Vestwell Announces New Advisory Board of Six Industry Leaders including Josh Brown and Lori Hardwick to Provide Strategic Counsel on Company Initiatives

NEW YORK, Nov. 9, 2017 /PRNewswire/ — Vestwell announced today the creation of a new advisory board to provide guidance and advice as the firm experiences significant growth. As of today, the board includes six prestigious industry leaders.

Vestwell’s new advisory board will meet with the firm’s leadership team to provide strategic counsel. Discussions will revolve around best practices, innovative ideas, and sharing feedback on the growing company’s trajectory. The newly appointed Advisory Board members include:

  • Josh Brown, CEO of Ritholtz Wealth Management
  • Lori Hardwick, Founder & President at AI Labs, former Co-Founder & Group President at Envestnet, Inc. and Chief Operating Officer of BNY Mellon’s Pershing
  • Aaron Schildkrout, Global Head of Growth & Driver Product at Uber
  • Lowell Putnam, Co-Founder and CEO of Quovo
  • Jamie Bernardin, Former CTO at Integral Ad Science & Founder/President of DataSynapse (acquired by TIBCO Software)
  • Peter Kennedy, Former Chief Operating Officer TIAA Individual & Institutional Services, LLC. and former Chief Administrative Officer for the Managed Account Business at UBS Financial

Josh Brown, CEO of Ritholtz Wealth Management, is a renowned industry thought leader known for sharing market and industry insights on his blog, The Reformed Broker. “I am thrilled to be selected as an inaugural member of Vestwell’s new Advisory Board,” said Brown. “I’m excited to use my experience as a financial advisor to shed light on industry issues to help propel Vestwell’s effort of providing advisors with best-in-class retirement planning technology to the next level.”

Lori Hardwick, is an entrepreneur at heart, having been a co-Founder of Envestnet as Group President of Advisor Services, and most recently co-founding Advisor Innovation Labs. She has deep working knowledge of what drives advisors and how they can best service their clients. Her proven ability to grow, shape and lead a team in the FinTech & FinServ space is highly-valued. As it pertains to Vestwell, Ms. Hardwick states, “The company’s retirement technology solutions are changing the way advisors interact with their clients. I’m looking forward to providing counsel to the board on how to service advisors on all sides of the table, from technology to customer service perspectives.”

“In just about a year since launching, Vestwell has attracted thousands of financial advisors looking to offer low-cost retirement plan options on a platform that assumes fiduciary responsibility,” said Aaron Schumm, Vestwell founder and CEO. “We are thrilled to announce our new Advisory Board, which will continue to push us to innovate more, allowing us to create efficient and customized solutions for financial advisors – ensuring that plan sponsors have access to high quality, low-cost retirement plan options. It’s a true pleasure to be surrounded by such experts and thought leaders in the industry, as we take Vestwell to new heights.”

About Vestwell Holdings, Inc.
Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team led by CEO Aaron Schumm, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV. There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

SOURCE Vestwell Holdings, Inc.

Related Links

http://www.vestwell.com

 

Vestwell Announces New Joint Offering with Riskalyze to Deliver an End-to-End Digital 401(k) Experience Built Around the Risk Number®

The partnership will bring two of the financial advice industry’s leading financial technology platforms together for an optimal retirement planning and risk assessment experience

NEW YORK, NY, October 5, 2017 — Vestwell and Riskalyze today announced a new joint offering called Riskalyze Retirement Solutions, allowing advisors to access a new version of Vestwell’s retirement planning portal on the Riskalyze platform. The deep partnership will put Vestwell, the industry’s first fiduciary-backed retirement platform for the financial advisor community, and Riskalyze, the industry’s leading risk alignment platform, in the hands of financial advisors to better service employers and investors everywhere.

Aaron Schumm, CEO at Vestwell, was featured today during the main keynote address at the Fearless Investing Summit, where both companies discussed how the partnership will help advisors scale their practice, while enhancing the client experience, with compliance and a fiduciary mindset at the core.

Advisors will be able to simply log into the Riskalyze platform to generate 401(k) proposals and onboard clients electronically. In addition, plan participants will have access to pinpoint their own Risk Number® to help them get matched with the right asset allocation.

