Financial technology company Envestnet has acquired digital retirement plan marketplace 401kplans.com, Envestnet said in a news release Wednesday.
Terms of the deal were not disclosed.
Envestnet said the deal underscores its commitment to the retirement plan industry. The company has largely been associated with online investment platforms for financial advisers providing personal wealth management services.
"401(k) plans remain the primary savings vehicle for 60 million American workers, yet advisers are often reluctant to incorporate them as part of their practices and holistic planning processes," said Andrew Stavaridis, Envestnet's chief relationship officer, in the news release.
401kplans.com provides financial advisers with "instant pricing" from most 401(k) providers, a capability made possible through its integration with more than 36 plan record keepers, Envestnet said in the release. Nearly 28,000 advisers have accounts on the 401kplans.com platform, according to Envestnet.
As part of the deal, 401kplans.com founder and CEO Scott Buffington joined Envestnet as head of retirement sales.
"This offering is unmatched in the industry and serves as a platform for all advisers — from retirement plan novices to industry veterans — to help them efficiently find the best providers, assess fees and select appropriate investments for their clients," Mr. Buffington said in the release.
Envestnet provides technology to 107,000 financial advisers and more than 6,500 companies, including 18 of the 20 largest U.S. banks and 47 of the 50 largest wealth management and brokerage firms, it said.