Betterment at Work recently confirmed the introduction of its Student Loan Management solution, and that it has entered into an agreement to acquire the partner and customer relationships of Gradvisor, a platform that offers “personalized” college savings plans.
These two product offerings are meant to round out or complement Betterment‘s existing workplace solution in order to “address different stages in employees’ lives.”
As mentioned in the update, Betterment acquired 529 Company Gradvisor, and also launched the Student Loan Management through Spinwheel.
Employers that are currently using Betterment’s 401(k) will have the option to provide Student Loan Management as part of a comprehensive financial wellness plan. The solution will integrate with Betterment’s 401(k) and will offer workers personalized recommendations, paydown tools and employer matching for a meaningful opportunity.
Student Loan Management is reportedly being offered via a partnership with Spinwheel, the API platform that lets firms embed consumer debt solutions into their apps.
The acquisition of Gradvisor’s partner and customer relationships signifies the firm’s entry into the 529 space, and, in the future, will aim to offer Betterment at Work clients the opportunity to provide a college savings plan to workers as part of their benefits plans.
Similar to other Betterment employer tools, the 529 platform will aim to offer customized suggestions which will allow workers to make payroll deposits to their plans.
Kristen Carlisle, GM of Betterment at Work, stated:
“We’re thrilled to expand Betterment at Work to incorporate solutions to critical financial issues facing millions of Americans. 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 aims to reflect Betterment at Work’s ongoing growth towards a comprehensive financial wellness solution and further builds on a year of steady growth and adoption.
