Vestwell is partnering with small business payroll software provider OnPay, the company announced. The partnership is designed to make providing small business benefits easier for CPAs, advisors, plan sponsors and participants by providing turnkey retirement offerings.
The integration will give "advisors a more expansive solution for their clients, [while] offering plan sponsors an easier way to administer plans," said Aaron Schumm, founder and CEO of Vestwell. "Having an advisor that can step in alongside a CPA and create a custom retirement plan is a fantastic value-added service."
"Given the high growth trajectory of many of [OnPay's] company clients, having advisors be a part of the relationship becomes increasingly important, especially as the companies either convert from a previous payroll and 401(k) provider or outgrow a starter [benefits plan]," he added.
OnPay's Mark McKee, president and COO, framed the partnership in terms of convenience, noting the deal should help advisors of small business owners by facilitating the provision of better employee benefits. The deal is evidence that Vestwell is still focused on partners in the small business sector, even after the company inked a deal late last year with BNY Mellon, part of the bank's push to provide services for state-sponsored retirement plans.