Goldman-owned Ayco expands financial marketplace for employers

Ayco, a Goldman Sachs-owned financial company serving employers, expanded its product marketplace for employees this week, encompassing annuities, investment accounting, and tax services. The new marketplace offerings, according to Greg Wilson, head of Ayco’s institutional client business, will help employees improve their financial health during a challenging period.

Why should we care?
Ayco, which began as a financial counselling service, has been growing its product suite to include links to third-party offerings. Ayco’s marketplace launched earlier this year includes personal loans and savings; student loan refinancing; and insurance and investment management. Ayco’s marketplace expansion speaks to the extent to which an integrated, digitally-delivered financial platform is a differentiator for employers, logic that underlied the Empower acquisition of hybrid adviser Personal Capital last month. Ayco serves about 450 U.S. companies. Latham, N.Y.-based Ayco was acquired by Goldman in 2003, and around 1 million corporate employees can access its services.