Earlier this week, Morningstar announced that it had acquired the web and mobile application HelloWallet for $53.5 million. Morningstar already had a majority stake in HelloWallet, so it will only need to pay $39 million to complete the transaction.
The acquisition is expected to create a “holistic retirement savings and advice offering,” according to a Morningstar press release. This is because of the combination between HelloWallet’s knowledge of financial wellness options and Morningstar’s research-based retirement advice.
According to Morningstar’s head of retirement solutions Brock Johnson, the move will create an opportunity to improve the financial and retirement outcomes of workers.
“We want to bring together HelloWallet’s expertise in behavioral and consumer research and analytics with Morningstar’s investment management capabilities to create the first holistic solution for the retirement market,” Johnson said in a company statement. “HelloWallet’s done a tremendous job – its unique approach to financial wellness has changed the way employers view benefits programs and the way employees manage their daily finances.”
Dr. Matt Fellowes, founder and CEO of HelloWallet agreed, saying that holistic advice is becoming a “must have” capability for companies.
“We want to help people make the best decisions with their paychecks so they can actually have money to invest for their futures,” Fellowes explained in the statement.
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