Three-quarters of retirement advisors believe recordkeeping technology is outdated and needs an overhaul, according to a survey released Monday by Vestwell. Over half said user experience was their biggest challenge using recordkeeper technology. Forty-eight percent cited lack of integrations and 45% said high fees were the biggest tech challenges they faced with their current providers.
Vestwell conducted the survey in August among 434 advisors who sell retirement plans and 164 plan sponsors on the company’s platform.
While saying goodbye to 2020 might be a welcomed event for many, year-end brings with it a number of responsibilities, especially for corporate retirement plan sponsors.
This year is particularly noteworthy, as the 2020 year-end cycle will require additional scrutiny and there are a number of changes coming in 2021 that will require added preparation. The best thing a plansponsor can always be is prepared, so in order for 401k advisors to help them usher in a Happy New Year, consider these three important factors…
The retirement industry has a moral obligation to help Americans get to a place financially where they can live a secure and dignified retirement, says Ben Thomason, executive vice president of Vestwell.
From COVID-19 to the devastating wildfires and the upcoming presidential election, 2020 has been the year of uncertainty. Yet there’s one thing we do know: Now is an ideal time to launch a company sponsored retirement plan.
Chalice Network, the online member-based digital marketplace for independent, small and mid-sized businesses that provides exclusive access to business, technology and client-service solutions, is thrilled to announce their partnership with Vestwell.
While workplace retirement plans are the only source of invested assets for the majority of Americans, most plans are still delivered on recordkeeping technology built before the Internet even existed.
It makes efficiency and scale near impossible, a recent session at the Excel 401(k) 2020 Digital Series noted, especially in certain market segments.
By Financial Advisor Magazine
Aaron Schumm, who has spent almost two decades in the fintech and wealth space, is CEO of Vestwell, a digital recordkeeping platform for 401(k) and 403(b) plans.
How did you personally become involved in fintech?
There’s a long and short version of this story, so I’ll leave you with the cliff notes. But essentially, I knew at a very young age that I was going to go into finance. My dad is a retired carpenter, but he always had an affinity for the markets, so we started talking shop early. That set my course in undergrad to go into finance.
By Christopher Robbins, Financial Advisor Magazine
New York-based Vestwell, a digital retirement plan recordkeeper, announced the launch of a service offering all-ETF target-date portfolios for the small plan market.
ETFVest, which Vestwell announced on Thursday, combines 3(38) investment management fiduciary lineup services from LeafHouse Financial, which already acts as a plan fiduciary for private and public retirement plans around the U.S., with an all-ETF target-date portfolio model from Stadion, which specializes in offering customized investment options to the retirement plan market, using Vestwell’s API-driven recordkeeping solution.
By Lisa Shidler, RIABiz
After four years in business, Vestwell is gearing up to become a turnkey 401(k) program on behalf of RIAs — a software change that could be like swapping a Model T for a Tesla — with some heated industry debate about whether that really makes a competitive difference.
The New York-based startup that Aaron Schumm founded in 2016 plans to deliver more “digital” data that helps RIAs — most of whom currently specialize in 401(k) or non-401(k) assets — create an investor experience that unifies those spheres.
The goal of Vestwell’s data harmonization is to get more retail RIAs to tackle plan sponsors and plan participants.