Where is the money held, and what happens if that bank goes out of business?

WealthStep clients utilize third-party custodian banks to hold client assets, in order to increase the security and safety of client money. WealthStep researches and periodically reviews custodian banks to assess their financial stability, technology, safeguards, cost-effectiveness and other factors, to ensure that client assets are properly safeguarded.

WealthStep 401k: The custodian bank varies by 401k plan, based on the needs of the 401k plan.

WealthStep Direct: Charles Schwab is currently the custodian bank WealthStep utilizes for WealthStep Direct accounts. Schwab was selected based on an objective review of important criteria. WealthStep has no financial connection with Schwab.

In the highly unlikely event that a major bank goes out of business, the assets will be transferred to another bank. The assets belong to you, not the bank, and WealthStep will help coordinate that process accordingly.