Press Release

Vestwell Announces Expanded Access For Financial Advisors to J.P. Morgan Asset Management Everyday 401(k)

Issued by Vestwell

June 6, 2024

Everyday 401(k) new capabilities enable advisors to serve as a 3(38) investment manager

NEW YORK, NY - Vestwell, the leading savings platform for businesses and individuals, today announced an expanded distribution of J.P. Morgan Asset Management’s Everyday 401(k). J.P. Morgan’s workplace savings platform for small businesses will continue to be offered through JPMorgan Chase business banking and will now be available to financial advisors, jointly distributed with Vestwell. In addition to scaling advisors’ workplace savings practice, Everyday 401(k) is expanding with new capabilities, allowing financial advisors to serve as a 3(38) investment manager on the workplace retirement plan.

“Vestwell’s strategic partnership with J.P. Morgan Asset Management signals the industry’s emphasis on expanding access to premier workplace savings solutions,” said Vestwell founder and CEO, Aaron Schumm. “Through this partnership, advisors and employers can now implement J.P. Morgan’s Everyday 401(k) retirement plan into their benefits solution on our innovative savings platform. This news illustrates our ongoing commitment to serving the financial advisor community while amplifying the reach of our partners.”

“J.P. Morgan is committed to providing industry-leading, smart retirement solutions to our clients, and we’re pleased to announce these important enhancements to our joint offering,” said Steve Rubino, Head of Retirement at J.P. Morgan Asset Management. “Enabling advisors to serve as a 3(38) investment manager, and complementing our own distribution with Vestwell’s team, will enable us to reach even more financial advisors and their clients with Everyday 401(k).”

Vestwell’s industry-leading architecture supports financial advisors looking to scale their practices. In addition to the white-labeling of the firm’s platform, advisors benefit from omnichannel service, competitive pricing, advanced features, and enhanced employer engagement. Vestwell further supports its advisors with personalized onboardings, ongoing administration and maintenance, navigating complex legislation, and assisting with planning clients’ futures.

In 2023, J.P. Morgan Asset Management and Vestwell announced their partnership to expand J.P. Morgan Asset Management’s recordkeeping options and offer a best-in-class solution for their clients. This expanded partnership is the latest news highlighting Vestwell’s growth and commitment to reshaping the savings industry.

Vestwell recently raised its Series D, establishing the company as one of the biggest US funding success stories of 2023 in the fintech and SaaS sectors. Vestwell also acquired Gradifi to expand its financial wellness solutions and brought on three new state partners – Vestwell now powers over 80% of the live auto-IRA programs in the country.

For more information or to partner with Vestwell, visit: www.vestwell.com.

About Vestwell

Vestwell is a leading employer and individual 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 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 savings, student loan services, ABLE disability savings, 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.

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