Digital Banking > Best API
Vestwell is transforming retirement by reimagining the way retirement plans are offered, administered, and accessed. Vestwell achieves this by working with financial advisors to expand their retirement business through technology, helping them to achieve scale and efficiencies that enable them to focus on what they do best: providing retirement advice!
Vestwell is the first digital retirement platform purpose-built for the advisor. Through the platform’s unbundled, configurable, and completely unconflicted open API offering, advisors can leverage Vestwell as an extension of their firm, while using their own brand, investments, and expertise to bring even more value to their clients. Through an API-driven approach, the platform is currently integrated with over 15 payroll providers, and a handful of other calculators, risk assessment and reporting tools, and proprietary firm databases.
Through its API integrations, Vestwell helps eliminate administrative burdens, automating things like proposal generation, payroll, onboarding, annual compliance reviews, and security. As a result, Vestwell cuts out significant fees that many sponsors don’t factor in—most small plans pay over 2% annually. Vestwell drives the cost of a plan down to a fraction of that.
Vestwell target retirement providers that already service plan sponsors -- becoming the engine to help them service the small plan market, which has become more difficult and costly. Today, Vestwell’s technology serves 7,000 participants in approximately 500 plans with about $500 million in assets under administration. The company also has partnerships under contract that represent another 7,000 plans, with ap
proximately $20 billion in total assets.
In April 2019, Vestwell closed a $30 million Series B led by Goldman Sachs, joined by Point72 Ventures and other retirement-focused financial services providers, including the VC arm of Nationwide, Allianz Life Ventures, BNY Mellon, and Franklin Templeton.