Vestwell Erfahrungen

I recommend Vestwell

Vorteile:

Vestwell is easy to use and understand your investment amount. I've used other platforms in the past and they were often confusing.

Nachteile:

I would like to see the amount of money added to the account per month broken out by date.

Easy-to-implement, intuitive platform!

Vorteile:

Vestwell required minimal time to implement with our team and was extremely easy to use from the get-go. We barely needed assistance in learning to use the platform.

Nachteile:

This is probably due to my own misunderstanding, but I didn't realize that I had to change my contribution amount directly with our payroll company. I changed it with Vestwell, thinking they would transfer the information. A pop-up or indicator explaining that this doesn't make the change with the payroll company would be helpful.

Very labor intensive to manage, customer service is frustrating.

Vorteile:

Easy technology onboarding when it can correctly identify an eligible employee.

Nachteile:

Customer service can take weeks to resolve an issue. First response from customer service typically does not digest your concern or provides guidance that is either misdirected on not useful. The platform sometimes will produce errors that the administrator or employee will catch, which will sometimes take weeks to resolve. The administration they expect employers to do is significantly more than other providers and they expect you to have an in-depth understanding of how a 401k plan works, both the regulations and through payroll.

Vestwell Review

Kommentare: They’ve been great contact has been great replies have been great

Vorteile:

Ease of use, contributions are very easy to import

Nachteile:

Nothing much improved over earlier versions of the software

Easy to Use and Understand

Kommentare: Overall I have been satisfied with Vestwell. I use it for my company's 401(K) and as someone with limited knowledge of these types of product and services I have found it easy to use and understand.

Vorteile:

I've found the software to be very easy to navigate and understand, particularly the portfolio section. I do not have a lot of knowledge about financial markets, but the information is presented in a way that makes sense to me and allows to understand how my money is invested. I also found it very easy to adjust the monthly contribution.

Nachteile:

I haven't had any major issues with the software at this point. However, it may be helpful there was an easier and more direct way to get information on requesting a distribution.

Vestwell Review

Kommentare: The team is very kind. Unfortunately, they were not well versed in Chick-fil-A and that made it difficult for me to administer and fully understand the 401k Plan for my team. Also, there were times that I would find people were eligible to be signed up for the 401k but Vestwell never alerted myself or the Team Member. Or, after a year some of our Team Members should go from 3% to 4% and we were never alerted of that.

Vorteile:

The platform had a lot of different features available to myself as a Sponsor and a Participant.

Nachteile:

When submitting a bi-weekly report there was a couple of times that I did not complete the submission process because the last page of the submission process made it look like it was submitted. However, there was one more button I needed to hit to submit. Therefore, I would recommend making all of the "next" and "complete" buttons jump out a little bit more. There was also multiple times I attempted to pull a report and the format was not user friendly when it eventually downloaded. It looked like an old type writer. I would then have to reach out to someone for help and that was frustrating when I was in the middle of 401k audits for my company.

Vestwell Review

Kommentare: The customer support could be greatly improved. Responses for employer questions range from 24 hours to one week sometimes. We should have a dedicated account rep we can turn to instead of emailing the same support team as employees. Also, the balance shown on your account page is the market value, not the actual balance. This causes a lot of confusion with employees. There should be some way to see both the actual contribution amounts and separate market value. In the same vein, the transaction history is confusing because I believe it is shown in the same way and legal documents are too hidden (the UI could be improved there). Lastly, the rollover process is a little cumbersome. There should be a form that is easily fillable for employees to access versus having to email Vestwell and wait on the support team.

Vorteile:

Two way sync with our HRIS (Namely), modern-looking UI and the basics are done very well.

Nachteile:

Employer customer support can be improved. Response times can vary from 24 hours to 1 week given the urgency and severity of the issue. Also, we ran into a syncing issue back in April that caused wrong contributions to be sent for multiple employees and it took us until July to fix everything.

