Through a new partnership announced today with Vestwell, advisors at Savvy Wealth Inc.’s registered investment advisor (RIA) affiliate, Savvy Advisors, can now offer expanded support for business-owning clients by managing their company 401(k) plans and serving as the 3(38) plan advisors and investment manager.
With Vestwell as the recordkeeper and service provider, Savvy’s advisors can seamlessly manage and bill clients’ company 401(k) plans within a white-labeled Savvy experience, the companies said in a press release. Advisors can access their clients’ company plan data, automate administration, and connect with payroll and HR systems, helping them offer a simple, unified 401(k) plan with their broader employee benefits programs.
“Vestwell’s technology-first approach to 401(k) management aligns perfectly with Savvy’s commitment to providing a modern experience across all facets of clients’ financial lives,” said Brian Boswell, CFP, financial advisor at Savvy Advisors. “When I was first introduced to Vestwell’s services years ago, I was immediately impressed by how easy it was to support my clients in managing their business retirement plans. The platform gives our clients peace of mind by helping them better understand and customize benefits for their employees.”
New York City-based Savvy Wealth expects plan sizes to range from $2 million to $15 million, enabling the firm’s advisors to provide plan advisory services to an underserved market of small business owners. With more than 25 states proposing state-mandated retirement plan legislation, and another 10 already operating state-sponsored retirement plans, Savvy is responding to these changing dynamics to provide their business owner clients with a turnkey solution.
“With Vestwell’s intuitive platform and user interface, Savvy’s advisors can quickly and efficiently make and adjust investment decisions within their clients’ business 401(k) plans.”
Brandon Barber, Savvy Advisors
“Having worked with business owners, HR departments, and finance leaders for over a decade, I have witnessed firsthand the complexities of managing these plans,” said Brandon Barber, retirement plan specialist at Savvy Advisors. “With Vestwell’s intuitive platform and user interface, Savvy’s advisors can quickly and efficiently make and adjust investment decisions within their clients’ business 401(k) plans.”
Vestwell provides customizable savings services for businesses across the country. It is designed to make it easier for business owners to offer meaningful benefits without the burden of complex administration. By automating and outsourcing key plan functions, Vestwell effectively reduces the workload on HR departments. The platform integrates seamlessly with leading payroll providers and financial institutions, delivering a flexible, low-maintenance experience.
“At Vestwell, we’re committed to delivering customized solutions that help businesses manage their savings plans more effectively,” said Aaron Schumm, founder and CEO of Vestwell. “When we looked at Savvy, we recognized a shared dedication to leveraging modern technology to simplify and streamline how people build their financial futures. Partnering with innovative companies like Savvy, who align with our vision for the future of wealth management, is key to driving meaningful progress in the industry.”
Savvy now has more than 50 advisors collectively managing more than $1.5 billion in assets.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.