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Betterment at Work has announced the launch of its new Student Loan Management solution. The firm also says it has entered into an agreement to acquire the partner and customer relationships of Gradvisor, a platform that provides personalized college savings plans. These two new offerings round out Betterment’s workplace solution to address different stages in employees’ lives.
Employers that use Betterment’s 401(k) will now be able to offer Student Loan Management as part of a broader financial wellness package. The solution will seamlessly integrate with Betterment’s 401(k) and will provide employees with personalized recommendations, paydown tools and employer matching for a one-of-its-kind opportunity. Student Loan Management is being provided through a partnership with Spinwheel, a platform that lets companies embed consumer debt solutions in their applications.
Betterment says the acquisition of Gradvisor’s partner and customer relationships signifies the company’s entry into the 529 space, and, in the future, will provide Betterment at Work customers with the opportunity to offer a college savings plan to employees as part of their benefits packages. Like Betterment’s other employer tools, the 529 platform will provide personalized recommendations and will allow employees to make seamless payroll deposits to their plans.
“Employees are asking for more cohesive and comprehensive financial planning across today, tomorrow and their future,” says Kristen Carlisle, general manager of Betterment at Work. “Providing unique and sought-after benefits that align with retirement or health care savings programs can provide a great competitive advantage to recruit and retain talent.”