Tom Hansen and Tony Michael didn’t like the limitations of the recordkeeping software available on the market, so they built their own.
The proprietors of inVesti Financial developed inVesti-RKS (Record Keeping Services) platform and successfully integrated this week with UMB Bank and Matrix Trust Company (Broadridge Retirement and Workplace) to provide health savings accounts (HSA), which will launch shortly. 
Michael, a 25-year recordkeeping veteran, said its nonlinear nature is “cool and unique” and that it can handle multiple employee benefit products.
“We built it to where we can have health savings accounts (HSA), cash balance plans, SIMPLE IRAs, SEP IRAs, traditional IRAs. It doesn’t really matter what it is,” he said. “We built a core system that allows us to add just about anything; 529s are a little bit down the road. We could add pet insurance, if you wanted to, so we can pull money in and distribute it just about anywhere we want. That's the crux of what we built. The HSA is obviously a big part of that.”
Cash balance plans are up next, and a participant with an HSA, 401(k), or an outside IRA can access them all with a single desktop or mobile app sign-on.
"It's not just us, advisors in the industry are telling us this is what they need," Michael claimed. "We built a lot of it by listening to other industry leaders and hearing their feedback of what they wanted and what was not available. The platform truly addresses and supports the growing demands of the market due to the convergence of retirement, wealth, and health."
Managed accounts are also a heavy focus and and we will be avaiable on the platform soon.
It helps that Hansen has a developer background, and Michael has a heavy presence in the multiple-employer plan (MEP) market.
“Tom wanted to learn more about the RIA space,” Michael explained when asked about the idea's genesis. “He found out I was in the MEP space. We ran into each other and started talking. I wanted payroll integration because we didn't have it and had been working to try to find some way to do it. It ended up as long conversations and bouncing around different things until we finally decided we needed to build something different that could handle multiple products and services. That was the brainchild of it.”
The inVesti-RKS system is an open-architecture, multi-vendor, cloud-hosted financial software platform that delivers retirement and workforce benefit solutions. According to the company, the platform’s APIs and technology are built to remove “the static of plan setup, enrollment, and regulatory management.”
