The agreement will see Justwealth and BioBenefits collaborate to offer Justwealth’s leading robo-advisor platform as part of BioBenefits’ national employee benefits program.
Toronto, ON (GLOBE NEWSWIRE) - Justwealth Financial Inc., a leading independent robo-advisor, and BioBenefits, specialists in group benefits for life science companies, announced a partnership that will add Justwealth’s robo-advisor solution to the BioBenefits Program and its flagship plan designs, bioLIFE and bioFLEX. The partnership will allow companies to offer Justwealth’s Group Retirement Savings Plans (“GRSP”) and other investments services to their employees, on both a group and voluntary basis.
Enhancing the BioBenefits Offering
BioBenefits helps life sciences companies meet the challenge of maintaining a benefits plan that is both affordable and flexible. The BioBenefits Program offers life sciences companies the opportunity to participate in a national “risk pool” made up of similar employee groups; this arrangement helps spread employee health risk beyond a single group’s demographics, leading to preferred funding and underwriting methods. The Program also offers access to top benefits trends such as, virtual medical clinics, voluntary (portable) insurance products and digital administration.
The addition of Justwealth and its GRSP solution solidifies BioBenefits as not just an innovative service provider, but as an aggregator of solutions that will help the Canadian bio-economy compete for talent on a global scale. Employers will be able to include Justwealth’s investment services as part of their total compensation package, helping their employees reach and protect their retirement goals in a cost-effective manner.
Madison McKimm, President & CEO of BioBenefits, states, “This partnership is a critical component of the BioBenefits Program. Being able to offer a GRSP solution that is not only relevant to today’s workforce but flexible for employers is both good for the quality of our program and in the best interest of our clients and their ability to offer a complete rewards strategy. Our decision to partner with Justwealth is two-fold: their technology component makes it easy for us to offer our clients an integrated solution; and more importantly, their best-in-class robo-advisor platform is supported by an experienced team of human financial professionals. As a client myself, I have no doubt that plan sponsors and members will welcome this as an integrated solution or standalone module.”
A Sophisticated Robo-Advisor Solution
In addition to GRSPs, employees will gain full access to all of Justwealth’s investment advisory services, including:
“As an innovative financial technology company, we believe that Justwealth is well-positioned to understand the needs of companies that operate in an industry that is as forward-thinking as the Canadian bio-economy”, said Richard Burton-Williams, Head of Justwealth’s Institutional division. “As Canadians become increasingly aware of the advantages of low-cost, ETF portfolios and continue to shift their personal investments to robo-advisors like Justwealth, they will demand that their employer plans keep pace. This agreement allows us to help employers in the life sciences industry stay ahead of trends and drive their employees’ satisfaction by providing access to what we believe is the Canadian robo-advisor industry’s most comprehensive investment solution.”
Established October 2017 with support from BioTalent Canada, BioBenefits operates nationally with its headquarters in Mississauga, Ontario. BioBenefits is the group benefits program of choice for Life Sciences Ontario (“LSO”) and its members. In addition to its unique risk model and plan designs, the Program delivers on top benefits’ trends such as, virtual medical clinics, voluntary (portable) insurance products and digital administration. For more information, please visit www.biobenefits.ca.
Justwealth Financial Inc.
Justwealth offers one of Canada's most comprehensive online portfolio management platforms, offering over 60 different portfolios to meet each investor's needs and goals. Justwealth was founded by investment industry veterans to provide “Justice” to the overcharged and underserved Canadian investor. Justwealth is registered to serve residents in all ten Canadian provinces. For more information, please visit www.justwealth.com.
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