Mesirow now providing RIA services for WEX, an industry leader in employee benefits and the nation's fifth-largest HSA custodian
Continued growth for Mesirow Fiduciary Solutions reflects accelerating HSA marketplace
Employees leveraging multiple benefits of HSA pre-tax contributions
CHICAGO, Dec. 5, 2023 /PRNewswire/ -- Mesirow Fiduciary Solutions, a division of Mesirow, an independent, employee-owned financial services firm, today announced that it is now providing registered investment advisor (RIA) services for WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business and the nation's fifth-largest HSA custodian.
WEX technology powers approximately 7.5 million HSAs, with employees across the country relying on WEX to manage the administration of their health benefits. This includes approximately 19.5 million benefits administration accounts and deployment of WEX health benefits products at an estimated 60% of Fortune 1000 companies nationwide.
"We're very pleased to be able to leverage our expertise in building investment programs for ERISA retirement plans into the HSA retail marketplace and are especially excited about the growth trajectory in HSA programs," said Mike Annin, President of Mesirow Fiduciary Solutions. "We look forward to a long-term relationship."
HSAs are becoming more accessible as more employers offer qualified HSA plans to their employees and employees are expanding their understanding of HSAs to not only cover medical expenses with pre-tax dollars in the near term but also to leverage as a long-term solution to support their future financial goals. HSAs have grown in popularity over the last decade.
"Mesirow will leverage its expertise to build an investment portfolio to help meet the unique needs of our HSA account holders and provide tax-free savings for medical expenses both now and into retirement," said Adam Cohen, Director of HSA Strategy and Investments, WEX. "Although HSA investing is growing in popularity, there are still so many who could benefit from participating in HSA investing and have not taken full advantage of it. Mesirow and financial advisors across the country will be instrumental in educating Americans about the value of HSA investing."
Strong utilization amongst younger investors supports a strong future of asset and account growth expectations. Accounts are portable as investors hold onto their allocations when they change jobs. Moreover, with no expiration on investors taking disbursements to pay for past medical expenses, account growth can benefit from longer time horizons.
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. To learn more, visit mesirow.com and follow us on LinkedIn.
Mesirow Fiduciary Solutions is a division of Mesirow Financial Investment Management, Inc. an SEC-registered investment advisor. Mesirow Fiduciary Solutions has been providing RIA services to the ERISA market since 2006. Our fiduciary partnership, asset allocation and portfolio implementation services are widely utilized amongst financial institutions and our programs are offered through multiple nationally recognized 401(K) providers.
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
Michael Herley | 203.308.1409
Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2023, Mesirow Financial Holdings, Inc. All rights reserved. Investment management services provided through Mesirow Financial Investment Management, Inc., Mesirow Institutional Investment Management, Inc. and Mesirow Financial Private Equity Advisors, Inc., all SEC-registered investment advisors, a CFTC registered commodity trading advisors and member of the NFA, or Mesirow Financial International UK, Ltd. ("MFIUK"), authorized and regulated by the FCA, depending on the jurisdiction.
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SOURCE Mesirow Financial Holdings, Inc.