Smart is extending its fiduciary services to advisory firms, recordkeepers, and third-party administrators (TPAs) who provide pooled employer plans (PEPs), multiple employer plans (MEPs) or single-employer plans.
The global retirement technology provider offers fiduciary services to mitigate risk among employers, who might not have the understanding, time, or expertise to execute their fiduciary duties. The platform partners with financial institutions—including broker-dealers, registered investment advisors (RIAs), retirement providers, insurers, asset managers, and banks—and financial advisers to deliver retirement savings and income solutions.
As part of its services, Smart is not affiliated with the providers it oversees in an effort to avoid potential conflicts of interest.
“We believe in the power of collaboration and equipping our partners, such as recordkeepers, third-party administrators, and other plan providers, with the tools they need to manage efficient and scalable retirement plan solutions, including PEPs,” said Jodan Ledford, the U.S. CEO of Smart. “Their important work ensures the realization of retirement dreams for countless individuals. At Smart, we are committed to continuous innovation on behalf of our industry, transforming possibilities into realities, and building a brighter, more secure future for all.”
The news follows Smart’s recent acquisition of financial wellness services provider ProManage, as part of a larger global mergers and acquisitions (M&A) plan by the firm. Smart had previously said that its acquisition of ProManage would bolster its technology solutions across financial wellness, retirement asset accumulation and decumulation strategies.
Prior to that deal, Smart bought Stadion Money Management in 2022.
The fintech also announced a $95 million in Series E funding back in May, which Smart said would be used to support its global expansion plans.
Smart has offices in the United States, Europe, Australia, and the Middle East, and holds over $5 billion in assets.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
