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Press Release: HSA Bank Launches New HSA Investment Program for the Retirement Industry

 

FOR IMMEDIATE RELEASE
Media Contacts:

Alice Ferreira, Webster Bank
(203) 578-2610 | acferreira@websterbank.com

Jennifer Dean, HSA Bank
(920) 453-5286 | jedean@hsabank.com

Milwaukee, December 11, 2018 — HSA Bank, a division of Webster Bank, N.A., today announced a new advisor-driven Health Savings Account (HSA) investment program that will empower investment advisors to provide an open-architecture HSA investment lineup to benefit their clients’ employees. The program enables nearly all investment advisors and firms in the U.S. to offer a compelling HSA investment product to help employees meet their financial healthcare needs now and in retirement.

Many employers view HSAs as an integral part of an employee’s long-term retirement strategy due to their triple tax advantage. To support the retirement savings potential of HSAs for employees, employers are seeking tailored investment solutions from their retirement plan advisors. Leveraging HSA Bank’s new HSA investment solution will bring a competitive advantage to advisors’ retirement benefit packages and enable them to further strengthen relationships with plan sponsors, increase participant retirement savings, and grow assets under management.

For the first time, investment advisors can apply their expertise to HSA investments and add value in the same way they do for traditional retirement plans. HSA Bank’s solution includes three primary features:

  1. Flexibility – Control over HSA investment options, enabling advisors to customize the fund lineup

  2. Visibility – Ability to view participant activity and performance online

  3. Compensation – Option to set asset-based fees on investments as well as receive HSA referral compensation

Direct access to the recordkeeping platform enables advisors to set up and manage HSA investment options for their clients’ employees. Our open-architecture platform allows advisors to choose from a universe of mutual fund investments available for HSAs, monitor participant investment balances and activity, and seamlessly report aggregate information back to their employers. This game-changing functionality is a first for the industry and provides for a closer alignment between HSAs and retirement objectives, especially within the employer retirement market.

“HSA Bank’s new advisor-driven HSA investment solution combines our expertise in HSAs and advisors’ expertise in managing investments to enhance the plan sponsor and employee experience,” says Chad Wilkins, president of HSA Bank. “HSAs can be a valuable retirement savings tool, and we’re excited to work with advisors to positively change the ways employees manage their healthcare finances now and in retirement.”

HSA Bank has partnered with Aspire Financial Services to serve as the investment technology provider for the advisor-driven HSA investment program. Aspire brings expertise in offering retirement solutions for advisors with flexible technology and robust operational infrastructure.

“Incorporating HSAs into the retirement framework provides another tax-efficient tool to help employees and their families improve their health and financial well-being up to and during retirement,” said Pete Kirtland, chief executive officer of Aspire Financial Services. “We are delighted that HSA Bank selected Aspire as its partner of choice to deliver a solution that integrates the investment flexibility of open architecture along with the management and oversight of HSA and retirement accounts.”

For more information about HSA Bank’s advisor-driven HSA investment program, contact HSA Bank at salessupport@hsabank.com.

Investment accounts are not FDIC insured and they are not bank guaranteed. Investment accounts are not a deposit account, or an obligation of HSA Bank, and they may lose value. They are not guaranteed by any federal government agency. Performance data and ratings represent past performance and are not a guarantee of future results. Investment returns and principal value will fluctuate and investors’ shares, when sold, may be worth more or less than their original cost.

About HSA Bank

HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires 2.7 million members and more than 35,000 employer groups to own “your” health by making it easy to access, understand, and afford healthcare. As of September 30, 2018, HSA Bank has $7.2 billion in total footings comprising $5.6 billion in deposit balances and $1.6 billion in assets under administration through linked investment accounts, and is a division of Webster Bank, N.A., Member FDIC.

About Aspire Financial Services

Aspire Financial Services, LLC is a leading service provider of smart retirement solutions, serving the industry since 2002 with a conflict-free, open-investment retirement planning management system supporting all plan types [401(k), 403(b), 457, IRA including Payroll Deduction, HSA, Cash Balance, Defined Benefit, Non-Qualified]. Aspire provides a best-in-class technology-enabled portfolio of pre-defined or highly customizable smart retirement solutions with private-label branding options through its proprietary technology platform and strategic partnerships. Aspire enables strong economic value and competitive advantage through a cost-effective transparent pricing structure and fully built operational model. To learn more, visit www.aspireonline.com or call 866.634.5873.