Vestwell

What Is Vestwell?

Vestwell is a cloud-based financial technology platform that helps corporations, advisers, and financial institutions manage savings, retirement, and investment programs. The platform facilitates plan setup and participant onboarding while connecting payroll data, simplifying investment strategies, and offering tools for ongoing plan compliance. These features extend across retirement plan types such as standard 401(k)s, state auto-IRAs, and pooled plans. For ongoing management, dedicated portals for employers, advisors, and savers provide access to plan information, savings activities, and account management tools.  

What Is Vestwell Best For?

Vestwell stands out for its Tax Credit Calculator, which helps companies estimate how much tax credit they may be eligible to receive when establishing a qualified retirement plan with auto-enrollment under SECURE Act 2.0. It takes into account the company’s existing 401(k) plan, employee pay, number of owners, and plan type to produce a projected credit over three years. This allows companies to evaluate how retirement plan costs might be balanced with available tax benefits.

How Much Does Vestwell Cost?

Vestwell pricing starts at $45/month for the Solo(K) plan in the employer module. This plan includes a 24/7 AI chatbot, a dedicated service team, a multilingual call center in 240+ languages, portal access in 18 languages, and compliance testing tools. Further pricing tiers of this module are as follows:

• Starter(K): $49/month
• Workplace: $125/month
• Plus: $175/month

Vestwell also offers a separate pricing structure for advisors, with four plans:

• Plus (Bundled): Custom pricing
• Partner Plus (Bundled): Custom pricing
• Vestwell Elite (Unbundled): Custom pricing
• Flex (Unbundled): Custom pricing

In addition to the base subscription costs, organizations should account for the following potential expenses:

• Implementation: $5,000–$25,000 (plan setup, configuration, compliance settings, and initial environment preparation)
• Data Migration: $3,000–$15,000 (migration of participant, plan, contribution, and historical account data)
• Training And Onboarding: $1,000–$5,000 (administrator, advisor, and employer training sessions)
• Integrations: $2,500–$15,000 (payroll, HCM, SSO, and other third-party system integrations)
• Customization And Configuration: $2,000–$10,000 (custom plan structures, contribution rules, reporting, and organization-specific configurations)

Users have mixed opinions on Vestwell pricing. Some reviewers consider the pricing reasonable for the features provided, while others feel the fees are relatively high. A few users also mentioned a lack of clear information about specific charges, making the overall pricing structure less transparent.

Disclaimer: The pricing is subject to change.

Vestwell Integrations

Vestwell supports integration with a variety of third-party applications, including:

• ADP Workforce Now
• Intuit Quickbooks
• Paylocity HR & Payroll
• Paychex Flex
• Insperity
• Gusto HR Software
• Asure

How Does Vestwell Work?

Follow the steps outlined below to get started with the software:

• Register for a Vestwell account and access the relevant employer or advisor portal
• Provide company and plan details through the digital onboarding process
• Configure the plan by selecting applicable plan design options
• Connect the payroll provider and add payment details for contribution processing
• Submit employee census data to add participant information for plan administration
• Manage the plan through the relevant portal and review participant and plan activity
• Monitor compliance status, plan activity, and other details through dashboards
• Generate reports to review plan information and business activity

Who Is Vestwell For?

The platform is designed to support businesses across a variety of industries and sectors, including:

• Healthcare and medical services
• Construction
• Hospitality
• Security and technology
• Real estate
• Nonprofits

Vestwell Use Cases

Based on our analysis of user feedback and Vestwell features and capabilities, we have identified the following key scenarios where it is a good fit:

Small Businesses Struggling With Traditional 401(k) Requirements

Small businesses may find traditional 401(k) plans difficult to manage due to requirements such as nondiscrimination testing, employer contributions, and custom plan designs. Vestwell’s Solo(k) provides a preset plan design with auto-enrollment, while allowing employees to adjust their contribution rates within applicable annual limits. Businesses can later convert the plan to a traditional 401(k) as their requirements evolve, making it easier to start offering retirement benefits without committing to the complexities of a traditional plan.

Organizations Supporting Financial Wellness Of Employees With Disabilities

Organizations may face challenges supporting employees with disability-related expenses, including healthcare, housing, and transportation. Vestwell’s ABLE (Achieving a Better Life Experience) solution gives eligible employees access to tax-advantaged accounts designed to help them save for these qualified expenses. Employees can make contributions through payroll deposits and use their account funds for eligible disability-related costs. The accounts also allow eligible individuals to save while maintaining access to benefits such as SSI and Medicaid. This gives employees a structured way to set aside money for expenses that support their everyday needs.

Advisors Facing Restricted Investment Choices And Outdated Recordkeeping Technology

Recordkeeping platforms might limit the investments retirement plan advisors can deliver. Vestwell’s open architecture platform allows advisers to add ETFs alongside other investment vehicles in their clients’ fund portfolios.  It offers tens of thousands of investment choices, offering advisors greater options in designing retirement programs. This flexibility enables advisors to customize their fund picks to meet the needs of each particular client, and to help them achieve more diversification.

Employers Looking To Address Employees’ Student Loan Burden

It might be tough for employees with school debt to invest for retirement while paying off loans. Vestwell’s Student Loan Retirement Match lets companies match employee student loan payments with contributions into their retirement accounts. This allows employees to work on paying down their loans while saving for retirement. The platform also offers Student Loan PayDown, which allows companies to contribute up to $5,250 a year per employee towards paying down student debt, so employees can pay off loans faster and start saving for the future sooner.

Is Vestwell Right For You?

Employers, financial advisors, and financial institutions looking to manage retirement, savings, and investment programs can use Vestwell as a centralized platform to bring different savings and retirement solutions into one place. It supports a range of programs, making it suitable for organizations of all sizes that serve employees and clients with varied financial needs.

The software supports annual ADP testing, data encryption, and an independently audited SOC control environment for ongoing compliance and security. Vestwell is also trusted by leading organizations, including Goldman Sachs, Carson Wealth, Tax Studio, Navalign, and Benetech, to manage and deliver retirement and savings solutions.

Still not sure if Vestwell is right for you? Contact us at (661) 384-7070 and we will help you make the right choice.