Vestwell Advisors

Vestwell earns recordkeeping and custody fees, typically as a basis-point charge on plan assets or a per-participant fee, paid by the plan or passed through to participants. In state auto-IRA programs, the fee structure is set by the state contract. The firm also charges financial institutions and advisory platforms for white-labeled access to its infrastructure, creating a recurring SaaS-plus-asset-fee model.

Vestwell administers multiple state-facilitated retirement programs, including CalSavers, OregonSaves, MarylandSaves, and Colorado SecureSavings. CalSavers was the first mass-market state mandate of its kind and remains the firm's most visible government contract. Vestwell's state programs serve gig workers, part-time employees, and others without employer-sponsored plans.

Vestwell operates as a white-label infrastructure provider rather than a consumer-facing brand. Where Empower or Fidelity pair proprietary technology with large internal distribution teams, Vestwell embeds its recordkeeping engine inside partner platforms — Morgan Stanley advisors, payroll companies, and state governments — who own the end-client relationship. Vestwell also runs a single multi-tenant codebase rather than managing separate systems for each plan type.

The platform covers workplace and government-sponsored savings programs including 401(k) and 403(b) plans, state auto-IRAs, ABLE accounts for individuals with disabilities, 529 college savings, emergency savings accounts, and student loan benefit programs. Vestwell also integrates health savings accounts through third-party partnerships to offer a unified workplace savings dashboard.

Vestwell does not take proprietary balance-sheet risk. Client assets are custodied at third-party banks, including BNY Mellon, which Vestwell selected as its primary custodian. Vestwell acts as the recordkeeper and technology platform, with regulatory custody handled by institutions, insulating the firm from credit exposure to plan participants.