Behind Betterment’s partnership with Zenefits to give SMBs access to retirement planning

Last month Betterment’s retirement planning service Betterment 401(k) launched its partnership with HR and payroll firm Zenefits. Under the collaboration, Zenefit’s SMB customers have been given access to Betterment’s retirement plan in addition to a number of employee financial wellness products. 

The offering is available through Zenefit’s marketplace. Betterment will provide Zenefits customers with personalized financial advice, managed accounts and goals-based investing portfolios including socially responsible options. 

“Small businesses and startups make up the backbone of America, and have been faced with countless challenges during the ongoing pandemic,” said Kristen Carlisle, general manager of Betterment 401(k). “We firmly believe that supporting the financial well-being of their employees is vital to help them continue to grow and flourish, and want to make great benefits packages attainable and affordable for everyone.”

When the pandemic first hit, many SMBs had to work tirelessly just to keep the lights on. According to Matthew Eickman, the national retirement practice leader at Qualified Plan Advisors, SMBs that committed to their savings and investment strategies not only managed to stay afloat but also observed significant growth in their retirement accounts. 

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