While HSA discussions have penetrated the retirement plan marketplace over the past year, few providers have created a solution built specifically for advisors working with employers. But that appears to be changing.
MyHSA is partnering with Franklin Templeton, Lord Abbett, MFS Investment Management and State Street Global Advisors, along with LeafHouse Financial, to launch an investment- and advisor-friendly health savings account (HSA) solution available for the employer-sponsored HSA market.
“This unique solution brings together multiple firms to deliver a best-in-class HSA platform that applies innovative investment solutions and best-practices from the 40-year evolution in the defined contribution retirement market,” according to an announcement.
LeafHouse Financial will be the investment manager and the investment menu will consist of mutual funds from Franklin Templeton, Lord Abbett, MFS and State Street Global Advisors. The platform has the ability to pay an asset-based advisory and education fee to the fee-based advisor hired by the sponsoring employer.
According to MyHSA, the lack of awareness about HSAs is the biggest concern to address. “We believe advisors, especially those with a focus on the retirement plan market, are in the best position to provide education about HSAs to employees,” says Paul Oakford of MyHSA. “This platform will enable and empower advisors to discuss saving specifically for health care expenses in retirement, which is often times best achieved by saving in an HSA.”