Envestnet announced that it has acquired 401kplans.com, a digital 401(k) retirement plan marketplace that provides a more efficient way for advisors to incorporate retirement plan servicing into their practices.
According to the announcement, the acquisition underscores Envestnet’s ongoing commitment to the retirement plan industry and to investing in technologies and solutions that enhance its financial wellness ecosystem.
“401(k) plans remain the primary savings vehicle for 60 million American workers, yet advisors are often reluctant to incorporate them as part of their practices and holistic planning processes,” stated Andrew Stavaridis, Chief Relationship Officer of Envestnet. “By bringing 401kplans.com into our retirement offering, we can create a more seamless experience for advisors to shop, benchmark and screen investments for their retirement plan clients.”
The 401kplans.com digital marketplace—available online and via mobile app—walks advisors through a documented due diligence process when considering plan providers. The platform enables advisors to eliminate manual proposal requests, quickly compare recordkeepers and evaluate investment options. The platform also delivers instant pricing from most 401(k) providers through direct integrations with more than 36 plan recordkeepers.
Founded by Scott Buffington, 401kplans.com has grown to nearly 28,000 advisors with accounts on the platform and working relationships with many of the largest broker-dealers. Through this acquisition, Buffington joins Envestnet as Head of Retirement Sales, reporting to Sean Murray, who was appointed Head of Retirement in November 2021.
“What would typically take advisors several weeks to complete can now be accomplished in a matter of minutes with a couple of clicks on our digital platform,” said Buffington. “This offering is unmatched in the industry and serves as a platform for all advisors—from retirement plan novices to industry veterans—to help them efficiently find the best providers, assess fees and select appropriate investments for their clients.”
Terms of the deal were not disclosed.
