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Stash Invest Removes Retirement Account Management Fees for Those 25 and Under

Stash kills management fees for those 25 and under, MoneyLion hires Stifel’s Jon Stevenson to run its wealth management division and Fi360 acquires CFFM.

Stash Invest, the low-cost automated investment service and educational application targeted at millennials, announced Wednesday that all new and current users under the age of 25 can access retirement accounts with no Stash management fees (still has underlying custodial account and ETF fees). This includes fee-free access to Roth and traditional IRA accounts from Stash. Stash currently has over two million clients and 30 percent of them are under the age of 25 and already qualify for the program. Stash pointed out the unfortunate statistics that two-thirds of millennials have no retirement savings and 40 percent of working millennials currently don’t participate in an employer-sponsored plan, many because they lack access. For those without access to an employer-sponsored 401(k) plan the account can serve as a safe, simple, low-cost place to start (and thanks to the glories of compounding sooner the better), Stash stated in a press release.

MoneyLion Hires Stifel Alts Head to Lead Its Wealth Management Unit

Jon Stevenson

MoneyLion, a financial services company that helps individuals save, borrow and build their credit, has hired Stifel Financial’s Jon Stevenson to lead its wealth management and banking. Stevenson was most recently the head of alternative investments at Stifel. Previously, he was in charge of the investment management platforms at Barclays, and global equities and alternative investments at Merrill Lynch. MoneyLion said in a statement on Tuesday that it hired Stevenson to contribute to the company’s effort to offer personalized wealth and investment management to everyday consumers.

Fi360 Acquires the Center for Fiduciary Management

mediaphotos/iStock/Getty Images Plus

The fiduciary rule may be dead, but that hasn’t stopped the fiduciary focus. Fi360, a fiduciary education, training and tech company, announced Tuesday that it acquired the Center for Fiduciary Management, an investment management technology provider for retirement plan advisors. The deal closed on June 14 and is effective immediately, according to the companies. The deal adds CFFM’s four advisor-focused tools to Fi360’s suite of fiduciary solutions, including the Fiduciary Focus Toolkit and the Fi360 Fiduciary Focus Score. The combined firms will service 55,000 investment professionals and over 120,000 retirement plans. “The current regulatory environment is evolving, but there are steady and significant market forces supporting advisors and firms who have embraced fiduciary standards to elevate themselves in the marketplace,” Fi360 CEO Bill Mueller said. “We are enabling advisors’ success by providing a wider and deeper suite of fintech solutions to help them scale their practice, maintain compliance, and better serve their clients.”

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