Ascensus, Inc.

Ascensus, LLC.
Private
Industry Financial Services
Founded 1975 (1975)
Headquarters Dresher, Pennsylvania, United States
Key people
 Bob Guillocheau ( Chairman & CEO )
Products retirement plans; 529 plans; individual retirement accounts; health savings accounts
Revenue Increase US$ 302.5 million (2016)
Number of employees
 2,400 (2018)
Website http://www.ascensus.com

Ascensus, LLC., founded in 1975 and based in Dresher, Pennsylvania,[1] is the nation’s largest independent retirement and college savings services provider, with more than $163 billion in assets under administration.[2] The firm also offers administration, education, and compliance services to banking institutions (offering health savings accounts and IRAs).[3] The company is a NAFCU (National Association of Federally-Insured Credit Unions) Preferred Partner.[4] Ascensus provides record-keeping, administrative, and program management services. The company does not offer investment advice.[5]

Retirement Savings

Ascensus is one of the largest independently operated retirement plan service providers in the United States,[6] servicing more than 54,000 retirement plans[7] through various partnerships. The company is focused on giving small businesses the same access to retirement and savings benefits as large-scale corporations.[8] Current institutional partners include LPL Financial, Merrill Lynch, and The Vanguard Group, among others.[9]

In December 2016, Ascensus was chosen to manage the Oregon Retirement Savings Plan, the first state-sponsored retirement savings plan in the country. With it, Oregon aims to cover around 1 million working citizens who are currently not covered by an employer-sponsored retirement plan. This program launched in July 2017 and is being gradually rolled out to employers.[10][11]

College Savings

In 2013, Ascensus acquired Upromise Investments, Sallie Mae’s 529 college savings plan administrator.[12] This positioned the company to grow within the 529 plan space and resulted in the formation of its Ascensus College Savings division. The company also manages Ugift, its third-party giving program allowing family and friends to transfer money into 529 plans.[13]

In 2015, Ascensus College Savings was selected to manage the Rhode Island state 529 plan, CollegeBoundfund, in partnership with Invesco.[14] In June 2016, Ascensus opened a branch in Warwick, Rhode Island.[15] In 2016, Ascensus College Savings partnered with Wealthfront, an automated investment service, to provide the state of Nevada with a 529 savings plan. This marks the first plan of this type to use an automated investment service.[16]

Savings for Individuals with Disabilities

In February 2017, Illinois announced a 14-state partnership program, the National Achieving a Better Life Experience (ABLE) Alliance, the nation’s largest multi-state agreement, that encourages residents to make investments to help disabled or blind citizens save for the future. Ascensus, through their College Savings division, is administering the program.[17]

Health Savings

In the health savings space, the company partnered with Devenir in June 2016 to provide a private-labeled health savings account investment platform to banks and credit unions.[18]

History & Ownership

In 2012, Ascensus acquired ExpertPlan, a New Jersey-based firm.[19]

In 2015, Ascensus was offered for sale by private equity investment firm JC Flowers.[20] In the fourth quarter of 2015, the company was acquired by Genstar Capital and Aquiline Capital Partners.[21]

Ascensus made a series of acquisitions in the fourth quarter of 2016. It began with the acquisition of Retirement Educators in November,[22] followed by the acquisition of National Retirement Services in early December,[23] and ending with the acquisition of Matthews Benefit Group in late December[24]

In 2017, the company opened a branch in Tucson, AZ, its first in the West, to support clients on the West Coast.[25]

Ascensus was ranked on the Inc. 5000 for 2015 for 93% growth and revenues of $275M.[26] In May 2016, Ascensus was named among the top in a list of plan sponsors for “Good Value for the Money”, as ranked by Market Strategies International.[27]

Organization

As of 2018, Ascensus, LLC. had 2,400 employees nationwide.[28] In 2014, the company reorganized into two business divisions, one serving college savings and one serving retirement savings. Both divisions are under the oversight of Bob Guillocheau, chairman and CEO along with David Musto, president of Ascensus. Shannon Kelly is president of the retirement division and Jeff Howkins is president of the college savings division.[29]

