Daybright Financial Buys The Platinum 401k
Daybright Financial is acquiring The Platinum 401k, Inc., a retirement plan administrator that specializes in managing multiple and pooled employer plans.
Launched in 2000 by founder and CEO Terry Power and based in Clearwater, Florida, The Platinum 401k provides retirement plan administration services and multiple and pooled employer plan solutions to small businesses.
Daybright says the acquisition confirms its “commitment to expanding our private sector solutions and all of the focus that we provide to private sector employees, the TPAs [third party administrators] and advisory network.”
“Their mastery of MEPs and PEPs, and simplifying retirement for small and midsized businesses, makes it more accessible and affordable, and is such an important alignment to the Daybright Financial mission of simplifying health and financial wellness for all today and tomorrow,” said Megan Schneider, CEO of Daybright Financial, in a video explaining the acquisition.
Power believes the acquisition will allow him to focus on core competencies including point of sale and working with advisors. “It’s very important that we have a situation where we can add value, and again, with the right mix and the right partner, as we have here, the future is ‘day bright’ for us,” Power said.
Daybright, formerly U.S. Retirement & Benefits Partners, offers services in employee benefits, retirement, compliance, and financial planning.
“The Platinum 401k enhances our Private Sector Retirement Solutions segment with proven leadership in the MEP/PEP space,” added Patrick Hale, head of Private Sector Retirement at Daybright Financial, in a separate announcement. “Their approach to simplifying retirement plan administration is exactly what our clients need in today’s complex benefits landscape.”
The acquisition is Daybright’s third in 2025. The employee benefits provider acquired Spectrum Pension Consultants, Inc. and Hessel & Associates, LLC earlier this year.
As part of the acquisition, the team at The Platinum 401k will remain in their roles.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