In addition to Vestwell’s 3(38) investment management services, the new joint offering will include access to several of the asset managers in Riskalyze’s Autopilot Partner Store. This will give advisors, plan sponsors and plan participants access to additional investment strategies, while still allowing Vestwell to assume ERISA 3(16) fiduciary responsibility on behalf of advisors and plan sponsors.

Overall, the new joint offering will allow advisors to clearly document their alignment and compliance with the pending DOL Fiduciary Rule, and demonstrate that they are acting in the best interests of plan participants. Users of the joint offering can look forward to the following features:

  • Operational Efficiency: The integration will remove an advisor’s administrative burden to sell, implement, and service retirement plans while handling both the HR participant notification process and the 5500 tax filing on the advisor’s behalf.
  • Holistic Planning: Riskalyze’s risk alignment platform will now enable advisors to offer an end-to-end digital 401(k) experience built around the Risk Number, by integrating risk assessment, goal analysis and asset allocation into Vestwell’s innovative experiences for advisors, plan sponsors and plan participants.
  • Scalability: By offering flexible, bundled or unbundled investment and fiduciary services, the digital platform will enable advisors to scale their business without heavy operational cost or burden. The platform does this by leveraging administrative services and fiduciary services as needed.
  • Enhanced Client Experience: With a streamlined and simple digital portal, advisors will be able to control the delivery of their client experience. By allowing advisors to deliver a consistent experience through an open-architecture, multi-custodian, multi-record-keeper platform, the platform will equip advisors to seamlessly guide clients in choosing investing strategies based on their individual needs while automatically rebalancing portfolios.

“At Vestwell, our number one priority is providing financial advisors with retirement technology that removes the administrative burden of implementing and servicing retirement plans,” said Vestwell CEO Aaron Schumm. “We’re thrilled to reach more advisors through our partnership with Riskalyze, an industry leader whose mission of equipping advisors with outstanding risk assessment technologies mirrors our own core values.”

The offering will be available to Riskalyze users including Registered Independent Advisors, Independent Broker-Dealers, investment managers, plan sponsors, and employees.

“Vestwell’s mission to make retirement plans affordable and accessible for all investors is reflective of our own hope: to empower fearless investing by providing investors with their true risk tolerance, and helping advisors align portfolios in the best interests of their clients,” said Aaron Klein, CEO of Riskalyze. “These shared values are what prompted us to choose Vestwell as our partner in delivering an end-to-end digital 401(k) experience built around the Risk Number.”

The integration will be available later this year. To introduce the offering to the advisor community, Riskalyze and Vestwell will be hosting joint webinars to help educate and train advisors using the platform. To learn more about Vestwell’s retirement planning platform, visit www.vestwell.com. For more information about Riskalyze, visit www.riskalyze.com.

 

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team led by CEO Aaron Schumm, Vestwell can assume 3(38) or 3(21) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

 

About Riskalyze

Riskalyze is the company that invented the Risk Number®, which powers the world’s first Risk Alignment Platform, empowers advisors to automate client accounts with Autopilot, and enables compliance teams to spot issues, develop real-time visibility and navigate changing fiduciary rules with Compliance Cloud. Advisors, broker-dealers, RIAs, asset managers, custodians and clearing firms use Riskalyze to empower the world to invest fearlessly. To learn more, visit www.riskalyze.com.

 

Media Contacts:
Jessica Torchia
917-636-4804
Jessica.Torchia@ficommpartners.com

Vestwell Raises $8 Million in Series A Funding led by F-Prime Capital Partners

As Vestwell’s Digital Retirement Platform Experiences Rapid Growth, Funding will be used for Market Expansion and Further Development of the Platform’s Technology


NEW YORK, Oct. 2, 2017 /PRNewswire/ —  Vestwell, the industry’s first and only fiduciary-backed retirement platform for the financial advisor community, today announced $8 million in Series A Funding led by F-Prime Capital Partners, the venture capital group associated with the parent company of Fidelity Investments, with participation from Primary Venture Partners, FinTech Collective, and Commerce Ventures. Launched in late 2016, Vestwell received $4.5 million in its initial Series Seed of financing in September 2016.

