Alera Group Launches Small Market Retirement Plan Solution

Deerfield, IL (March 28, 2024) — Alera Group, a top independent national insurance and financial services firm, announced today the launch of a workplace retirement plan solution designed for organizations with fewer than 100 employees. The Retirement Plan Services division of Alera Group has partnered with Vestwell to build a comprehensive solution for businesses, bringing large-plan services businesses of all sizes. 

“We see a tremendous opportunity to provide retirement solutions to an underserved plan sponsor and participant population that deserves access to features and solutions typically found only in larger plans, whether that be internally here at Alera Group across our Insurance and Employee Benefits client base or externally,” said Christian Mango, Executive Vice President and National Practice Leader, Retirement Plan Services. 

According to Vestwell, 401(k) plan assets are expected to triple over the next five years with the implementation of state programs and the passing of Secure Act 2.0. A major growth driver is smaller companies launching plans for the first time. Alera Group’s program in partnership with Vestwell is designed to lower costs and administrative burdens while streamlining the fulfilment of fiduciary duties compared to traditional options in the market.

“We are proud to power Alera Group’s workplace savings platform focusing on serving the underserved as part of Alera Group’s growth,” said Aaron Schumm, CEO and founder of Vestwell. “We designed the Vestwell platform to address pain points plaguing the savings industry and help deliver the leading solution in a scalable, efficient manner.” 

The Alera Group solution bundles ERISA 3(38) investment governance and an advisor managed account solution utilizing Franklin Templeton’s Goals Optimization Engine. 

“We’re seeing a clear acceleration of retirement plan advisors aligning with the retirement plan industry to achieve the benefits of size and scale,” said Mango. “This program is about our commitment to deliver industry-leading advisory offerings to provide advisors with the best solutions in the industry. Collective success requires a technology-forward approach, which we’re proud to offer in partnership with Vestwell and Franklin Templeton—rearchitecting retirement plans to be easier, customizable and delivered at a fraction of the cost.”