BERWYN, Pa., June 1, 2022 /PRNewswire/ -- Envestnet today announced its acquisition of 401kplans.com, a digital 401(k) retirement plan marketplace that streamlines retirement plan distribution and due diligence among financial advisors and third-party administrators. The acquisition underscores Envestnet's ongoing commitment to the retirement plan industry, and to investing in technologies and solutions that enhance its financial wellness ecosystem—by helping advisors enable their clients to live an Intelligent Financial Life™.

"Envestnet's acquisition of 401kplans.com reinforces our commitment to the retirement plan industry, and follows the recent appointment of Sean Murray as Head of Retirement in November of 2021," said Andrew Stavaridis, Chief Relationship Officer of Envestnet. "401(k) plans remain the primary savings vehicle for 60 million American workers, yet advisors are often reluctant to incorporate them as part of their practices and holistic planning processes. By bringing 401kplans.com into our retirement offering, we can create a more seamless experience for advisors to shop, benchmark, and screen investments for their retirement plan clients."

401(k) plan sponsors have a fiduciary responsibility to ensure plan investments and fees charged to the plan are prudent and reasonable. With Envestnet's retirement solutions marketplace, advisors can employ Envestnet's outsourced 3(38) or 3(21) fiduciary services for investment selection and monitoring in retirement plan portfolios and can access essential information to make investment recommendations and understand the impact of fund changes to the total cost of their plans. For more information, please visit https://www.envestnetrs.com/fiduciary-advantage.

The 401kplans.com digital marketplace, available online and via mobile app, walks advisors through a documented due diligence process when considering plan providers. The platform enables advisors to eliminate time-consuming manual proposal requests, quickly compare recordkeepers, and evaluate investment options. The innovative platform delivers instant pricing from most 401(k) providers—thanks to direct integrations with more than 36 plan recordkeepers.

Founded by 28-year industry veteran Scott Buffington, 401kplans.com has quickly grown to nearly 28,000 advisors with accounts on the platform and working relationships with many of the largest broker-dealers. Through this acquisition, Mr. Buffington joins Envestnet as Head of Retirement Sales, reporting to Sean Murray.

"What would typically take advisors several weeks to complete can now be accomplished in a matter of minutes with a couple of clicks on our digital platform," said Scott Buffington, Head of Retirement Sales at Envestnet. "This offering is unmatched in the industry and serves as a platform for all advisors—from retirement plan novices to industry veterans—to help them efficiently find the best providers, assess fees, and select appropriate investments for their clients."

Envestnet manages retirement asset data from more than 200,000 retirement plans. The 401kplans.com marketplace is a core component of Envestnet's retirement services strategy to provide an innovative solution to its enterprise clients, and to become a major distribution channel for recordkeepers and investment managers.

"By combining data aggregation, fiduciary services, and our digital marketplace, Envestnet will have the ability to aid home offices and advisors in finding appropriately priced retirement plans with suitable investment choices on an ongoing basis," concluded Mr. Stavaridis.

Terms of the deal were not disclosed. To learn more about Envestnet's offering for retirement plans, please visit https://www.401kplans.com or https://www.envestnetrs.com.  

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life. Over 107,000 advisors and more than 6,500 companies—including 18 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.

For more information on Envestnet, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn. To learn more about Envestnet | PMC, please visit www.investpmc.com.

SOURCE Envestnet