GRP Advisor Alliance (GRPAA) recently announced that it’s partnering with fintech firm Earnest to provide student loan refinancing options and resources for financial advisors with GRPAA.
Earnest clients “have access to an in-house client happiness team that’s dedicated to making the refinancing experience personal, engaging and thoughtful,” according to the company.
Earnest is a financial technology company founded in 2013 and is a subsidiary of Navient.
“One in five adults carries student loan debt in America,” Susan Ehrlich, CEO of Earnest, said in a statement. “That’s an estimated $1.6 trillion …With GRPAA, we hope to expand awareness of refinancing as a strong solution for those looking to simplify their loan payments and get a lower interest rate based on improvements to their financial profile.”
GRPAA is one of the largest retirement plan advisor aggregators, with over 580 advisors, 25,000 retirement plans, 3.6 million participants and $230 Billion in assets under management (AUM). It says it’s “particularly aware of the balancing act between paying off debt and saving for the future.”
“We have seen our participants, especially Millennials, struggle to put money into their company retirement plans because they are focused on paying off their student loans,” Jeff Kayajanian, Managing Partner at GRPAA, added. “By not contributing, they miss out on the tax deductibility, tax-deferred growth and company match for those assets. Through our partnership with Earnest our advisors and their plan sponsors will be able to help our participants reduce their student loan payments, manage their debt and invest in their futures.”
Kayajanian noted that while it’s offered in conjunction with financial wellness, the Earnest service is not part of a package and exists “on a stand-alone basis.”
“GRPAA is committing to reducing student loan debt and helping our advisors and plan participants address this problem.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