Gives me the Information I need at my fingertips

Kommentare: It's been an overall good experience. The contact I have had is informative and prompt, both of which I appreciate.

Vorteile:

I like the front page. Easy to find clicks that are very well described. Very simple, not too complex. Tells me balances without searching. I find the expense ratios for each fund without going through a long documentation. It works - no issues with any of the links. Very customer friendly.

Nachteile:

There is no easy way to find a phone number to call in case I have a question I can't find the answer to online. There is an email but for finances, I prefer an actual person!

Good platform, but needs upgrading

Kommentare: We moved to vestwell as our retirement (403b) provider because they offer much lower fees than our previous provider. That has been an overall improvement. The lack of a customer support phone number has been an issue for some staff, but customer support via email is generally pretty good. In all, we are happy with the solution, but are hoping they will implement some new functionality in the near future.

Vorteile:

The interface is plain and simple. From a user perspective (plan participant) it is easy to navigate and figure out how to change your deferral or view your account balance.

Nachteile:

From a plan administrator perspective, it is lacking in some functionality, like being to add/edit employees directly in the system without uploading a census file), or being able to trigger a welcome email to new participants. From a user perspective, it could be easier to figure out how to roll over funds or request a distribution.

Super User Friendly!

Kommentare: My overall experience with Vestwell online and with customer service has been wonderful. Any questions I had were swiftly answered and any help I needed I received.

Vorteile:

What I like most about Vestwell is how super user friendly it is! After you sign in and are taken to the home page, it's easy to see your contributions, your employer contributions and where you are YTD. It's also really easy to check the details of your account, investments, plan, etc. I like how easy it is to use!

Nachteile:

Under the investments section, it would be helpful if Vestwell could go into MORE detail around what the holdings of your investments are and also break down the performance. As someone that is not well versed in this topic, it would be nice to have a little more information on that page and what it all means.

We love our new 401k

Kommentare: I was worried about hidden fees or glitches and i have not seen any. It has gone very smoothly. The customer service is really responsive and knowledgeable

Vorteile:

The orientation was easy to understand and they were able to integrate with our accounting software so the start-up was quick and easy. My employees are very happy with this new benefit

Nachteile:

It takes a week to deposit and update the account after each payroll

Retirement made simple!

Kommentare: Overall I think Vestwell is great. I don’t check it that often, but when I do I know how to navigate my account and accomplish what I want. I do change my investment amount fairly often and I like that the website makes it super easy to do so.

Vorteile:

I love that Vestwell simplifies the investment process and that they make it super simple to do the things I want. Changing the amount that goes into Vestwell is super simple, and changing my strategy is easy.

Nachteile:

It does limit my options, and I do enjoy investing. So I don’t have the flexibility to choose the exact stocks or mutual funds I might want.

Visible Profits

Vorteile:

It breaks down all of the amounts for me in my portfolio although I must admit I don't fully understand all areas. Also really enjoy that I can adjust my contribution easily.

Nachteile:

It's a lot of numbers with not much explanation to what all the numbers mean. They have some titles or headers but for someone who is not familiar with it, it honestly doesn't make much sense other than what I currently have saved up and how much I'm contributing.

Easy enough to use

Kommentare: I had to choose individual stocks with the last 401(k) and I never felt like I did a good job. At least this is automated and I can trust that they are doing the best for my money. It is very easy to set up and make adjustments.

Vorteile:

I don't know anything about investing, but this software mostly takes care of it for me. It is very easy to set up and I can adjust my own contributions, etc. without needing to go through HR.

Nachteile:

I have no way of knowing if the investments it picks are the best for me. I really have to trust that my company did their research and the fact that my 401(k) is losing money even in a really good stock market is just bad luck.

Love Vestwell

Kommentare: Love interacting with the members of the support center

Vorteile:

What we like most about Vestwell is the ability to see all your participants in one place.

Nachteile:

We wish Vestwell offered a mobile app to at least view how much was in your personal retirement account as a participant.

Vestwell opened an account in my name without my authorization

Kommentare: Terrible company to work with.

