Wealth management platform YieldStreet has entered the individual retirement account (IRA) space following the acquisition of WealthFlex.
WealthFlex is a digital IRA platform which supplies investors with access to private investment opportunities via self-directed IRAs.
Following the deal, accredited investors with a WealthFlex account will be able to diversify their retirement portfolios with YieldStreet’s offerings of alternative asset classes. The FinTech provides access to real estate, marine finance, legal finance, art finance and commercial loans.
YieldStreet will continue to support investors grow their retirement income and savings by launching defined benefit plans, solo 401 (k) plans, in-kind asset Roth conversions and distributions.
YieldStreet founder and president Michael Weisz said, “The $27.1 trillion retirement market is currently underutilized and lacking diversification. YieldStreet acquired WealthFlex to give investors greater flexibility to invest their retirement portfolios beyond traditional products as we continue to disrupt the ways in which wealth is created for our growing community of investors.
“In the future, we plan to explore originating investments specifically designed to be most efficient for IRA investors.”
New York-based YieldStreet uses data and technology to help individuals gain access to private investment opportunities including real estate and marine finance, among others.
Last year, YieldStreet scored $113m in its funding round to deepen its product innovation and increase its investor community.
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