Betterment at Work and First Citizens Wealth Launch 401(k) Solution for Business Clients
First Citizens Bank (NASDAQ:FCNCA) and Betterment at Work have announced a strategic partnership to provide 401(k) solutions for small and mid-sized business clients. The collaboration combines Betterment's digital platform and recordkeeping capabilities with First Citizens Wealth's consulting and fiduciary services.
First Citizens Wealth will oversee plan design, investment selection, monitoring, and benchmarking, while Betterment at Work will handle plan administration through its digital platform, which includes a dashboard and mobile app. The solution will be available to clients of First Citizens Bank, including its Silicon Valley Bank and CIT Bank divisions.
The partnership aims to provide growing businesses with cost-effective financial benefits to attract and retain talent while streamlining the retirement planning experience.First Citizens Bank (NASDAQ:FCNCA) e Betterment at Work hanno annunciato una partnership strategica per offrire soluzioni 401(k) per clienti di piccole e medie imprese. La collaborazione combina la piattaforma digitale e le capacità di recordkeeping di Betterment con i servizi di consulenza e fiduciari di First Citizens Wealth. First Citizens Wealth supervisionerà la progettazione del piano, la selezione degli investimenti, il monitoraggio e il benchmarking, mentre Betterment at Work gestirà l’amministrazione del piano attraverso la sua piattaforma digitale, che include una dashboard e un’app mobile. La soluzione sarà disponibile per i clienti di First Citizens Bank, comprese le divisioni Silicon Valley Bank e CIT Bank. L’obiettivo della partnership è offrire alle aziende in crescita benefici finanziari convenienti per attrarre e trattenere i talenti, semplificando l’esperienza di pianificazione pensionistica.
First Citizens Bank (NASDAQ:FCNCA) y Betterment at Work han anunciado una asociación estratégica para ofrecer soluciones 401(k) a clientes de pequeñas y medianas empresas. La colaboración combina la plataforma digital y las capacidades de registro de Betterment con los servicios de asesoría y fiduciarios de First Citizens Wealth. First Citizens Wealth se encargará del diseño del plan, la selección de inversiones, el monitoreo y el benchmarking, mientras que Betterment at Work gestionará la administración del plan a través de su plataforma digital, que incluye un tablero de control y una aplicación móvil. La solución estará disponible para los clientes de First Citizens Bank, incluidas sus divisiones Silicon Valley Bank y CIT Bank. El objetivo de la asociación es ofrecer a las empresas en crecimiento beneficios financieros rentables para atraer y retener talento, al tiempo que se agiliza la experiencia de planificación de la jubilación.
First Citizens Bank (NASDAQ:FCNCA)와 Betterment at Work가 중소기업 고객을 위한 401(k) 솔루션을 제공하기 위한 전략적 파트너십을 발표했습니다. 이 협업은 Betterment의 디지털 플랫폼과 기록 보관 능력과 First Citizens Wealth의 컨설팅 및 수탁 서비스를 결합합니다. First Citizens Wealth가 플랜 설계, 투자 선택, 모니터링 및 벤치마킹을 감독하는 반면, Betterment at Work는 대시보드와 모바일 앱을 포함한 디지털 플랫폼을 통해 플랜 관리 업무를 담당합니다. 이 솔루션은 First Citizens Bank의 고객에게 제공되며, Silicon Valley Bank와 CIT Bank 부서를 포함합니다. 파트너십의 목표는 성장하는 기업에 비용 효율적인 재정 혜택을 제공하여 인재를 유치하고 유지하고, 은퇴 계획의 경험을 간소화하는 것입니다.
First Citizens Bank (NASDAQ:FCNCA) et Betterment at Work ont annoncé un partenariat stratégique pour proposer des solutions 401(k) aux clients des petites et moyennes entreprises. La collaboration combine la plateforme numérique et les capacités de tenue de registres de Betterment avec les services de conseil et fiduciaires de First Citizens Wealth. First Citizens Wealth supervisera la conception du plan, la sélection des investissements, le suivi et le benchmarking, tandis que Betterment at Work gérera l’administration du plan via sa plateforme numérique, qui comprend un tableau de bord et une application mobile. La solution sera disponible pour les clients de First Citizens Bank, y compris ses divisions Silicon Valley Bank et CIT Bank. L’objectif du partenariat est d’offrir aux entreprises en croissance des avantages financiers rentables pour attirer et retenir les talents, tout en rationalisant l’expérience de planification de la retraite.
First Citizens Bank (NASDAQ:FCNCA) und Betterment at Work haben eine strategische Partnerschaft angekündigt, um kleinen und mittleren Firmenkunden 401(k)-Lösungen bereitzustellen. Die Zusammenarbeit verbindet Betterments digitale Plattform und Aufzeichnungskapazitäten mit den Beratungs- und Treuhanddienstleistungen von First Citizens Wealth. First Citizens Wealth wird die Planentwicklung, die Anlagenauswahl, das Monitoring und das Benchmarking übernehmen, während Betterment at Work die Planverwaltung über seine digitale Plattform mit Dashboard und mobiler App durchführt. Die Lösung wird den Kunden der First Citizens Bank zur Verfügung stehen, einschließlich der Divisionen Silicon Valley Bank und CIT Bank. Ziel der Partnerschaft ist es, wachsenden Unternehmen kosteneffiziente finanzielle Vorteile zu bieten, um Talente anzuziehen und zu binden, während die Rentenplanungserfahrung vereinfacht wird.
