Betterment at Work Will Add Two Powerful Financial Planning Tools to Its Easy-To-Use, Low-Cost 401(K) Solution for Employers
Betterment at Work announced the launch of its new Student Loan Management solution, and that it has entered into an agreement to acquire the partner and customer relationships of Gradvisor, an innovative platform that provides personalized college savings plans. These two new offerings round out Betterment’s workplace solution to address different stages in employees’ lives.
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Employers that use Betterment’s 401(k) will now be able to offer Student Loan Management as part of a broader financial wellness package. The solution will seamlessly integrate with Betterment’s 401(k) and will provide employees with personalized recommendations, paydown tools and employer matching for a one-of-its-kind opportunity. Student Loan Management is being provided through a partnership with Spinwheel, the API platform that lets companies embed consumer debt solutions in their applications.
The acquisition of Gradvisor’s partner and customer relationships signifies the company’s entry into the 529 space, and, in the future, will provide Betterment at Work customers with the opportunity to offer a college savings plan to employees as part of their benefits packages. Like Betterment’s other employer tools, the 529 platform will provide personalized recommendations and will allow employees to make seamless payroll deposits to their plans.
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“We’re thrilled to expand Betterment at Work to incorporate solutions to critical financial issues facing millions of Americans,” said Kristen Carlisle, General Manager of Betterment at Work. “Employees are asking for more cohesive and comprehensive financial planning across today, tomorrow and their future. Providing unique and sought-after benefits that align with retirement or healthcare savings programs can provide a great competitive advantage to recruit and retain talent.”
The product expansion reflects Betterment at Work’s growth towards a holistic financial wellness platform and builds on a year of triple-digit plan adoption growth in 2021.
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