After just a few weeks Gus Fleites has already left Invest n Retire. Fleites joined as CEO of the Portland, Oregon-based 401(k) recordkeeper on March 26. The news was broken by RIABiz Monday morning.

"We just decided it was mutually beneficial for us to go our separate ways," Darwin Abrahamson, founder and principal of Invest n Retire told RIABiz.

Fleites released a statement that read:

With regret I announce my resignation from Invest n Retire. While continuing to believe in the tremendous opportunity for the company’s business model, it is no longer possible for me to continue to represent the firm. I wish the company best of luck in its future direction.

Invest n Retire has attempted to pioneer the use of ETFs in 401(k) plans but has struggled to build distribution since its founding. It has primarily relied on reaching investment advisors. The firm now appears to be relying on its investment partners to build distribution.

Abrahamson told RIABiz that "The last two weeks have been the biggest whirlwind of my life."

He added that 12 investment managers have signed with the platform in the past month, including Fund Evaluation Group LLC, HAHN Investment Stewards & Co. Inc. and Globalt Inc.. 

Edited by: Sean Hanna, Editor in Chief


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