Morgan Stanley at Work announced that it has joined with Vestwell on an innovative retirement recordkeeper partnership for plan sponsors.
According to the release, the new partnership will help deliver user-friendly digital solutions and favored pricing to plan sponsors, helping to reduce administrative workload, simplifying revenue and expense management, and maximizing participant engagement.
“We continuously look for new and exciting ways to raise the bar on what both clients and participants can expect when it comes to an employee’s financial journey,” notes Brian McDonald, Co-Head of Morgan Stanley at Work. “Our partnership with Vestwell represents a major step forward for the industry, where clients benefit from groundbreaking digital technology and exceptional service delivered at the competitive price points that Morgan Stanley’s scale can deliver. This is truly a win-win for the marketplace, creating a value proposition that is hard to beat.”
In addition to the commercial business relationship with Vestwell, Morgan Stanley also made a strategic investment in the firm during Vestwell’s recent Series C financing round. The combination of a strategic investment and a business partnership demonstrates a commitment to cutting-edge innovation and thoughtful disruption in the workplace wealth space, the announcement notes.
“Morgan Stanley’s commitment to be a change agent that revolutionizes workplace savings programs for employers and employees aligns perfectly with our vision at Vestwell,” says Aaron Schumm, Founder and CEO of Vestwell. “Together, we are fundamentally altering the way technology and servicing can elevate and scale the experience. We are so grateful and excited to partner with the Morgan Stanley team and their thousands of Financial Advisors to drive change for the better.”
Morgan Stanley at Work Retirement Solutions offer a multi-provider recordkeeper platform designed to meet the individual needs of companies. In addition to providing customized retirement solutions, Morgan Stanley has dedicated retirement specialists to help companies improve plan competitiveness and fiduciary risk management, investment selection and monitoring, and employee retirement readiness.
Vestwell’s cloud-based digital recordkeeping platform provides the underlying architecture to support financial services and payroll partners, while bringing clients an easier, more flexible and user-friendly experience.
