According to a recent announcement, Betterment at Work, RoboAdvisor’s workplace retirement planning platform, is adding new tools to help employees manage college savings and debt. Gradvisor is an automated investment platform to facilitate workplace participants’ investments in 529 college savings plans. Terms of the deal were not disclosed.
Plus, Betterment is launching “Student Loan Management,” a tool that will provide employers with personalized payment recommendations, payment schedules, and matching benefits to employees with student loans through a partnership with consumer credit data provider Spinwheel. The move is part of Betterment’s push into “financial wellness” programs facilitated by employers.
As employers strive to retain talent, offerings such as student loan management benefits become even more important, Kristen Carlisle, general manager of Betterment at Work, said in the statement.
Following its deal with Gradewiser, Betterment will also offer 529 investments with “broad plan reach,” according to spokesperson Raul Bhavnani. GradVisor, an RIA spinoff of 529 information site SavingForCollege.com, currently gives customers access to all 529 plans sold directly, according to its site.
This will be the first time Betterment has introduced 529 blueprints. The platform will give investment recommendations to employees and let them invest through automatic payroll deposits. Competitive Wealthfront offers 529s through an advisor-sold option sponsored by the state of Nevada.
Carlisle said in the corporate announcement, “Employees are asking for a more consolidated and comprehensive financial plan for today, tomorrow and their future. Providing unique and sought-after benefits that align with retirement or health savings programs provides a great competitive advantage.” can recruit and retain talent.”
