Betterment at Work and First Citizens Wealth Launch 401(k) Solution for Business Clients

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

Insights

Financial Services Strategist

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 (FCNCA) product ecosystem for small and mid-sized business clients. The collaboration creates a comprehensive retirement solution that leverages each company's core strengths: First Citizens provides consulting services, plan design, and investment fiduciary oversight, while Betterment contributes its modern digital platform, recordkeeping capabilities, and operational support.

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

NEW YORK, Sept. 16, 2025 /PRNewswire/ -- Betterment at Work, a leading provider of modern, scalable 401(k) plans for growing businesses, today announced a partnership with First Citizens Wealth. The partnership will combine the strengths of Betterment at Work and First Citizens Wealth's retirement plan solutions to create a streamlined client experience. The 401(k) solution will serve small and mid-sized business clients of First Citizens Bank, including its Silicon Valley Bank and CIT Bank divisions.

Betterment at Work and First Citizens Wealth Launch 401(k) Solution for Business Clients

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 $63 billion in assets. For more information, visit www.betterment.com/work.

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 Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

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

What services will First Citizens Wealth provide in the Betterment 401(k) partnership?

First Citizens Wealth will provide consulting services including plan design, investment fiduciary services, investment selection and monitoring, and continuous benchmarking.

What role does Betterment at Work play in the First Citizens Bank 401(k) solution?

Betterment at Work serves as the plan's recordkeeper, handling plan administration, providing a digital platform with dashboard and mobile app, and delivering operational support services and employee resources.

Which First Citizens Bank clients can access the new 401(k) solution?

The 401(k) solution is available to small and mid-sized business clients of First Citizens Bank, including its Silicon Valley Bank and CIT Bank divisions.

How will the First Citizens-Betterment 401(k) partnership benefit businesses?

The partnership provides businesses with cost-effective financial benefits to attract and retain talent, combining First Citizens' banking expertise with Betterment's modern digital platform for a streamlined retirement planning experience.