Product Partnerships – 5/29/24

Slavic401k Announces New Partnership with TriSpan

Slavic401k, a provider in multiple employer 401(k) plans, announced the completion of an investment by TriSpan LLP, a private equity firm investing in middle market companies. 

“We are delighted to partner with John Slavic and his team,” Baudoin Lorans, a TriSpan partner, said in a statement. “TriSpan shares Slavic401k’s vision and understands the opportunities in the retirement savings industry.”

In addition to cybersecurity, the partnership between Slavic401k and TriSpan will expand Slavic401k’s tax credit capabilities for the SECURE 2.0 Act of 2022, which is expected to increase new 401(k) plan formation and bring retirement savings benefits to American workers currently without access to retirement resources.

“Our partnership with TriSpan will allow us to continue to invest heavily in cybersecurity, enabling us to expand our commitment to educating our participants, employees, and partners on how to protect their data and assets from cyber threats,” John Slavic, founder and CEO of Slavic401k, said in a statement.

Commonwealth Expands Adviser Access to Alternative Investments With iCapital

Commonwealth Financial Network, a firm creating business solutions for financial advisers, announced its partnership with iCapital, a fintech platform serving the alternative investment marketplace for the wealth management industry.

The company delivers a white-labeled platform and enables affiliated advisers to efficiently source nontraded alternative investment opportunities for high-net-worth client portfolios.

According to a recent study by Cerulli Associates, the demand for alternative investments is increasing among high-net-worth investors. By scaling its alternative investment offering, Commonwealth gives advisers direct access to high-quality alternative investment funds vetted by the firm’s alternative investments team.

“The iCapital partnership allows Commonwealth to supplement our existing alternative investments product platform with a suite of products designed for high-net-worth investors,” Chad LaFauci, vice president of alternative investments, said in a statement. “Investing in private alternatives has historically been a cumbersome process with a lot of paperwork. The process is digitized with iCapital, making it easier and more streamlined.”

FusionIQ Partners with Interactive Brokers Canada

FusionIQ, a cloud-based wealth management solutions provider, has announced an integration with Interactive Brokers Canada, an automated global electronic broker. The partnership offers Canadian financial professionals and industry leaders access to FusionIQ’s digital solutions, including FIQ Journey, a hybrid digital advice and self-directed investing platform.

“FusionIQ Canada’s integration with Interactive Brokers Canada means we will be able to provide portfolio managers with an end-to-end practice management solution leveraging hybrid digital advice,” Howard Atkinson, head of business development at FusionIQ Canada, said in a statement.

Through this partnership, portfolio managers will have access to the hybrid digital advice platform in FIQ Journey, which offers portfolio managers:

• White-labeled investor websites to build brand recognition; 
• Digital-first client experiences, including a mobile app that is tailored to meet evolving investor preferences;
• Multilingual structure to support Canada’s diverse ethnic communities;
• Access to a mass affluent solution.

T. Rowe Price Collaborates With Ascensus on 529 Plan Business

T. Rowe Price announced a partnership with Ascensus to support its 529 plan business. T. Rowe Price will continue as the investment and program manager for its four state-sponsored 529 plans, while Ascensus will provide recordkeeping and account servicing for the plans.

Benefits include:

• An improved mobile app experience designed for 529 plans that will allow account owners to manage their account;
• An updated website and app offering personalized features designed to drive outcomes;
• An enhanced gifting platform with a secure way for others, such as grandparents, to contribute to an account, as well as improved gift tracking capabilities;
• The ability to send electronic payments directly to over 800 educational institutions.

“This partnership complements and expands our servicing capabilities, and it will deliver an enhanced experience for account owners,” Phil Korenman, head of the individual investors division at T. Rowe Price, said in a statement. “We share a passion for instilling confidence in the families we help in pursuit of their education savings goals.”