MissionSquare Adds Brokerage, Robo-Advisor for Public Workers

According to a Form ADV filed late last month, the firm's customized financial plans will be drafted by a CFP-certified representative. Participants can request an update every 12 months, or sooner after a "life-changing event." The report is a point-in-time service; the advisor representatives do not monitor accounts or planning needs between updates.

Fred Barstein, CEO of The Retirement Adviser and Plan Sponsor Universities, said MissionSquare is following other record keepers into wealth management, where margins are higher than in declining-fee recordkeeping. The field is crowded – Fidelity, Vanguard and Empower have all pushed deeper into wealth services. But Barstein said MissionSquare benefits from its "dominant" position in the public-sector niche, with millions of potential clients who have few comparable alternatives.

"So there's not as much urgency, but why not? If you're there and you have relationships and access to the participants, why not offer this?" Barstein said. He cautioned that if the new offerings stay limited to self-directed brokerage and robo-advisory, the impact on the bottom line would be "minimal."

The expansion follows the April 2025 hire of Betsy Schroeder as head of retail products. Schroeder, previously head of investment product and relationship management at MassMutual, is focused on out-of-plan options including emergency savings, high-yield savings, education accounts and IRA accounts.