Vestwell has grown rapidly this year with an exceptional market reception. As advisors look to better engage with their clients, while scaling their practice, Vestwell’s platform can be leveraged to facilitate every aspect of the advisor, company and employee’s needs. The unbundled, turnkey 401(k) and 403(b) platform becomes an extension of the financial services firm, helping to reshape how plan sponsors and employees are serviced. The multi-recordkeeper, multi-custodial technology can also incorporate 3(21), 3(38) and 3(16) investment and administrative services.

So far this year, the company has signed over 50 registered investment advisor (RIAs) firms, as well as independent broker-dealers, asset managers, and bank/trust custodians, with plans to onboard several thousand advisors this year.  The funding will be used to grow the team while further enhancing the technology.

In conjunction with this funding news, Vestwell also announces Ben Malka as a member to the Board of Directors. Malka is a partner at F-Prime Capital and also serves as co-chairman of the Financial Services Venture Capital Association.

“We’re excited to increase our reach in the financial advice industry and continue to develop better technology for our clients,” said Aaron Schumm, Founder and CEO of Vestwell. “Vestwell was founded to provide advisors and plan sponsors with an affordable, compliant, and easy-to-use retirement planning solution to help close the retirement savings gap in America, and F-Prime has supported that mission since our inception. This announcement, combined with the outstanding leadership that Ben brings to the Board of Directors, is instrumental to Vestwell’s success.”

“Vestwell’s white-labeled platform provides financial advisors with the ease of compliance and automation while maintaining the human interaction that makes their businesses succeed,” said Malka. “By giving advisors and plan sponsors access to low-cost plan options, Vestwell is providing employees across the country with the tools and plans that can help them to retire happily.”

Vestwell is the industry’s first and only fiduciary-backed retirement platform for the financial advisor community. For more information about Vestwell or to inquire about how financial advisors can leverage the platform, please visit: http://www.vestwell.com/.

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team led by CEO Aaron Schumm, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

Source: Vestwell Holdings, Inc.

Related Links

http://www.vestwell.com

Vestwell Named Winner of XY Planning Network’s 2nd Annual Advisor FinTech Competition

The FinTech competition was held at the #XYPN17 Conference in Dallas, TX on Aug. 28-31

September 20, 2017 (BOZEMAN, MT) – XY Planning Network is proud to announce the winner of its second annual Advisor FinTech Competition. Vestwell (vestwell.com), the digital employer retirement plan platform for advisors, took home first place against six other finalists during a live presentation at the #XYPN17 Conference which brought together 500 attendees and 116 exhibitors in Dallas, TX.

The competition, which solicited a record-breaking 24 submissions, was hosted by advisor technology guru Bill Winterberg of FPPad, and overseen by an elite panel of judges including XYPN Co-founder Michael Kitces, and representatives from the FinTech competition sponsors Betterment for Advisors and Quovo.

“It was our explicit goal with the XYPN FinTech competition to provide these new startups a way to showcase their technology to our young, tech-savvy advisors, who need the help of technology to service Gen X and Gen Y clients efficiently,” said Kitces. “When you look at the scale and quality of submissions we received this year, it’s evidence that the advisory industry really is attracting a tremendous new wave of startups looking specifically to serve the growing needs of financial advisors.”

“The judges were extremely impressed with Vestwell’s platform, and the way that they have weaved together the complex and disparate elements of the employer retirement plan industry into a single technology platform that makes it easy for advisors to help their small business clients with qualified plans,” continued Kitces.

Launched in September 2016, Vestwell’s retirement technology combines the best parts of automated investing with a human touch, removing the friction points of confusion, cost and compliance overhead that come with traditional retirement plans. The white-gloved retirement platform includes modern dashboards and rich visuals demonstrating planning objectives at the participant level, and a low-cost, compliant solution to scale the advisor’s business.

“It was incredible to witness the energy and passion of the hundreds of advisors who attended #XYPN17,” said Vestwell CEO, Aaron Schumm. “A large part of Vestwell’s early success can be attributed to the many advisors who have been early adopters of our technology. These advisors, along with everyone involved with XYPN, have a shared vision to create an accessible, fiduciary future for financial services – we’re honored and excited to be a part of it.”

As the winner, Vestwell will be featured on Bill Winterberg’s FPPad.com and Michael Kitces’s Nerd’s Eye View blog. The company will also have a segment on the popular #XYPNRadio podcast, and appear on XYPlanningNetwork.com.

