An Advisor Friendly HSA Solution

PEORIA, IL / ACCESSWIRE / April 3, 2019 / MyHSA announced a strategic partnership and collaboration today, debuting a truly unique, advisor distributed Health Savings Account (HSA) solution. HSA discussions have flooded the retirement plan marketplace over the past year, but very few providers have created a solution built specifically for advisors working with employers. MyHSA has created an investment-friendly, advisor-friendly HSA solution available for the employer-sponsored HSA market. This unique solution brings together multiple firms to deliver a best-in-class HSA platform that applies innovative investment solutions and best practices from the 40-year evolution in the defined contribution retirement market.

According to a recent study from Franklin Templeton, paying for health-related expenses in retirement is the number one expense concern across individuals of all ages. Additionally, nearly half (48 percent) of individuals say they do not know how they will pay their medical expenses in retirement. That number is cut in half (25 percent) for individuals currently using an HSA.¹

Todd Kading, President of LeafHouse Financial, says, ”With the enormous tax benefits of saving and investing in an HSA, LeafHouse has always believed that there needed to be a scalable solution for advisors to help their clients realize HSA investing benefits to prepare for medical expenses in retirement. MyHSA is that scalable solution.”

LeafHouse Financial will be the investment manager, and the investment menu will consist of mutual funds from Franklin Templeton, Lord Abbett, MFS Investment Management and State Street Global Advisors. ”We’re excited about the opportunity to participate in such an innovative HSA solution built for savers and investors,” said Kevin Murphy, Head of Defined Contribution Strategic Accounts for Franklin Templeton.

The platform also has the ability to pay an asset-based advisory and education fee to the fee-based advisor hired by the sponsoring employer. According to MyHSA, the lack of awareness about HSA’s is the biggest concern to address. ”We believe advisors, especially those with a focus on the retirement plan market, are in the best position to provide education about HSA’s to employees,” said Paul Oakford of MyHSA. ”This platform will enable and empower advisors to discuss saving specifically for health care expenses in retirement, which is often times best achieved by saving in an HSA,” Oakford added.

According to Devenir Research, total HSA assets reached $53.8 billion as of Dec. 31, 2018, including total invested HSA assets of $10.2 billion. The invested portion increased 23 percent from Dec. 31, 2017, which is why it is so important for the financial services community to embrace HSAs as an integral part of the future framework of retirement savings in America. Additionally, Devenir also reports that HSA contributions totaled approximately $33.7 billion in 2018, which represents a 22 percent increase from Dec. 31, 2017.²

”We are extremely pleased to have our products available to play a meaningful role on this innovative platform and to help investors achieve their financial goals,” said Ryan Franken, Director, Defined Contribution Relationship Management at Lord Abbett.

MyHSA contact information:

Paul R. Oakford, Vice President of HSA Services | Paul.Oakford@abgemail.com | (309) 671-4200 ext. 1288 | www.abgil.com

About MyHSA

MyHSA is a product of ABG Retirement Plan Solutions (ABG). ABG has been providing employer-sponsored retirement plan administration and recordkeeping for more than 50 years. We provide recordkeeping daily valuation on over $3.5 billion dollars in assets in retirement plans and HSAs. Utilizing our expertise in retirement plan administration in 2004, we launched our 401(k) look alike HSA program, MyHSA. MyHSA is an advisor friendly HSA solution that has one account with automatic investing and access to invested dollars on the debit card.

About LeafHouse

LeafHouse Financial is a national discretionary investment manager for retirement plans. We are an independent and Flexible Fiduciary^™ that aims to provide the maximum level of protection at a low cost. The firm acts in both a 3(21) and a 3(38) fiduciary capacity for a multitude of private and public plans. LeafHouse developed proprietary technology that is designed to prudently select, evaluate, and monitor investments that are solely in the best interests of plan participants and their beneficiaries.

LeafHouse is a registered investment advisor. Registration does not imply a certain level of skills or training. More information about the firm, including its investment strategies and objectives, can be found in our ADV Part 2, which is available, without charge, upon request. Our Form ADV contains information regarding LeafHouse’s business practices and the backgrounds of our key personnel. LH-19-22

About Franklin Templeton

For over seven decades, institutions and individuals around the world have viewed Franklin Templeton as a trusted partner in asset management. The firm manages over $200 billion in U.S. retirement accounts and leverages the expertise of multiple, independent investment teams to deliver truly specialized expertise across a wide range of styles and asset classes, from traditional to alternative and multi-asset strategies, including innovative retirement plan investment solutions.

About Lord Abbett

Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. Founded in 1929, Lord Abbett is one of the oldest money management firms in the United States, and has forged a culture that is investment-led and investor-focused. Lord Abbett manages approximately $162.4 billion in assets (as of Dec. 31, 2018) across a full range of U.S. mutual funds, UCITS Funds, institutional and separately managed accounts, including $1.3 billion for which Lord Abbett provides investment models to managed account sponsors.

About MFS Investment Management

Established in 1924, MFS^® is an active, global asset manager with investment offices in Boston, Hong Kong, London, Mexico City, Sao Paulo, Singapore, Sydney, Tokyo and Toronto. We employ a uniquely collaborative approach to build better insights for our clients. Our investment approach has three core elements: integrated research, global collaboration and active risk management. As of Feb. 28, 2019, MFS manages US $465.9 billion in assets on behalf of individual and institutional investors worldwide.

About SSGA

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.51 trillion* under our care.

* This figure is presented as of Dec. 31, 2018, and includes approximately $32.44 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

¹ The Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey was conducted online among a sample of 2,002 adults comprising 1,000 men and 1,002 women 18 years of age or older. The survey was administered between Jan. 17 and 28, 2019, by Engine’s Online CARAVAN^®, which is not affiliated with Franklin Templeton. Data is weighted to gender, age, geographic region, education and race. The custom-designed weighting program assigns a weighting factor to the data based on current population statistics from the U.S. Census Bureau.

² Source: Devenir Research, 2018 Year-end HSA Market Statistics & Trends Executive Summary, as of 2/27/2019.

SOURCE: ABG Retirement Plan Services

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