Digital retirement platform Vestwell is teaming with human resource software startup Namely to provide employers and employees with a one-stop shop for payroll and retirement accounts.
By integrating Vestwell’s technology into Namely’s, 401k advisors, sponsors and participants can access information about their retirement plans, including key benefits, with a click of a mouse.
Vestwell’s streamlined platform offers users assistance with onboarding, administration, recordkeeping, investment management and compliance, as well.
The partnership comes on the heels of Vestwell’s integration with Riskalyze Retirement Solutions. Riskalyze touted its upgraded offering as “the first end-to-end digital 401k experience” at the T3 Advisor Conference earlier this year.
“At Vestwell, our key objective is to modernize how retirement plans are offered and administered, and our partnership with Namely does just that,” explained Aaron Schumm, founder and CEO of Vestwell. “By coupling Vestwell’s turnkey retirement solution with Namely’s humanized and savvy HR system, we’re able to create a more harmonious experience for the plan sponsor and their participants.”
In part, and thanks to its ease-of-use, Namely’s platform—modeled after popular social media networks—has increased 75 percent of its clients’ employee engagement, according to the New York-based software firm. Around 78 percent of employees log in at least once per month.
And one of the best parts of marrying the two technologies: by compiling HR and 401k data in one place, plan managers are relieved from the cumbersome task of “providing ongoing payroll information and updated election deferrals.”
“At Namely, we’re focused on providing mid-sized companies with best-in-class technology for all of their HR needs,” Michael Manne, vice president of sales at Namely, said in a statement. “We’re excited to partner with Vestwell to provide our clients with a like-minded, advanced technology solution that seamlessly integrates into our HR platform.”