ascensus

Overview

Ascensus, LLC stands as the largest independent recordkeeping services partner, third-party administrator, and government savings facilitator in the United States. The company provides comprehensive services in financial recordkeeping, tax-advantaged savings, and retirement plan solutions, cementing its pivotal role in securing the financial futures of its clients.

• Website: [Ascensus](https://www.ascensus.com)

• Primary Services: Recordkeeping, tax-advantaged accounts, retirement plan solutions, and financial partnerships with institutions and governments.

• Employees: Over 5,700

• Headquarters: Dresher, Pennsylvania

History and Heritage

Originally founded as The Barclay Group, Ascensus has transitioned from a focus on 401(k) retirement plan design, communication, and recordkeeping services to becoming a key player in the financial services industry with a diverse range of offerings.

Leadership and Executive Team

• David Musto - Chair and CEO, with over 30 years in the retirement, investment, and insurance industries, and previously served as president of Great-West Investments. He holds a bachelor's degree in Finance from The College of William and Mary and a master's from NYU.

• Jason Crane - Head of Core Retirement, joined Ascensus in 2018 with over 25 years of experience, previously from Transamerica.

• Peg Creonte - President of Government Savings, joined in 2004, has extensive leadership experience in business and platform development, holding a B.S. from Tufts University and an M.B.A. from Cornell.

• Phillip Gillespie - Chief Legal, Risk, and Compliance Officer, joined in 2025, previously Senior Counsel at Wilmer Cutler Pickering Hale and Dorr, holding a Juris Doctor from Tulane Law School.

• Nick Good - President, with 25+ years in financial services, formerly CEO of Pendal Group, educated in Biochemistry at Oxford University.

• Marc Mehlman - Chief Financial Officer, joined in 2024, previously CFO at Avantax Wealth Management, holding an MBA from NYU Leonard N. Stern School of Business.

Services and Solutions

Ascensus plays an instrumental role in enabling millions of individuals to realize their financial aspirations through collaboration with financial institutions and state governments. The company's core focus is on retirement, education, and disability-related savings accounts, specifically offering 529 education plans and ABLE accounts for disability-related expenses.

• Retirement Solutions: Services include a variety of retirement plans such as 401(k), SEP, and Simple IRA.

• Government Partnerships: Ascensus is closely aligned with state governments to facilitate savings programs.

Recent Developments and Announcements

• Strategic Acquisitions: Ascensus has expanded its market position through acquisitions, notably reaching definitive agreements to purchase components of Vanguard and Mutual of Omaha’s 401(k) businesses.

• Leadership Appointments: Recent executive changes include the appointment of Nick Good as President and Phillip Gillespie as Chief Legal, Risk, and Compliance Officer.

Financial Highlights

• Assets Under Administration: Ascensus oversees more than $760 billion as of December 31, 2023.

• Key Investors: Notable investments and acquisitions have been driven by entities like Atlas Merchant Capital and GIC.

Competitor Profiling

Overview

Ascensus competes extensively in the financial services industry, particularly in savings and retirement solutions. Key competitors span financial technology firms, investment management companies, and a range of organizations offering savings-related services.

Key Competitors

1. Vestwell, Backer, and Saving for College: Financial technology firms focused on retirement plan optimization.
2. Baker, Fundera, VALIC, Putnam Investments, and EURONEXT PARIS SA: Notable for diverse financial services, with Ascensus ranking second in Customer Net Promoter Score among these competitors.
3. Vanguard: A major investment management competitor in the landscape.
4. The Retirement Plan Company, MassMutual Oregon, OneAmerica Financial Partners, Planmark, and MassMutual Brooklyn: Broader insurance and financial service competitors.
5. Voya Financial, Axos Financial, Pathward Financial, and Northwest: Entities offering a spectrum of investment and savings solutions.

Business Insights

• Revenue and Employee Strength: Ascensus is reported to generate substantial annual revenue of $806.6 million and maintains a workforce of 5,716 employees.

• Leadership and Market Position: Under the leadership of Chairman & CEO David Musto, Ascensus enjoys an approval rating of 82%, indicating strategic confidence from within.

• Competitive Edge: Ascensus's solid customer satisfaction scores, reported as superior in Comparably rankings, highlight its advantage in customer service.

This structured report comprehensively portrays Ascensus's operational framework, executive leadership, and strategic posture, illustrating its resilient position in the competitive financial services industry.