MissionSquare to Add Personal Wealth Management Offering
The $73.6 billion retirement firm is adding wealth services in response to feedback from plan participants.
MissionSquare Retirement has announced its plans to expand its business offerings with the launch of a personal wealth management division.
The new segment will include a brokerage option offering individual retirement accounts and taxable accounts, along with a robo-adviser service to support IRAs and taxable nonqualified investment accounts.
MissionSquare Wealth Management is partnering with Apex Fintech Solutions, using the digital platform’s Ascend Investor product to assist in secure trade execution and asset custody through its subsidiary, Apex Clearing Corp. Shannon Hogendorn, currently head of wealth management, will lead the initiative as president of the firm’s rebranded broker/dealer subsidiary, MissionSquare Wealth Management, the company announced.
According to MissionSquare CEO Andre Robinson, the expansion comes in response to feedback the firm has received from plan participants, and it was designed for participants and their households.
“Part of what we’ve been doing is providing education, literacy and guidance around everything that they have going on with retirement, and more often than not, the conversations will expand beyond retirement,” Robinson says. “After years of us evaluating some of those discussions, this was the next logical progression for us.”
The addition of personal wealth management comes as total U.S. retirement assets grew to $49.1 trillion at the end of 2025, while money invested in IRAs totaled $19.2 trillion and money in employer-sponsored defined contribution retirement plans reached $14.2 trillion, according to data from the Investment Company Institute.
Hogendorn was hired in the first quarter of 2025 and is now expanding his role alongside Betsy Schroeder, head of personal wealth management products, who will also be a part of the new subsidiary.
“There are other strategic hires that we are going to be making in the back part of 2026 into 2027, and there are functional areas of the organization that are now being consolidated under this personal wealth management unit,” Robinson says.
MissionSquare managed and administered more than $73.6 billion in assets as of June 30, across its 457(b), 401(a), 403(b) plans, retirement health savings plans, Employer Investment Program plans, affiliated IRAs and investment-only assets.