CSLA Technology won Honorable Mention for its Student Loan Repayment Tracker which reduces the complexity of the college decision process. The other finalists included DataPoints, Loanbuddy, RobustWealth, ROL Advisor, and Tolerisk.

The 2018 conference, renamed #XYPNLIVE, will again include a FinTech competition, and will be held in St. Louis, MO on September 23-26, 2018. To register, visit info.xyplanningnetwork.com/xypn-live.

For media inquiries, contact xypn@ficommpartners.com.

About XY Planning Network

The XY Planning Network, with nearly 500 advisors, is the leading turnkey financial planning platform for fee-only financial advisors who want to serve their Gen X and Gen Y peers, providing comprehensive financial planning services for a monthly subscription fee and without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele, and provides its members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions. http://www.xyplanningnetwork.com/

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team with an average of 18 years of financial technology experience and led by CEO Aaron Schumm, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com  and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

Source: XY Planning Network

Vestwell named as a Finalist for #XYPN17 FinTech Competition


XY Planning Network to name best-in-class innovation in Financial Planning

Bozeman, MT (July 24, 2017) – XY Planning Network (XYPN) is pleased to announce that seven finalists have been selected to compete in its upcoming Advisor FinTech competition, which is scheduled to take place on Wednesday, August 30, 2017 during the organization’s national conference, #XYPN17, in Dallas, Texas.

The XYPN FinTech Competition was created to help promote startup firms that are building technology solutions to help financial advisors better serve Gen X and Gen Y clients, thereby expanding access to financial planning. The popular competition, now in its second year and sponsored by Betterment for Advisors and Quovo, drew more than two dozen submissions, and the seven finalists were chosen by esteemed industry judges Michael Kitces (XYPN), Bill Winterberg (FPPad) and Joe Ziemer (Betterment).  To be considered, finalists had to meet one or more of the following requirements: have a tech offering that launched in the last 12 months, have less than $1 million in revenue to date, or be an existing company with a new feature that is substantially different from the parent company.

The finalists represent all corners of financial planning, from student loan repayment tools to automated investment solutions and a small business retirement plan platform. Each company will have the opportunity to introduce their technology offering to a large, tech-savvy audience of financial planning entrepreneurs, and #XYPN17 is anticipated to draw over 500 attendees next month. Finalists include:

• CSLA Tech Repayment Tracker aims to transform the financial services industry by helping advisors reduce the long-term consequences of student loans.
• DataPoints helps advisors strengthen client relationships using behavioral science, offering advisors a library of tools to assess client psychology and behaviors.
• Loan Buddy is a financial technology platform with a focus on providing solutions for advisors who want to be pioneers in student loan planning.
• RobustWealth aspires to be the best-in-class, low-cost-leading, next-level automated wealth platform for advisors.
• ROL Advisor aims to solve the challenge of adding value in a world where technology and competition are driving down the value of investment management.
• Tolerisk, using patent-pending technology, aims to revolutionize risk tolerance assessments by incorporating cash-flows to separately measure a client’s willingness and ability to take risk.
• Vestwell is a digital retirement platform striving to become an extension of the financial advisor’s services, acting in everyone’s best interests while scaling through technology and allowing financial advisors to focus on clients.

One deserving champion will receive a press release by PR agency FiComm, along with facilitated media introductions. Additional benefits for winning include promotional opportunities through a feature on Bill Winterberg’s FPPad.com, and Michael Kitces’ Nerd’s Eye View at Kitces.com. The champ will also receive interview opportunities to reach a large audience of financial planners on the #XYPNRadio podcast and via the
XYPlanningNetwork.com blog.

These promotional prizes are intended to help the most successful startup offering gain more rapid traction and advisor adoption. Last year’s winner, SnappyKraken saw an immediate impact from their big win. “Entering the XYPN FinTech startup competition was incredible for our business,” said Robert Sofia of SnappyKraken, “Within the first three months of winning, we went from zero to over $700,000 in sales, landed two large
enterprise accounts, and attracted significant investor interest.”

To learn more about each finalist, visit http://blog.xyplanningnetwork.com/advisor-blog/meet-our-2017-fintech-finalists. More information about the XYPN annual conference can be found at xypn17.com.