First Citizens Bank (NASDAQ:FCNCA) و Betterment at Work يعلنان عن شراكة استراتيجية لتقديم حلول 401(k) لعملاء الشركات الصغيرة والمتوسطة. تجمع الشراكة بين منصة Betterment الرقمية وقدرات حفظ السجلات مع خدمات الاستشارات والوصاية من First Citizens Wealth. تتولى First Citizens Wealth تصميم الخطة، واختيار الاستثمارات، والمراقبة، والقياس المرجعي، بينما تتولى Betterment at Work إدارة الخطة من خلال منصتها الرقمية التي تتضمن لوحة تحكم وتطبيقاً للجوال. ستكون الحلول متاحة لعملاء بنك First Citizens Bank، بما في ذلك أقسام Silicon Valley Bank وCIT Bank. يهدف الشراكة إلى توفير مزايا مالية فعّالة من حيث التكلفة للشركات النامية لجذب المواهب والاحتفاظ بها مع تبسيط تجربة التخطيط التقاعدي.
First Citizens Bank (NASDAQ:FCNCA) 与 Betterment at Work 宣布建立战略伙伴关系，为中小企业客户提供 401(k) 解决方案。此次合作将 Betterment 的数字平台和记账能力，与 First Citizens Wealth 的咨询和受托服务相结合。First Citizens Wealth 将负责计划设计、投资选择、监控与基准测试，而 Betterment at Work 将通过其数字平台（包含仪表板和移动应用）来处理计划管理。该解决方案将向 First Citizens Bank 的客户提供，涵盖其 Silicon Valley Bank 和 CIT Bank 分支机构。该伙伴关系的目标是为成长中的企业提供具有成本效益的金融福利，以吸引和留住人才，同时简化退休规划体验。
- Partnership expands access to 401(k) offerings for small and mid-sized businesses
- Integration of modern digital platform with established banking expertise
- Enhanced service offering for First Citizens' business clients
- None.
Insights
First Citizens expands small business offerings through strategic 401(k) partnership with Betterment, enhancing its competitive position in wealth management.
This partnership between First Citizens Wealth and Betterment at Work represents a strategic enhancement to First Citizens Bank's (
For First Citizens, this partnership addresses a critical gap in their small business offerings. Retirement plans are essential benefits for talent attraction and retention, yet many smaller businesses lack the resources to implement them effectively. By integrating Betterment's technology with their existing banking relationships, First Citizens creates a more complete business banking ecosystem that can drive deeper client relationships and potentially increase customer retention.
The timing is particularly notable as it follows First Citizens' acquisition of Silicon Valley Bank assets, giving them access to a new segment of technology-forward business clients who would likely value streamlined digital financial solutions. This move positions First Citizens competitively against larger financial institutions and specialized fintech providers in the small business retirement plan space.
From a strategic perspective, this represents a capital-efficient approach to product expansion. Rather than building proprietary technology, First Citizens is leveraging Betterment's established platform while maintaining control of the client relationship and fiduciary responsibilities that align with their core competencies.
New digital offering provides First Citizens small and mid-size business clients with access to workplace retirement plans
First Citizens Wealth is providing consulting services for the retirement program, including overseeing plan design, investment fiduciary services, investment selection and monitoring, and continuous benchmarking. Betterment at Work is serving as the plan's recordkeeper, responsible for plan administration, a user-friendly digital platform comprising a dashboard and highly-rated mobile app, as well as ongoing operational support services and employee resources.
"We're thrilled to be partnering with First Citizens Bank in a strategic collaboration that expands access to our 401(k) offering," said Matt Heater, Senior Director, Strategic Initiatives. "By aligning with a trusted financial institution like First Citizens, we're combining their deep banking relationships with our cutting-edge, automated retirement platform. Together, we're equipping growing businesses with the cost-effective financial benefits they need to attract and retain talent, and support their employees as they plan for the future."
"Our priority is understanding our clients' goals and delivering solutions that remove friction and empower informed decisions. For small and mid-size businesses, the creation and management of a retirement plan is a significant responsibility, and they are increasingly looking for a streamlined, digital experience." said Phillip Strickland, Executive Director, Trust and Fiduciary Services at First Citizens Wealth. "By integrating our deep expertise in the retirement planning space with Betterment's modern digital solutions, we're providing our clients with an effective retirement planning experience, ultimately supporting their business objectives and long-term growth."
About Betterment at Work
Betterment at Work offers modern, scalable 401(k) solutions built for growing businesses. Employers get a streamlined 401(k) platform with customizable plans, payroll integration, and built-in compliance, designed to meet fiduciary requirements and support employees' retirement goals, whether they're just getting started or seasoned investors. It's all powered by the same trusted technology behind Betterment, which manages more than
Media contact:
media@betterment.com
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
About First Citizens Wealth
First Citizens Wealth offers a full range of financial planning, asset management, private banking, brokerage, investment advisory, insurance and trust services to individuals and institutional clients. Learn more at https://www.firstcitizens.com/wealth.
Media contact:
Liz Shapiro
elizabeth.shapiro@firstcitizens.com
Disclosures
First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS") , a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisers. Insurance products and insurance are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender and SVB, a division of First-Citizens Bank & Trust Company.
All loans provided by First-Citizens Bank & Trust Company and SVB are subject to underwriting, credit, and collateral approval. Financing availability may vary by state. Restrictions may apply. All information contained herein is for informational purposes only and no guarantee is expressed or implied. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not a commitment to lend. Terms and conditions apply. NMLSR ID 503941
Consulting services including overseeing plan design, investment fiduciary services, investment selection and monitoring, and continuous benchmarking are offered through First Citizens Bank and Trust Company. First Citizens Wealth is a registered trademark of First Citizens BancShares, Inc.
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SOURCE Betterment
FAQ
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