Both companies note the symbiosis of the partnership. BNY’s clout is opening doors for Vestwell, providing access to a range of state, city and other government-sponsored retirement programs, said Schumm. Vestwell has the technical prowess BNY sensed it needed to close deals—as well as being astutely focused on small to midsize employers, said Doug Magnolia, managing director for BNY Mellon’s Sumday. “Good payroll integration and a good user experience and interface, we felt were two critical components that we just hadn’t focused on or spent the effort to develop ourselves,” added Magnolia. “When we got introduced to Aaron and team, we found very kindred spirits in terms of looking at the problems that the industry faces.” BNY already works with states on 529 college savings plans and ABLE programs.

https://www.wealthmanagement.com/industry/vestwell-inks-deal-bny-mellon