# # #About XY Planning Network:

About XY Planning Network:
The XY Planning Network is the leading organization for fee-only financial advisors who want to serve their Gen X and Gen Y peers providing comprehensive financial planning services for a monthly subscription fee and without product sales or asset minimums. The Network offers a virtual community for new and established financial advisors who want to serve a younger clientele, and provides its members compliance support services, marketing support, business tools and templates, and a wide range of technology solutions.

Media contact:
Jennifer Mastrud
XY Planning Network
Jennifer@xyplanningnetwork.com

Fiserv Adds Digital Retirement Planning Solution to its Wealth Management Network in Partnership with Vestwell

Single platform strategy unites retirement planning and wealth management

July 10, 2017 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that it is integrating digital retirement platform Vestwell into its Unified Wealth Platform. This will enable financial advisors to access retirement planning and wealth management tools on a single platform, improving efficiency and facilitating a better experience for advisors and their clients.

Vestwell will also join the Wealth Management Network from Fiserv, which connects participants across the managed accounts industry.

“Our partnership with Vestwell brings retirement planning and wealth management together, empowering financial advisors while expanding the offerings and enhancing the value they can bring to their clients,” said Cheryl Nash, president, Investment Services, Fiserv. “The ability to offer a flexible, turnkey retirement platform provides advisors with a strong touchpoint and benefits peoples’ financial lives by reducing the time to investment and elevating the digital experience.”

Through the partnership, Fiserv and Vestwell are providing single access point convenience and low-cost, high-value automation, allowing advisors to open a 401(k) that sits alongside their clients’ other accounts that are managed either directly or through a third-party.

Vestwell is the only digital retirement platform that fully integrates the advisor, company and employee experience through a modern, configurable interface. The white-labeled solution allows advisors to deliver a consistent client experience through an open-architecture, multi-custodial, multi-record-keeping platform. Advisors have the option to bundle or unbundle their services while also leveraging administrative and fiduciary services as needed to scale their own advisory business.

Asset managers can also benefit from the solution, which enables them to provide mutual fund and ETF strategies that are managed based on risk tolerance or target retirement dates. As the DOL Fiduciary Rule is implemented, Vestwell helps asset managers align with the new regulations.

“Technology is fueling an industry movement towards holistic planning by helping advisors incorporate retirement planning services that extend beyond the reaches of wealth management,” said Aaron Schumm, founder and CEO, Vestwell. “Our partnership with Fiserv will serve to remove the administrative burden that advisors experience when implementing retirement plans, and will provide advisors with the tools they need to best serve their clients.”

Fiserv is a market leader providing innovative investment services solutions with five million managed accounts supported on its Unified Wealth Platform, representing over $1.4 trillion in assets under management. The Wealth Management Network from Fiserv provides industry access to a vast network of 70 sponsor firms, including eight of the top ten broker-dealers in the U.S., and support for approximately 300 asset managers with easy access to hundreds of model portfolio strategies. This facilitates real-time digital connectivity among all major market participants, including asset managers, broker-dealers, custodians, banks, aggregators, market utilities, advisors, investors and third-party partners.

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

About Vestwell Holdings, Inc.

Vestwell Advisors, LLC is a SEC registered investment advisor, a wholly owned subsidiary of Vestwell Holdings, Inc., specializing in 401(k), 403(b) and other defined contribution and benefit retirement investment management services. Built by an experienced team with an average of 18 years in financial technology, Vestwell assumes 3(38) investment management and ERISA3(16) fiduciary responsibility on the behalf of advisors and their plan sponsor clients. Learn more at Vestwell.com and on Twitter @Vestwell.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV. There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World’s Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017. For more information, visit fiserv.com.

Vestwell Expands Team with Paul Newmann as Vice President of Sales

NEW YORK, June 1, 2017 – Vestwell announced today that Paul Newmann joined the company as Vice President of Sales. In this role, Newmann is responsible for implementing business development strategies and goals with financial advisors. In addition, Newmann is tasked with defining sales processes that drive desired sales outcomes as well as identifying improvements where and when required.

“I am thrilled to be a part of Vestwell’s mission to provide affordable retirement products to America’s workforce,” said Newmann. “Vestwell’s hyper-growth traction with advisors and their plan sponsor clients is a testament to the long-delayed innovation the retirement industry has needed. Having centered my career around working with advisors and their plan sponsor clients, it’s exciting to be part of a team that is revolutionizing the advisor-driven financial services industry.”

