DriveWealth, LLC, a U.S. based leader in global digital trading technology, today announced the launch of a new Health Savings Account (HSA) division, DriveHSA®. The new division aims to transform the HSA landscape by helping HSA platform providers enhance their current offerings with modern investing tools and allowing end-users to invest in real-time fractional shares of U.S. equities, exchange-traded funds (ETFs), American Depositary Receipts (ADRs) and mutual funds.
HSA account holders will be able to invest small amounts of their health savings in balanced, diversified portfolios for less than the cost of a single share. DriveHSA’s offering will be powered by DriveWealth’s turnkey cloud-based, API-driven brokerage platform. DriveHSA is operating out of Irvine, California, a new location for DriveWealth.
DriveWealth CEO Robert Cortright said: “We view health care as such a critical component of a person’s financial planning, particularly as they age. In conjunction with all the benefits and incentives that an HSA program provides, we have focused on providing a solution that delivers diversified investment choices in a cost-efficient, user-friendly manner, customizable to the individual’s financial situation. We believe DriveWealth is in a unique position to help individuals and their families access and utilize valuable tools that can build in some much-needed additional financial security over time.”
DriveHSA Managing Director Stan Smith, who joined the firm this year to oversee the initiative, said: “Our full brokerage infrastructure offers HSA platform providers throughout the U.S. a complete solution, delivered via a modern suite of APIs, to bring an engaging HSA investing experience to end-users. DriveHSA offers HSA providers that already have an investment component the opportunity to significantly enhance their product, with far broader investment selections, superior back-office efficiencies, simplified pricing and a robust advisory toolset. And those providers new to the space or without an investing capability can attract users with our comprehensive, easy-to-deploy offering. As the need for HSAs continues to grow, offering a program that lets end-users invest their tax-advantaged health savings will attract new clients for our partners as well as keep their employees contributing year after year, improving their potential to earn significantly more over time.”