Ubiquity Offers Financial Wellness Tool Catered to Small Businesses

CensiblyYours designates a 3(38) investment adviser to assist plan sponsors and offers participants access to the financial education platform Edukate.

In partnership with Kaye Capital Management, Ubiquity Retirement + Savings has created a two-part financial wellness program tailored to small business owners and employees.

The feature, named CensiblyYours, designates a 3(38) investment adviser to assist plan sponsors with their investment fiduciary responsibility, and provides access to five custom target-risk portfolios, according to Ubiquity. Portfolios are classified by risk level and built with low-cost mutual funds, index funds and exchange-traded funds (when appropriate) from Charles Schwab, J.P. Morgan, Principal, TIAA, Fidelity, Vanguard and DFA, and hold expense ratio rates from 4.8 basis points (bps) to 8.1 bps.

“Many small business owners are hesitant to offer a retirement plan because they do not have the time, resources or knowledge to take on the investment fiduciary liability,” says David Hilton, head of Retirement Consulting at Kaye Capital Management. “By serving as a 3(38) advisor for Ubiquity’s clients, we are reducing this burden for small businesses and simultaneously providing affordable investment options that are in the best interest of the plan participants.”

The tool is offered to workers for a capped fee of $3 or less per month per participant and does not include the portfolio expenses.

In addition to the professional investment selection and monitoring offered by Kaye Capital Management, participants in CensiblyYours Financial Wellness Tools will have access to the financial education platform Edukate. The platform, designed to help employees achieve their financial goals, offers an intuitive and interactive approach to financial education.

“The average saver should not be burdened with managing their financial health entirely on their own,” says Chris Whitlow, CEO and Founder of Edukate. “Plan sponsors on the Ubiquity platform can now better promote financial wellness by engaging participants in their retirement plans through contests, educational content and an interactive leaderboard.”

For more information on CensiblyYours Financial Wellness Tools, visit myubiquity.com.