Employers that use Betterment’s 401k platform will now be able to offer student loan management as part of a broader financial wellness package.
This is the result of New York-based Betterment at Work announcing today the launch of its new Student Loan Management solution, and that it has entered into an agreement to acquire the partner and customer relationships of Gradvisor, an innovative platform that provides personalized college savings plans.
These two new offerings, the company said in a statement, round out Betterment’s workplace solution to address different stages in employees’ lives.
The student loan management solution will seamlessly integrate with Betterment’s 401k and will provide employees with personalized recommendations, paydown tools and employer matching for a one-of-its-kind opportunity. Student Loan Management is being provided through a partnership with Spinwheel, the API platform that lets companies embed consumer debt solutions in their applications.
“Providing unique and sought-after benefits that align with retirement or healthcare savings programs can provide a great competitive advantage to recruit and retain talent.”
Kristen Carlisle, Betterment at Work
The acquisition of Gradvisor’s partner and customer relationships signifies the company’s entry into the 529 space, and, in the future, will provide Betterment at Work customers with the opportunity to offer a college savings plan to employees as part of their benefits packages. Like Betterment’s other employer tools, the 529 platform will provide personalized recommendations and will allow employees to make seamless payroll deposits to their plans.
“We’re thrilled to expand Betterment at Work to incorporate solutions to critical financial issues facing millions of Americans,” said Kristen Carlisle, General Manager of Betterment at Work. “Employees are asking for more cohesive and comprehensive financial planning across today, tomorrow and their future. Providing unique and sought-after benefits that align with retirement or healthcare savings programs can provide a great competitive advantage to recruit and retain talent.”
The company said the product expansion reflects Betterment at Work’s growth towards a holistic financial wellness platform and builds on a year of triple-digit plan adoption growth in 2021.
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