CHICAGO, Aug. 10, 2016 /PRNewswire/ -- Envestnet | Retirement Solutions (ERS), a majority-owned subsidiary of Envestnet, Inc. (NYSE: ENV), has commenced a strategic partnership with HealthSavings Administrators, LLC to provide both retirement and wealth advisors with the opportunity to demonstrate the unique triple-tax advantages of Health Savings Accounts (HSAs) by utilizing any managed account portfolio (their own or a qualified fund strategist's) as the investment vehicle.
Since HSAs were created in 2004, HealthSavings' focus has been on helping individuals build assets for future eligible medical expenses by leveraging the opportunity to invest their HSA funds. Among the top 1% of the nation's HSA investment companies in accounts and assets, HealthSavings offers first-dollar investing in a wide variety of mutual funds, with the ability to easily view the activity through the Investment Provider Xchange™ (IPX)platform.
"This partnership gives retirement and wealth advisors access to an innovative way to manage accounts and provide guidance to their customers on HSA investments," said Pat Jarrett, President and Co-Founder of HealthSavings. "Benefits that encourage an investment mindset, like first-dollar investing, have driven our average balance for investment HSAs to $15,000, compared to the national average of about $2,000. Smart investors and advisors see the opportunity, and we look forward to working with more of them through our relationship with Envestnet | Retirement Solutions."
ERS is a leader in the retirement plan marketplace, providing an automated, end-to-end technology solution that empowers advisors to deliver customizable solutions to plan sponsors and their participants.
"HSAs are increasingly becoming a vital component of the individual investor's long-term retirement strategy," said Babu Sivadasan, Group President of Envestnet | Retirement Solutions. "Retirement savers deserve access to the same level of investment advice, provided by a qualified fiduciary, for their HSA assets that they receive for the rest of their portfolios, and this partnership equalizes the quality of advice they can leverage across their portfolios."
About Envestnet | Retirement Solutions
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective and fully-aligned standard of care, and empowers advisors to deliver better outcomes.
Envestnet | Retirement Solutions (ERS), a majority-owned subsidiary of Envestnet, Inc. provides retirement advisors with an integrated platform that combines one of the industry's leading practice management technology, research and due diligence, data aggregation, compliance tools and intelligent managed account solutions. ERS leverages Envestnet's advanced capabilities and resources, along with its experience in investment research, portfolio construction and investment management, to meet the specialized needs of each retirement plan stakeholder, from plan participants to sponsors, advisors to home offices and record keepers to DCIOs.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 11 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.
For more information on Envestnet Retirement Solutions, please visit www.envestnet.com.
About HealthSavings Administrators
HealthSavings helps clients prepare for life's changing health and financial needs with investment health savings accounts (HSAs). The company got its start in 1996 as a medical savings account (MSA) administrator and shifted focus to HSAs after the legislation enacting HSAs passed in January 2004. The company manages nearly $500 million in investments with clients in all 50 states, including employer groups, brokers, financial advisors and individual investors. Known as "the investor's HSA," HealthSavings has been consistently recognized as one of the best values in HSAs with mentions in Forbes, Money magazine, the Wall Street Journal, Kiplinger's and Reuters as well as various online publications. Learn more at HealthSavings.com.
About the Investment Provider Xchange™ (IPX)
The Investment Provider Xchange™ (IPX) is a Software-as-a-Service (SaaS)-based custodial, administrative, and recordkeeping platform for health savings accounts (HSAs). Driven by innovative cloud-based technology that addresses the needs of investment providers and their distribution channels, IPX features a unique white-label architecture that allows for a highly customized HSA offering that can carry any unique brand. IPX is an exclusive offering of FPS Group, LLC. Learn more at http://www.fpsgroupllc.com/IPX-HSA.
About FPS Group, LLC
FPS Group is dedicated to serving financial intermediary clients and providing custodial services for more than 70,000 HSAs. Its innovative, cost-efficient products and services are designed to ensure streamlined processing and electronic solutions. The company strives to consistently deliver industry-leading products with exceptional service. It provides a positive environment for impeccable standards, professional ethics and integrity for our clients and our employees. It specializes in offering agent custody and transactional processing services to mid-market financial services companies. FPS Group prides itself in being loyal and ethical, and will work to meet your objectives with an uncompromising commitment to integrity. Learn more at fpsgroupllc.com.
SOURCE Envestnet | Retirement Solutions