Tom Hansen and Tony Michael didn't like the limitations of commercially available records management software, so they built their own.
inVesti Financial executives developed the inVesti-RKS (Records Management Services) platform and this week successfully integrated it with UMB Bank and Matrix Trust Company (Broadridge Retirement and Workplace) to offer Health Savings Accounts (HSA) It was very successful. This will be launched soon.
Michael, a 25-year records management veteran, said its non-linearity is “cool and unique” and allows it to handle multiple employee benefits products.
“We've built it so that you can take a health savings account (HSA), a cash balance plan, a SIMPLE IRA, a SEP IRA, a traditional IRA. It doesn't really matter what it is,” he says. Told. “We've built a core system where you can add just about anything. 529 is a little further down the road. You can also add pet insurance if you want. That way you can collect your money and go almost anywhere. That's the core of what we've built. HSAs are obviously a big part of that.”
Next comes the Cash Balance Plan, which allows participants with an HSA, 401(k), or external IRA to access all plans with a single sign-on on desktop or mobile apps.
It helps that Hansen has a developer background and Michael has a large presence in the multiemployer plan (MEP) market.
“Tom wanted to learn more about the RIA field,” Michael explains when asked about the genesis of the idea. “He noticed that I was in the MEP space. We met by chance and started talking. I wanted to integrate payroll because our company didn't have it, and we It ended up being a long conversation and a lot of back and forth until we decided we needed to build something else that could handle multiple products and services. That was the idea.”
The inVesti-RKS system is an open architecture, multi-vendor, cloud-hosted financial software platform that provides retirement and employee benefits solutions. According to the company, the platform's APIs and technology are built to eliminate “static elements of plan setup, enrollment, and regulatory management.”