References

  1. ↑ "Ascensus | NYBA". www.nyba.com. Retrieved 2016-08-19.
  2. ↑ "Ascensus Will Administer First State-Run Retirement Plan". www.fa-mag.com. Retrieved 2017-05-02.
  3. ↑ "Ascensus and Devenir Partner to Offer Health Savings Account (HSA) Investments - Devenir". 2016-06-17. Retrieved 2016-08-19.
  4. ↑ "IRAs, Retirement Plan and Health Savings Account (HSA) Solutions | Ascensus | NAFCU". www.nafcu.org. Retrieved 2017-01-24.
  5. ↑ "Servant leadership in a financial crisis". Retrieved 2016-08-19.
  6. ↑ "Financial Advisors Expand Retirement Plan Options, Expert Says". www.fa-mag.com. Retrieved 2016-08-19.
  7. ↑ "Ascensus Announces Acquisition of Matthews Benefit Group - 401khelpcenter.com". www.401khelpcenter.com. Retrieved 2017-01-24.
  8. ↑ "A Partner in the Field | PLANADVISER". www.planadviser.com. Retrieved 2016-08-19.
  9. ↑ "Ascensus Back on the Block - NAPA Net". 2015-05-12. Retrieved 2016-08-19.
  10. ↑ "Saving money will be new concept for many Oregon workers". The Bulletin. Retrieved 2017-01-24.
  11. ↑ "News and Resources". State of Oregon. Retrieved 20 April 2018.
  12. ↑ "Ascensus Enters into Agreement to Acquire 529 Plan Administration Business from Sallie Mae | Sallie Mae Online Newsroom". news.salliemae.com. Retrieved 2016-08-19.
  13. ↑ Anderson, Tom (2015-05-29). "Why don't more Americans use this key to college?". CNBC. Retrieved 2017-01-24.
  14. ↑ "Rhode Island Selects Ascensus College Savings and Invesco for CollegeBoundfund College Savings Program | Business Wire". www.businesswire.com. Retrieved 2016-08-19.
  15. ↑ Campbell, Susan (2016-06-21). "Magaziner: New college savings company will bring jobs to RI". WPRI 12 Eyewitness News. Retrieved 2017-01-24.
  16. ↑ Wealthfront. "Wealthfront To Launch 529 College Savings Plan In Partnership With The State Of Nevada And Ascensus College Savings". www.prnewswire.com. Retrieved 2016-08-19.
  17. ↑ "ABLE investment program to help residents with disabilities". Retrieved 2017-05-12.
  18. ↑ "Ascensus and Devenir Partner to Offer Health Savings Account (HSA) Investments - Devenir". 2016-06-17. Retrieved 2016-08-19.
  19. ↑ "ExpertPlan, Ascensus in Merger Agreement | PLANADVISER". www.planadviser.com. Retrieved 2016-08-19.
  20. ↑ "Ascensus Back on the Block - NAPA Net". 2015-05-12. Retrieved 2016-08-19.
  21. ↑ "Genstar Capital". news.gencap.com. Retrieved 2016-08-19.
  22. ↑ "Retirement Industry People Moves | PLANADVISER". www.planadviser.com. Retrieved 2017-01-24.
  23. ↑ "Retirement Industry People Moves - Page 10 | PLANADVISER". www.planadviser.com. Retrieved 2017-01-24.
  24. ↑ "Ascensus Acquires Matthews Benefit | Money Management Intelligence". www.moneymanagementintelligence.com. Retrieved 2017-01-24.
  25. ↑ Rico, Gabriela. "National financial services firm to open Tucson office, hire 170". Arizona Daily Star. Retrieved 2017-01-24.
  26. ↑ "The Inc. 5000 2015, America's fastest-growing companies". Inc.com. Retrieved 2016-08-19.
  27. ↑ "Cogent Reports: Empower Retirement Voted Best Value for the Money by 401(k) Plan Sponsors". www.businesswire.com. Retrieved 2017-05-02.
  28. ↑ "Service Provider Ascensus Perfectly Positioned for This 401k Trend - The 401(k) Specialist". The 401(k) Specialist. 2017-01-16. Retrieved 2017-05-02.
  29. ↑ "Structural Shakeup at Ascensus | PLANSPONSOR". www.plansponsor.com. Retrieved 2016-08-19.
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