Vestwell Partners with Commonwealth and FuturePlan to Launch New Pooled Employer Plan
Gateway 401(k) Plan built exclusively for Commonwealth’s approximately 2,200 advisors
New York, New York, September 19, 2024 – Vestwell, a leading holistic savings platform, announced today an expanded partnership with Commonwealth Financial Network, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, to launch a new pooled employer plan (PEP). The Gateway 401(k) Plan will be available exclusively through Commonwealth’s affiliated advisors and, under the significantly expanded partnership, feature industry-leading administrative and compliance capabilities provided by FuturePlan.
Through the existing partnership, Vestwell provides recordkeeping and Third Party Administrator (TPA) services for individual business clients of Commonwealth advisors. The result is a powerful, innovative savings solution for Commonwealth advisor’s workplace clients.
“Commonwealth is a key partner of ours, and we’re excited to offer their advisors the Gateway 401(k) Plan solution,” said Aaron Schumm, founder and CEO of Vestwell. “We spent a lot of time collaborating on this PEP solution, so it is exciting to bring this to life with a great partner like Commonwealth to scale their advisor’s businesses while generating more opportunities for everyone to access retirement savings programs.”
“We’re seeing increased demand from our affiliated advisors and their clients for retirement plan solutions with streamlined processes that reduce administrative burdens to make workplace retirement saving solutions more accessible,” said Mat Powers, vice president of Strategic Retirement Solutions at Commonwealth, “Vestwell’s advanced technology ensures our advisors can evolve, scale, and expand their practices while delivering optimal solutions to clients.”
PEPs provide businesses access to an affordable retirement plan option with streamlined operations and reduced administrative overhead. Vestwell will serve as the pooled plan provider (PPP), handling recordkeeping, payroll processing, and administration for the Gateway 401(k) Plan, leveraging FuturePlan’s compliance, testing, and plan design expertise. Commonwealth will provide its investment management services as the 3(38) fiduciary of the Gateway 401k Plan. This plan also includes an extra layer of protection against fiduciary risks, with compliance oversight typically only offered to large business retirement plans.
“We’re delighted to expand our existing partnership with Vestwell and help offer exclusive access to a new PEP solution for Commonwealth Financial Network’s community of financial advisors,” said Kasey Price, president of FuturePlan by Ascensus. “As a leading national TPA, FuturePlan can deliver the tech-forward administrative, compliance, and plan design expertise needed to help Commonwealth’s advisors achieve their growth objectives while broadening workplace savings solution access for their clients across the U.S.”
To learn more, visit vestwell.com or email sales@vestwell.com.
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About Vestwell
Vestwell is a leading holistic savings platform. Founded in 2016, the New York City-based fintech company is transforming access to essential financial wellness and savings programs to close the American savings gap. As an extension of its partners, Vestwell enables a suite of programs, including retirement, health, and education, such as 401(k), 403(b), IRA, 529 College, ABLE disability, and Emergency Savings programs. Today, Vestwell enables over 350,000 businesses and well over a million active savers, with over $30 billion in assets saved in all 50 states. To learn more, visit vestwell.com.
About Commonwealth Financial Network®
Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 11 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with approximately 2,200 independent financial advisors overseeing more than $296 billion* in assets nationwide by visiting www.commonwealth.com.
* As of 12/31/2023
Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2024 U.S. Financial Advisor Satisfaction Studies. Presented on July 10, 2024, for January to May of 2024, it is based on responses from 4,072 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.
About FuturePlan
FuturePlan is a leading national retirement TPA dedicated to helping advisors, recordkeepers, and plan sponsors deliver better outcomes for savers. Its highly responsive, personalized service is backed by the strength and security of a national leader in Ascensus. As of June 30, 2024, FuturePlan's experienced team of experts supports more than 1.7 million participants and more than $134 billion in assets under administration. For more information, visit futureplan.com.
FuturePlan’s leadership team brings decades of expertise to serve clients and partners. Ascensus began building FuturePlan in 2010, uniting more than 30 exceptional retirement TPA firms from across the nation to transform the industry. The depth of experience, diverse strengths, and specialized expertise of our legacy TPA firms make FuturePlan an industry leader.
To learn more, visit futureplan.com
