Name: Vestwell
Author: Vestwell

Help Desk

Web and Video Conferencing

Customer Support

Augmented Reality Development

Chatbot

Development

Business Intelligence (BI)

Collaboration

Data Analytics  and BI Services

Document Management

Intellectual Property (IP) Management

Meeting Management

Enterprise

Accounting

Blockchain Payments

Finance and Accounting

Applicant Tracking

Corporate Learning Management

Employee Monitoring

Employee Referral

HR Management

Payroll

Stock Option Plan Administration

Talent Intelligence

Talent Management

Workforce Analytics

Workforce Management

Human Resources

3D Printing

AI Governance

Change Management

Cloud Migration

Cloud Storage

Continuous Delivery

Database-as-a-Service (DBaaS)

DevSecOps

Fraud Detection

IT Alert Management

IT Professional Services

Integration Platform as a Service (iPaaS)

Managed File Transfer (MFT)

Network Performance Monitoring

Network Traffic Analysis (NTA)

Server Virtualization

Software-Defined WAN

System Monitoring

Test Management

Time Series Databases

Information Technology

A/B Testing

Ad Serving & Retargeting

All-in-One Marketing

Call Tracking

Channel Management

Content Management

Email Marketing

Headless CMS

Marketing Attribution

Marketing Automation

Referral Marketing

Social Media Advertising

Social Media Management

Survey & Forms Building

Translation

Web Analytics

Wholesale Marketplace

Marketing

Project Management

Professional Services

Customer Relationship Management (CRM)

Proposal

Sales Enablement

Sales Training

Sales

Data-Centric Audit Protection (DCAP)

Operational Technology (OT) Security

Security

Aviation

Camp Management

Construction Takeoff and Estimating

Financial Services CRM

Hospital Management

Medical Office EMR & EHR

Population Health Management

Vertical-Specific

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### Retirement Planning
Opinions vary on Vestwell's retirement planning capabilities. While some users appreciate the ease of understanding and setting up their 401k plans through the platform, others have encountered challenges with customer service response times and technical errors. The platform's user-friendly interface and customizable investment strategies have garnered praise, but some users have expressed frustration with the lack of mobile app access for participant accounts. Despite the mixed feedback, many users have found value in Vestwell's lower fees compared to other providers, highlighting the potential for improvement in customer support and additional functionalities in the future.

### Investment Options
User sentiment regarding Vestwell's investment options functionality appears to be mixed. While some users appreciate the ease of viewing and adjusting their portfolios, others express concerns about the lack of detailed information on investment holdings and performance breakdown. There is a sense of uncertainty among users about whether the investments chosen are the best fit for their financial goals, leading to questions about the overall effectiveness of Vestwell's investment options.

### Employer Contributions
Users have varied opinions about Vestwell's employer support features. While some appreciate the ease of adjusting contributions and the platform's user-friendly interface, others express concerns about the responsiveness of customer support for employer-related queries. The confusion surrounding market value versus actual balance and the cumbersome rollover process are highlighted as areas for improvement. Despite mixed feedback, Vestwell's employer contributions functionality remains a point of interest for users.

### Employee Participation
Users appreciate the ease of use and navigation of Vestwell's platform from a participant's perspective. However, there are concerns raised by plan administrators regarding the lack of certain functionalities, such as the ability to directly add or edit employees within the system and the absence of features like triggering welcome emails for new participants. Some users also find it challenging to perform tasks like rolling over funds or requesting distributions. Despite these drawbacks, users acknowledge the platform's potential for enhancing employee participation and engagement.

### Account Management
Users seem to have mixed opinions about Vestwell's account management capabilities. While some users appreciate the user-friendly interface and the ease of navigating their accounts, others have expressed concerns about the lack of certain functionalities, such as the ability to view detailed transaction history or easily request distributions. Additionally, there are mentions of delays in customer support responses and the need for clearer communication regarding account balances and contributions. It appears that Vestwell's account management features have both strengths and areas that could be improved upon, as highlighted by user feedback.

### Payroll Integration
Some users find Vestwell's payroll integration to be a bit challenging, particularly in terms of resolving issues promptly and efficiently. There are concerns about the time it takes to update accounts after each payroll cycle and the need for clearer communication regarding the process of changing contribution amounts. While the platform offers an easy orientation and integration with accounting software, there seems to be room for improvement in streamlining payroll-related tasks and enhancing user understanding of the system's functionalities.

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.

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. Headquartered in New York, Vestwell Advisors LLC is a subsidiary of Vestwell Holdings, Inc.

Human Interest headquartered in San Francisco offers their cloud-based 401k administation platform for employers featuring flexible plan design and a dedicated account manager.

Essentials

Complete

Concierge

OnPay

Vestwell

401(k) software provides a simple solution for businesses to administer 401k retirement plans for employees.

401(k)

These are common and important features of 401(k) software. They pertain mostly to the administrative and recordkeeping aspects of a 401(k) provider

Administration and Recordkeeping

Reliability of the provider in recording contribution types, authorizing and administering transactions, investment tracking, etc.

Payroll Integration

Ability to integrate with a variety of payroll packages and deduct part of pay to go towards 401(k)

Compliance Maintenance

The reliability of the provider in conducting nondiscrimination testing and fixing compliance issues

Plan Flexibility

The ability to accommodate different plan designs, including but not limited to traditional, vesting schedules, or safe harbor plans with auto-enroll, auto-escalating contributions, and non-Highly Compensated Employee only contributions.

Filings and Disclosures

Reliability in providing required forms, filings, and disclosures such as Form 5500 series, summary plan descriptions, and Safe Harbor Notices

Ease of Enrollment

The consistency and ease of enrolling new or existing employees into the plan

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Vestwell

Overview

What is Vestwell?