MissionSquare Expands Into Personal Wealth Management

MissionSquare has launched a personal wealth management business offering brokerage accounts and automated investment advice as the firm expands beyond its traditional retirement-plan services.

The new products are available to individuals through MissionSquare’s redesigned website and include individual retirement accounts and taxable investment accounts.

The MissionSquare Brokerage Account provides self-directed investors with access to flexible investment options for short- and long-term financial goals. MissionSquare Digital Adviser, a robo-adviser, supports IRAs and taxable, nonqualified accounts.

MissionSquare Investments will construct the Digital Adviser strategies using third-party investment companies. Portfolios will be aligned with each customer’s investment objectives, broader financial holdings and risk tolerance.

“We recognize that individuals today want more than retirement guidance; they want a trusted partner who can simplify their full financial lives,” said Andre Robinson, MissionSquare’s CEO.

MissionSquare appointed Shannon Hogendorn, head of wealth management, as president of its rebranded broker-dealer subsidiary, MissionSquare Wealth Management.

Hogendorn said the platform is intended to provide individuals and families with greater choice, flexibility and access to financial guidance throughout different stages of their lives.

MissionSquare Wealth Management is working with Apex Fintech Solutions to provide the technology and operational infrastructure for self-directed and automated investing.

The offering will use Apex’s Ascend Investor product, while Apex Clearing Corp. will support trade execution and provide custody services for customer assets.

MissionSquare managed and administered more than $73.6 billion in assets as of June 30. Its existing business includes 457(b), 401(a) and 403(b) retirement plans, retirement health savings plans, employer investment programs, affiliated IRAs and investment-only assets.