Small and medium-sized businesses (SMBs) need flexible retirement solutions that cater to their specific needs. That’s why, in 2022, Vestwell launched the Flex program, offering a seamless connection between SMBs and top-notch Third-Party Administrators (TPAs). TPAs are critical for businesses that need hands-on support and custom retirement plan designs.
In this article, we’ll discuss what the Flex program is and how it streamlines the retirement plan process for SMBs, TPAs, and advisors.
In the retirement industry, nearly 50 percent of small businesses with retirement plans below $10 million in assets utilize an outside TPA. However, most small businesses and financial advisors are burdened by the time-consuming efforts of finding the right TPA that is compatible with their recordkeeping system.
This is where Flex comes in. Designed to simplify and accelerate this matching process, Flex pairs our modern, digital recordkeeping platform with the high-touch service that TPAs provide all with the ease of a streamlined client experience.
Flex is not just a tool—it's a commitment to bringing operational ease and effective partnerships to the forefront of the saving industry. Thanks to this initiative, SMBs can enjoy a hassle-free TPA selection process, flexible plan designs, and simplified pricing & billing that make the entire experience smooth & seamless.
At Vestwell, our philosophy is rooted in partnership. Collaborating with TPAs isn't just a part of our business—it’s pivotal to our core business strategy.
Flex combines the strengths of both efficient recordkeeping and top-tier TPAs. Our advanced technology manages the routine tasks so that TPAs are free to focus on building relationships and finding solutions to complex problems. Plus, by strengthening the distribution channels for our TPA partners, Flex promises more visibility and increased sales opportunities.
Flex gives advisors a go-to solution for clients with more complex and nuanced retirement plans. TPAs enhance value for retirement clients, bringing deep expertise to their plans. By leaning into the consistent, in-depth support offered by a dedicated TPA team, advisors can multiply their efforts and scale their 401(k) practice.
Many plans, especially in the small plan market, need more than just a ‘platform’—they need a helping hand. Our trusted TPA partners can help advisors and their clients with plan consultation, profit sharing, and outside assets.
Flex saves time sourcing TPAs so that advisors can focus on the businesses they serve. Then, Vestwell and the selected TPA will work together to ensure offering a retirement plan to clients and their employees is as effortless and seamless as possible.
Looking back at the Flex program so far, we're proud of the impact that it’s made. Flex was designed to make retirement planning easier and more tailored for businesses. It provides streamlined pricing, TPA services for flexibility, and offers a consolidated, intuitive experience.
While we've made great strides, we're even more excited about the road ahead. We're committed to improving and expanding our unbundled Flex offering, ensuring it continues to meet the changing needs of our clients, TPA partners, and advisors.