner for Betterment, Carlisle said.
“These are the businesses that often don’t have the time or the resources to dedicate toward offering retirement benefits,” she said. “Coupling our awesome user experience, high-quality and low-cost retirement savings plans with Zenefits as the industry-leading HR benefits and payroll platform can really help startups and SMBs feel secure about financial futures for their employees at low administrative burden.”
Andrea Shannon, Vice President of Business Development at Zenefits, agreed, saying in a statement that “Betterment 401(k) has an impressive roster of tools that complements Zenefits’ financial wellness focus perfectly.”
Shannon noted that small and medium-sized businesses “have been historically underserved by the retirement industry, but companies like Betterment break the mold to make sure they have high-quality, affordable options available. We’re excited to give our customers access to not only their 401k, but the full Betterment platform.”
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Danielle Andrus works as an editor for The Financial Planning Association® (FPA®). Over the past 15 years, she has worked in various capacities, including writing and editing. Andrus has worked for several notable publications and outlets and spent more than seven years as the executive managing editor at ALM Media, publisher of Investment Advisor magazine and ThinkAdvisor.com. Before that, she was online editor for Summit Professional Networks, where she oversaw newsletter development for four magazines, including Benefits Selling, Senior Market Advisor, Boomer Market Advisor, and Bank Advisor.