Prior to joining Vestwell, Newmann served as the head of advisor and channel distribution for the Betterment for Business retirement platform. In this position, he sourced new business for the company’s retirement plan products and oversaw strategic sales operations. Prior to that, Newmann was VP of sales for Mesirow Financial where he worked with the industry’s largest recordkeepers, B/Ds, RIAs, and Asset Managers to drive adoption of 3(21) and 3(38) fiduciary services for retirement plans. Newmann started his career at the communications firm FleishmanHillard as an account supervisor responsible for business development, client relationships and account management for a portfolio of financial services and investor relations clients.

“We are excited to welcome Paul to the Vestwell team. A large part of our early success is backboned by the great talent we have brought together. Paul’s talents are purely additive to Vestwell and our future clients,” said Vestwell CEO Aaron Schumm. “As we strategically build out our sales division, adding leaders like Paul, we will increase our outreach to financial advisors in need of low-cost, simplified retirement solutions.”

Vestwell Debuts Industry’s First Full-Fiduciary, White-Labeled Retirement Platform

Receives $4.5 million to create transparent, accountable, and automated 401(k) and defined contribution platform that gives financial advisors the ability to better service employers and employees.

NEW YORK, NY — SEPTEMBER 20, 2016Vestwell, the industry’s first and only full-fiduciary, white-labeled retirement platform for the RIA community and beyond, emerged from stealth mode today and announced $4.5 million in funding. The seed round of financing was led by FinTech Collective, with participation from F-Prime Capital, Primary Venture Partners and Commerce Ventures.

“Retirement savings is a $25 trillion market opportunity which we think is still best served by financial advisors. Vestwell’s mission is to provide advisors with a modern platform which reduces fees, increases transparency, and ensures compliance in a quickly shifting regulatory landscape,” said Aaron Schumm, founder and CEO of Vestwell.  “We’re thrilled to partner with our deep FinTech-focused investors, who share this vision to build out this essential platform.”

Vestwell’s turnkey solution modernizes the traditional and dated 401(k), 403(b), and defined contribution solutions by combining the best parts of automated investing with the human touch that only trusted advisors can provide. The full product suite includes investment services, trading, administration, custody, recordkeeping, and trustee services.

The recent U.S. Department of Labor’s “conflict of interest” rule changes the way investment advisors will have to run their firms.  While existing retirement solutions can put advisors—and companies—at risk, Vestwell assumes 3(38) and 3(16) fiduciary responsibility which ultimately reduces both financial cost and legal liability.

“With more than 50% of working Americans not contributing to a retirement plan, there is clearly a fundamental problem with the mix of offerings in the market today” said Brooks Gibbins, co-founder and Managing Partner of FinTech Collective. “Vestwell will allow companies to bring more employees into the fold in a guided and low cost manner, while helping advisors grow their assets and increase the quality of their revenue.”

“Vestwell’s platform is unique because it uses automation to empower advisors to offer competitive retirement portfolios while maintaining the human interaction that comes from years of relationship building,” said Benjamin Malka, General Partner of F-Prime Capital. “As fiduciary rules evolve, we see Vestwell not only protecting advisors but also providing them with the tools required to help their clients retire wealthier.”

“The Vestwell team’s proven track record, combined with a platform that offloads regulatory burden from both the RIA and the employer, will drive success for both parties in an increasingly challenging regulatory environment,” says Brad Svrluga, General Partner of Primary Venture Partners. “The opportunity to partner with Aaron Schumm, a repeat founder in the FinTech industry with unique insights into this complex market, was something we simply couldn’t pass up.”

About Vestwell, Inc.

Learn more at Vestwell.com and on Twitter @Vestwell.  Vestwell Advisors is a subsidiary of Vestwell, a 3(38) and 3(21) SEC registered investment advisory firm, specializing in 401(k) and other defined contribution retirement investment management services.

This is not an offer, solicitation, or advice to buy or sell securities in jurisdictions where Vestwell Advisors is not registered. An investor should consider investment objectives, risks and expenses before investing. More information is available within Vestwell Advisors’ ADV.  There are risks involved with investing. Investors should consider all of their assets, income and investments. Portfolios are subject to change. All opinions and results included in this publication constitute Vestwell Advisors’ judgment as of the date of this publication and are subject to change without notice.