vestwell.com Reviews 

My experience with the Vestwell 401k service has been mostly negative and I very much recommend that you look elsewhere for better and less expensive service.

As the owner of a single-owner S Corporation, I have experience with Vestwell both both as the employer/administrator and the employee/account holder. I did not choose Vestwell—they bought my 401k account/plan from the vendor I had chosen. Their fees are way too high. On the employer side, they wanted $500 just activate the plan. Again, I had already had a plan set up, and they bought it, so charging me for being forced to use them was offensive; besides, the previous vendor had no setup fee, and Schwab has none. They eventually waived the setup fee, but that was a hassle. Their annual fee for maintaining the plan is much more than I previously paid; again, Schwab doesn't charge. Then as the employee when I went to make a withdrawal, I learned they charge $100 per to get my own money back, and $125 for a rollover. They then delay sending you the money, requiring an "approval" that for a regular withdrawal takes several days and for a rollover 1-2 weeks. Insane. And what are you paying for? Well, their frontline support staff are all very nice, but it took literally months to get my account finally set up so that I could take withdrawals. I was repeatedly told that someone from "the team" would be in touch to resolve what seemed to be the simplest issue, just getting an ordinary one-account 401k set up, but no one did, despite my repeated calls and emails, until I finally insisted on speaking to a higher-up. Following that conversation there was still days of delay with no clear response, but I finally found my account working. Sheesh. The positives are that the line support staff are nice, even though they couldn't get my account activated, and that the web site works ok.

We had no choice in this matter. The management of our 401K was sold to Vestwell, which then proceeded - in record time - to completely mess things up. We were not told that their system was incapable of auto-debiting the employer match portions of our employee's 401K contributions until **after** the first payroll with them had run, at which point all of our employees came asking why there was no employer match. Then, and only then, did we receive a letter from Vestwell telling us their system did not allow for this. And that we would need to manually calculate and upload these employer matches.

I wish our issues ended there. They didn't. And they haven't. After several months, the hits just keep coming. Comes time to file the 5500 SF form and we discover that Vestwell did not migrate any historic data on our 401K. So while we have an ending balance for 12/31/2025, we have no information on earnings, roll outs, liquidations. NOTHING.

Then Vestwell takes a stab at calculating the employer matches owed. They create a "tool" that we are to use to upload the employer matches, which they have supposedly calculated for us. We, they claim, only need to log in and approve their work. Well...guess what. ALL WRONG. First payroll on their tool only lists half of the employees. No way to add the employees who are missing. And the calculations are completely wrong. As in should be $18,447.55 but is shown as $55.53. And, once again, no way to correct for that.

Save yourself the grief. Find another option. As for us, we are going to be doing well if we can avoid the fines we are certain to be subjected to for the mistakes these fools have made.