BNY Mellon and Vestwell, a digital retirement platform, have collaborated and will now offer 401(k), 403(b), and employer-sponsored individual retirement account (IRA) plans to BNY Mellon clients, accessible via Vestwell’s turnkey digital interface.
Through the collaboration, Vestwell will be tightly embedded in an open-architecture construct and offered to BNY Mellon clients nationwide.
Jointly, the platform will allow companies to bring modern solutions to state-sponsored retirement programmes as well as adviser-led 401(k), 403(b) and IRA programmes.
Meanwhile, BNY Mellon’s wholly-owned entities will be able to utilise Vestwell’s flexible and intuitive platform; this integrated offering will provide advisers more comprehensive viewpoint into their plan sponsor companies and their employees’ retirement accounts.
Aaron Schumm, founder and CEO of Vestwell, said: “We couldn't be more excited about working with one of the most respected financial institutions in the world to power state-led IRA savings programs as well as larger company-sponsored retirement programmes.”
“With BNY Mellon's industry leadership and Vestwell's digital solution, we're working to ensure that all employees have practical investment vehicles in place.”
Doug Magnolia, managing director, BNY Mellon asset servicing, commented: “This collaboration with Vestwell cements our commitment to reshaping retirement account solutions for advisors, trust officers, companies, and employees alike.”
He added: “We're proud to deploy such a powerful, tech-driven offering that will impact businesses nationwide and, more importantly, help set their employees up for success.”
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