healthequity advisors

What healthequity advisors does

HealthEquity Advisors, LLC is an SEC-registered investment adviser and a wholly-owned subsidiary of HealthEquity, Inc. (NASDAQ: HQY) that provides fiduciary fund selection, mutual fund research and quarterly reporting, and web-based automated investment advisory services exclusively for the Health Savings Account (HSA) market. Its product surface consists of three integrated tools: the "Advisor" web questionnaire-driven risk profiler that generates asset-class allocation and diversification recommendations, the AutoPilot discretionary program that algorithmically selects, implements, and automatically rebalances model portfolios without per-transaction client approval, and the GPS non-discretionary program that delivers the same model portfolios while preserving client-side execution discretion. Underlying the offering is a proprietary algorithmic portfolio engine paired with a curated mutual fund universe spanning 11 asset categories of active and passive options.

The company serves two customer segments: individual HSA account holders above the $2,000 platform investment threshold, and HSA administrators (operationally, the parent HealthEquity, Inc.) requiring fiduciary fund-selection governance. Distribution is exclusively through HealthEquity's member portal and through a negotiated employer-subscription channel where fees can be billed as a percentage of AUM or per employee. Revenue is generated through two recurring fee streams: a 0.60% annual advisory fee (capped at $15/month) and a 0.36% annual investment administration fee (capped at $10/month), in addition to underlying mutual fund expense ratios averaging 0.071%, bringing total annual all-in cost on a $10,000 investment to approximately $105.93. Senior leadership holds ChFC and AIF designations with 20+ years of investment experience, and an investment committee includes outside consultants and mutual fund industry experts to support fiduciary fund-selection decisions.

Strategically, HealthEquity Advisors functions as the embedded advisory arm of HealthEquity's HSA platform rather than a standalone competitor in the broader robo-advisor market. Its go-to-market is structurally sales-led but executed through a self-serve web funnel that activates after HSA holders cross the investment-eligibility threshold, supplemented by employer-paid subscriptions that institutionalize access at scale. The firm's competitive posture is grounded in ecosystem lock-in to the parent's distribution rather than independent brand-building, and its growth direction is therefore best read as a derivative function of HealthEquity, Inc.'s HSA member growth and investment-participation rates.

Name

healthequity advisors

Legal name

HealthEquity Advisors, LLC

Website

https://healthequityadvisors.com

Company type

Private

Operating status

Operating

Short description

HealthEquity Advisors, LLC is an SEC-registered investment adviser and wholly-owned subsidiary of HealthEquity, Inc. that provides fiduciary fund selection, research, and web-based automated investment advisory (AutoPilot and GPS programs) exclusively for HSA account-holders and administrators on the HealthEquity platform.

Ownership category

akta.pro rank

Product category

HSA Investment Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Trusts, Estates, and Agency Accounts (52592)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

akta.pro secondary industries

Trust Administration & Fiduciary Accounting Services (FSAAANAF), High-Deductible Health Plans (HDHP) with HSA-Eligible Coverage (FSAIAFAM)

Keywords

• Investment advisory services
• HSA investment management
• Fiduciary fund selection
• Robo-advisor platform
• Health savings account investing

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Advisory Fees: Charges 0.60% annual advisory fee on assets under management with a monthly fee cap of $15. For employer-based subscriptions, fees are negotiated as a percentage of AUM or based on employee count/assets.
2. Investment Administration Fees: HealthEquity charges 0.36% annual investment administration fees with a monthly cap of $10 for custody and safekeeping of assets. Some funds have higher fees with indirect cost sharing with affiliates.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

HealthEquity Advisors, LLC provides fiduciary fund selection services for the HealthEquity HSA platform, offering a diverse lineup of active and passive mutual funds across 11 asset categories. The firm also delivers web-based investment advisory services to HSA account-holders through two programs—AutoPilot (discretionary, automated portfolio management and rebalancing) and GPS (non-discretionary, client-directed)—plus quarterly research and reporting for HSA administrators and account-holders.

Product overview

HealthEquity Advisors operates as a web-based investment advisory platform for HSA account-holders, offering two distinct advisory programs: AutoPilot (a discretionary service where the company manages investments automatically) and GPS (a non-discretionary service where clients make final decisions). The platform is accessed through the 'Advisor' web-based tool, which provides guidance based on user risk profiles. Additionally, the company provides fiduciary fund selection services for HealthEquity, Inc. and quarterly research and reporting for recommended platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Advisor

Quantifiable outcome

• Minimum HSA balance threshold of $2,000 required before investing

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Betterment: Betterment is a leading automated investment (robo) advisor that has expanded into HSA investing through partnerships with HSA custodians. It competes head-to-head with HealthEquity Advisors' AutoPilot by offering automated, risk-weighted model portfolios with similar fee structures, but serves a broader investment universe beyond HSAs.
• Wealthfront: Wealthfront is a direct competitor in automated, risk-weighted portfolio management with low advisory fees. While its core offering is taxable and retirement accounts, it has pursued HSA investment capabilities, making it a comparable automated advisory platform serving a similar consumer investor persona.
• Devenir: Devenir is an HSA-focused investment platform that partners with HSA custodians to provide mutual fund menus and investment options to account holders. It is a direct comparable on the HSA-investing infrastructure side, though it focuses on fund menu administration rather than end-investor advisory.

Broad incumbents

• Schwab Intelligent Portfolios: Schwab's automated advisory product offers risk-weighted model portfolios to mass-affluent and retail investors through a major brokerage incumbent. It is comparable on automated investment advisory mechanics but operates at much greater scale and serves HSA accounts only as part of a broader investment platform.
• Personal Capital (Empower): Personal Capital, now part of Empower, combines automated portfolio management with human advisor hybrid services. It is comparable in providing risk-profiled model portfolios and investment advisory, but spans a much broader wealth management proposition including HSAs, retirement, and household balance sheet tracking.
• Fidelity HSA: Fidelity offers an HSA platform with a broad mutual fund investment menu and integrated brokerage capabilities. As a large incumbent HSA administrator with an investment offering, it competes with HealthEquity on HSA custody and offers overlapping investment access, though without dedicated advisory automation equivalent to AutoPilot.
• Optum Bank HSA: Optum Bank, a UnitedHealth Group subsidiary, is one of the largest HSA administrators and offers investment options through its platform. It is comparable as a major HSA administrator competing with parent HealthEquity for HSA market share, with implications for the subsidiary's customer pipeline.

Emerging players

• Lively: Lively is a modern HSA platform targeting employers and individuals with a low-fee HSA product and investment options. As an emerging HSA administrator, it competes for the same employer contracts and HSA members that feed HealthEquity Advisors' advisory funnel.
• Blooom: Blooom is a niche robo-advisor that targets retirement accounts (401(k), IRA) with automated portfolio management and human advisor support. It is an emerging player in the automated, fee-capped advisory model with comparable mechanics to AutoPilot, though focused on retirement rather than HSA accounts.
• Facet Wealth: Facet Wealth provides flat-fee financial planning and investment advisory with a tech-enabled model. While broader than HSA-only, it competes for the same mass-affluent customer segment seeking affordable, automated advice on tax-advantaged accounts.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about healthequity advisors