RICHMOND, Va., July 30, 2019 (GLOBE NEWSWIRE) -- HealthSavings Administrators, a top health savings account (HSA) provider, and Orion Advisor Services, LLC, the premier portfolio management solution provider for registered investment advisors (RIAs), today announced a strategic partnership to empower RIAs to easily integrate HSAs into retirement planning services for their clients.
“Leveraging the triple-tax advantage that HSAs afford our clients, we understand the importance of their use in our long-term investment and retirement strategies,” said Kristen Donovan, AIF®, CFPA, QKA. “Being able to manage HSAs in the context of a client’s full portfolio ensures we can align all of their investment accounts and properly plan to meet their personal retirement vision.”
According to Nationwide, the majority of consumers working with an advisor expect them to provide advice on planning for health care costs in retirement as costs continue to climb. Yet a recent HealthSavings study revealed that the majority of RIAs are still not offering HSAs to clients – missing out on the multi-billion-dollar investment opportunity as invested assets in HSAs are estimated to grow to $16.7 billion in 2020 according to Devenir.
“Based on our research, many RIAs are eager to embrace HSAs but are unsure about how to leverage them as part of their long-term investment and retirement strategies,” said Damian Breland, chief technology officer at HealthSavings. “Our integration with Orion paves the way for advisors to readily offer investment-focused HSAs complementing clients’ other investment vehicles for happy, healthy retirements.”
To ensure RIAs can easily include HSAs as a fixture in their long-term financial strategy for clients, the HealthSavings and Orion integration allows RIAs to manage their clients’ HSAs in the same dashboard as other investment accounts – IRAs, 401(k)s and more. Thanks to the new HealthSavings data feed, RIAs can now access clients’ HSAs as part of their existing Orion portfolio interface.
“We are committed to empowering advisors to build and manage customized dashboards that ease their back-office burden so they can focus on holistic financial and retirement planning recommendations,” said Jeff Kliewer, director of integration partnerships and support at Orion. “As Orion continues to grow our integration network, the partnership with HealthSavings adds HSAs into the investment dashboard and gives our users a more complete picture of their clients’ portfolios.”
About HealthSavings Administrators
HealthSavings empowers consumer-driven health plan participants to invest all their health benefit dollars in institutional-class funds so they can grow their savings tax-free and meet their financial goals for a happy, healthy future. By choosing from a carefully curated selection of funds with lower expense ratios and no trading fees, HealthSavings accountholders have historically saved five times more than the industry average. Visit HealthSavings.com to learn more.
About Orion Advisor Services
Orion Advisor Services, LLC (Orion) is the premier portfolio accounting service provider for advisors. Our firm has unique insights into the advisory profession because it was founded for investment advisors by an investment advisor in 1999. Orion frees advisors from back-office tedium so they can enjoy their business again by devoting their time and energy to better serving clients. Orion provides the integrated and fully customizable technology solutions that advisors need to help grow their businesses over the long term. The firm's technology solutions empower more than $800+ billion in AUA and over 3 million accounts. For more, please visit orionadvisor.com or follow our news and insights via our blog.