Citizens Partners with Betterment to Enhance Retirement Solutions for Small Businesses
- Citizens Financial Group's partnership enhances retirement solutions for small and mid-sized businesses, improving workplace retirement plans.
- Betterment provides user-friendly digital tools for retirement planning, while First Citizens Wealth offers strategic oversight and consulting services.
- A Citizens survey shows parents are adjusting spending to prioritize saving for children's college tuition amid rising educational costs.
Strategic Partnership Enhances Retirement Solutions for Businesses
Citizens Financial Group announces a strategic collaboration between Betterment at Work and First Citizens Wealth, aimed at providing improved workplace retirement plans tailored for small and mid-sized business clients. This partnership integrates Betterment's modern 401(k) solutions with First Citizens' comprehensive consulting services to streamline the retirement planning process for businesses navigating complex rules and regulations. By merging Betterment’s intuitive digital platform with the extensive expertise of First Citizens, the collaboration seeks to deliver a more efficient and user-friendly experience for both employers and employees.
The initiative allows Betterment to act as the plan's recordkeeper, offering a user-friendly dashboard and a highly-rated mobile application that enhances engagement and accessibility for participants. Meanwhile, First Citizens Wealth will oversee the strategic components of the retirement plans, including plan design, investment fiduciary services, and ongoing benchmarking. With rising demands for effective retirement solutions from small and mid-sized businesses, this partnership addresses the need for a streamlined digital experience that reduces the complexities traditionally associated with retirement plan management.
Matt Heater, Senior Director of Strategic Initiatives at Betterment, emphasizes the significance of combining First Citizens' banking proficiency with Betterment’s innovative retirement solutions. This partnership not only facilitates the provision of cost-effective financial benefits for growing businesses but also supports their objectives in attracting and retaining talent. Phillip Strickland, Executive Director of Trust and Fiduciary Services at First Citizens Wealth, highlights the importance of understanding client goals and delivering a seamless digital experience. Together, they aim to empower businesses and their employees to plan effectively for the future, addressing the increasing pressure for comprehensive and accessible retirement planning.
In addition to the partnership announcement, a recent survey by Citizens Financial Group reveals that two-thirds of parents are adjusting their spending habits to prioritize saving for their children's college tuition. This trend reflects the growing burden of rising educational expenses, prompting families to make sacrifices in discretionary spending. The insights from the survey underline the critical role of financial planning in navigating the challenges of funding higher education, showcasing parents’ dedication to ensuring their children's academic aspirations are met without the looming threat of student debt.
The survey results signal a broader societal concern regarding the affordability of higher education, as families increasingly reallocate their budgets towards long-term investments in education. The findings demonstrate parents' willingness to forego personal leisure activities in favor of securing a solid educational foundation for their children, illustrating a significant shift in priorities amidst escalating college costs.
