In another win for helping advisors deal with assets that are “held away,” Pontera, the fintech company helping retirement plan participants receive professional 401(k) management from their financial advisor, announced that it has signed an agreement with major independent broker-dealer Commonwealth Financial Network.
Commonwealth-affiliated advisors can seamlessly manage clients’ retirement plan assets via Pontera’s platform.
“Pontera’s innovative solution enables Commonwealth’s investment advisors to serve the needs of their clients as holistic wealth managers,” Karen McColl, Senior Vice President of Wealth Management at Commonwealth, said in a statement. “We’re excited to build out this partnership to support advisors who make an even greater impact on their clients’ financial well-being. By leveraging Pontera’s platform, advisors can integrate retirement assets efficiently and effectively into the financial planning process, elevating their ability to deliver comprehensive services for their clients.”
The deal marks Pontera’s largest publicly announced agreement with a national RIA.
“We are thrilled about this partnership with Commonwealth, a real titan in the wealth management industry,” David Goldman, Chief Business Officer of Pontera, said in a statement. “It became clear early in our engagement that Commonwealth’s advisor dedication and support are unparalleled. We look forward to equipping Commonwealth advisors with the tools to integrate 401(k) and 403(b) assets into custom financial strategies for their clients. This comprehensive approach is vital to creating superior financial outcomes for retirement savers.”
It’s generally acknowledged that the median American family holds the majority of their net worth in workplace retirement plan accounts. In addition to allowing advisors to analyze and rebalance these accounts, Pontera’s platform helps with fund menu change alerts, target allocation drift alerts, historical fund performance tracking, and automatic supervision documentation.
This partnership follows Pontera’s announcement of its latest funding round led by ICONIQ Growth, the venture capital firm that also backed Zoom, Uber, Airbnb, and more.
