Envestnet Acquires 401kplans.com
Posted on 06/01/2022
Envestnet, Inc. purchased Naples, Florida-based 401kplans.com LLC, a digital 401(k) retirement plan marketplace that streamlines retirement plan distribution and due diligence among financial advisors and third-party administrators.
401(k) plan sponsors have a fiduciary responsibility to ensure plan investments and fees charged to the plan are prudent and reasonable. Founded by Scott Buffington, 401kplans.com has quickly grown to nearly 28,000 advisors with accounts on the platform and working relationships with many of the largest broker-dealers. Through this acquisition, Buffington joins Envestnet as Head of Retirement Sales, reporting to Sean Murray.
Envestnet manages retirement asset data from more than 200,000 retirement plans. The 401kplans.com marketplace is a core component of Envestnet’s retirement services strategy to provide an innovative solution to its enterprise clients, and to become a major distribution channel for recordkeepers and investment managers. Buffington was Head of Sales at MassMutual Retirement Services before creating 401kplans.com.
