This firm is using tech to democratize retirement planning - Technical.ly Baltimore

Business

Jun. 13, 2017 12:45 pm

This firm is using tech to democratize retirement planning

In building FeeMetri(k)s, Greenspring Wealth Management took a lean approach.
Let’s talk money.

Let's talk money.

(Photo by Flickr user Pictures of Money, used under a Creative Commons license)

Greenspring Wealth Management can see the potential for technology to change the retirement industry. That’s because a product is being developed in house.

The Towson firm that advises on retirement plans recently rolled out a platform that helps companies better understand their 401(k). FeeMetri(k)s is designed to quickly analyze data on retirement plans.

“Most companies are essentially offering these retirement plans to their employees, but the fees are not well understood. What that means is the companies are at a disadvantage when negotiating with the retirement companies,” said Josh Itzoe, a managing director at Greenspring Wealth Management (which is different from VC firm Greenspring Associates) who came up with the idea for the platform.

For the people who make decisions on retirement plans, the app provides data on fees. It also allows comparison of different plans from around a region. Ultimately, the goal is to help companies save money.

“It creates a lot of transparency and context about what companies are paying and how it compares against similar types of companies,” Itzoe said. Companies can then use the data to negotiate.

As more plans are analyzed, that provides more data to compare against.

“As more companies subscribe,” he said, “it’s going to continue to drive down costs for everybody.”

Josh Itzoe (courtesy photo)

The platform is offered on a subscription model, with the price fluctuating depending on the size of the company. Itzoe, who began working on it last year, said a key point in the development to date was deciding to charge for the service.

Advertisement

“We think that matters,” he said.

Given the many startups that grew quickly by offering a free service, it’s a question we’ve heard debated among entrepreneurs often in Technical.ly network.

To Itzoe, a product is never truly free, as often companies are making money off of data behind the scenes.

“We don’t want to take data and have to sell it to a third party,” he said.

It’s a sign that startups aren’t only found at incubators.

“We’re trying to take the lean approach to build, test and validate,” Itzoe said.

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Galen Robotics investment shows how the Opportunity Zone program can fund startups

These UMBC students started a software company to combat online harassment

How this lawyer is helping entrepreneurs bark up the right tree

SPONSORED

Baltimore

How this lawyer is helping entrepreneurs bark up the right tree

Baltimore, MD

14 West

Qlik Developer

Apply Now

Baltimore, MD

14 West

Senior Qlik Developer

Apply Now

Baltimore, MD

14 West

Lead Qlik Developer

Apply Now

A former Baltimore Raven’s startup won funding at Annapolis’ FounderTrac

This entrepreneurship training program provides veterans with a chance at new career paths

5 Questions with Anna Goodridge: How fresh perspectives and prototyping make innovation happen at Stanley Black & Decker

SPONSORED

Baltimore

Get to know SmartLogic’s culture of plants, podcasts and productive client relationships

Baltimore

14 West

Senior Business Analyst

Apply Now

Baltimore

SmartLogic

Operations Manager

Apply Now

Philadelphia, PA

Vistar Media

Software Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!