Vorteile:

None - I can't say anything good about this company.

Nachteile:

Vestwell opened an account in my name without my authorization and charged me a fee to have my funds refunded to me.

Indifferent

Kommentare: I am trying to be impartial here because I have only used this company for one year. I am having a hard time coming to terms with the fact that my accounts return in 3rd quarter of 2019 was less than 1%. (3.78 for the year) The economy is booming. My IRA with my other company went through the roof last year. For having a "moderately aggressive" portfolio there should have been more growth. Our HR department is supposed to be setting up an appointment with your rep to come in and meet with us, but right now I'm thinking that I may reduce what I am contributing. The fees are not worth what I am getting in return.

Vorteile:

The software screens are clean and neat to look at. Product is easy to use. Very similar to other products that I use.

Nachteile:

There isn't anything that makes this software stand out from my other retirement software account.

401K Made Easy

Kommentare: My overall experience has been nothing but positive, I am always surprised to log in and see how much I have already saved without even really noticing it.

Vorteile:

This software makes understanding and setting up your 401k plan quick and simple. The software itself is minimal in its design, making it easy to understand and navigate. Additionally, Vestwell provided our company with a training session to help us further understand each step of the process and answer questions that we had. Overall Vestwell has been tremendously helpful in setting up savings for the future.

Nachteile:

401k implementation is often convoluted and confusing, so in the past, I have written it off as being difficult no matter what. Vestwell really does not have many downsides at all in my opinion because they are extremely helpful and the software is very user-friendly.

Vestwell is that rare financial company that you can trust!

Kommentare: I have loved my experience with Vestwell! What matters most to me is that I can trust that I am being told the truth and being well cared for!

Vorteile:

I am visual, so I love how visually clear the information is, as I review my account

Nachteile:

Some areas could be explained a bit better so that terms are not foreign to me

Review

Kommentare: Easy to use and we've seen an increase in participation. Would like to see additional services available like financial advisers for individual participants willing to pay for the service.

Vorteile:

Ease of use, responsiveness from support team, super easy implementation

Nachteile:

Lack of reports available, no financial advisers available on an individual level (even if the individual is willing to pay for such a service).

Super Easy to Digest & Track

Kommentare: All in all I have really enjoyed working with it and feel like it’s given me more of a handle of my financial situation.

Vorteile:

I love being able to log in a few times a week to see how my money is doing. It feels straightforward and transparent - the UI is friendly.

Nachteile:

I ended up contributing more than my annual limit, but there was no indication through the platform that I was reaching it, and it was unclear what to do once I had exceeded it.

Very Satisfied with this software

Vorteile:

Easy to navigate and user friendly. Most of our employees have no complains and did not have any difficulties to use it.

Nachteile:

This was the first software of this kind we have used. We do not have anything bad about it we have noticed yet.

Simple and easy to use

Vorteile:

I like that it's easy to tell at a glance where I stand, and appreciate the email updates on vesting! I'm not in the platform often so I appreciate that it's straightforward to find what I'm looking for when I am.

Nachteile:

To be honest, I don't have any cons for this product.

Excellent user friendly way for employees to administer their 401K

Vorteile:

The website is extremely easy to use. You can customize your investment strategy to make it as aggressive or risk averse as you like, and can very easily see your 401K performance. They also make it very simple to change your contribution amount.

Nachteile:

I don't really see any problems with Vestwell as an end user. I can't speak to what it's like for an HR department to implement it.

Great service

Kommentare: I've enjoyed using vestwell and have recommended to my brothers for their retirement plans. Everything about they're website has been user friendly.

Vorteile:

I've enjoyed how easy they make it to view everything. I know next to nothing about my retirement plan and their website has helped me understand where my money is being invested as well as how to adjust anything I may want to adjust.

Nachteile:

I wish it had an app that I could use on my phone for quick easy access. Looking on my mobile browser isn't always very friendly. Most everything is done on a phone screen these days.