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Vestwell has been able to solve various business problems for users. The lack of hidden fees and the low-cost fees compared to other …
Overview
What is Vestwell?
Vestwell is a fintech engine powering savings and investment programs for small businesses, that helps to close the savings gap by offering a solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers…
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What is Vestwell?
Vestwell is a fintech engine powering savings and investment programs for small businesses, that helps to close the savings gap by offering a solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers nearly 25,000 small businesses, over a…
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Alternatives Pricing
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Product Details
- About
- Tech Details
What is Vestwell?
Vestwell is a fintech engine powering savings and investment programs for small businesses, that helps to close the savings gap by offering a solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers nearly 25,000 small businesses, over a million savers, and $27 billion in assets in all 50 states.
Vestwell Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
Vestwell has been able to solve various business problems for users. The lack of hidden fees and the low-cost fees compared to other providers have significantly impacted some users. They have experienced a level of transparency in their 401(k) plans, which they appreciate. Additionally, Vestwell has made it possible for employees to start saving for retirement, an industry previously unfeasible for them to participate in.
Users have found the website to be user-friendly and easy to navigate, even for those with limited knowledge of financial products and services. Users do not need individual stock selection as they trust that the investment automation feature is handling their money well. Changing investment amounts is also simple, leading to an increase in participation from users. However, some users have experienced issues with customer support response times and would like dedicated account representatives for employer questions.
While the balance shown on the account page is the market value, this can cause confusion for some employees who would prefer more accessible information. Some users want additional services such as financial advisors for individual participants willing to pay for the service. Finally, the rollover process could be improved if a form were easily fillable for employees' access rather than emailing customer support. Overall, users hope that Vestwell will implement new functionality and continue to meet their unique needs in the future.
Easy-to-Use Interface: Users found Vestwell's interface easy to navigate and appreciated the visually clear information provided on the homepage. Many reviewers liked how simple it was for plan participants to figure out how to change their deferral, view their account balance, and customize their investment strategy. Several users also reported that they found it helpful to log in periodically and see how their money was doing.
Quick Implementation Process: Reviewers appreciated that implementing Vestwell with a team required minimal time. They reported that the software was easy to understand and required little assistance to learn, which made understanding and setting up their 401k plan quick and simple.
Excellent Customer Support: Users were impressed by Vestwell's customer support team, who were responsive and customer-friendly. The ability to import contributions and two-way sync with HRIS Namely was much appreciated as well.
Confusing Contribution Changes: Some users have found it confusing to change their contribution amount through the payroll company while using Vestwell, and note that there is a lack of explanation around the fact that changing contribution amount with Vestwell doesn't transfer the information to the payroll company.
Limited Investment Information: Several users feel that the investments section could provide more detailed information and break down performance. They also express uncertainty about whether they have chosen the best investments for their account since there is no way of knowing.
Poor Customer Support: Customers report inconsistent response times from employer customer support, which can vary from 24 hours to one week.