By Ryan W.Neal
Advisers are increasingly outsourcing parts of their business to focus on growth. But a new study from Vestwell, a digital platform that allows advisers to offer and administer retirement plans, suggests many aren’t doing it with a strategic focus on the unique value they provide clients.
When Vestwell asked 420 retirement plan advisers to name the key factor that differentiates their practice from others, 75% named some form of relationship management, such as employee education or holistic wealth management.
Vestwell is honored to share we are winners of the 401(k) RETIREMENT PLAN SUPPORT: Technology category of the 2019 Wealth Management Industry Awards!
Retirement plan improvements help plan participants and plan sponsors alike. Today, retirement plan improvement in the form of Fintech is at a tipping point. Led by advances and huge investments, fintech firms are competing to solve retirement, savings, investing and debt management issues at the worksite. At the inaugural 401kTV Genie Awards held in New York City on August 22nd at the Park Lane Hotel, 401kTV revealed the three Finalists for the 401kTV Genie Technology Award from the many nominations received.
Chances for Senate passage of the Secure Act—the bipartisan bill to shore up America’s retirement system—are dwindling as the Senate’s scheduled Friday recess looms. The failure will mean a setback for advisors and broker-dealers interested in creating and branding pooled employer plans (PEPs) for the first time.
With almost 500 retirement plans but less than $100 million in AUM, Steve Austin of Apex Financial, who is a former Paychex wholesaler, is proactively reducing provider partners. He said robos like Vestwell are making it easier, particularly with their focus on lower costs and technology, issues that resonate with clients. Mr. Austin also noted that advisers need a business process, especially if they are growing quickly, with consolidation a key component.
July 3, 2019
After being named Chairman of the Riskalyze board, Lori Hardwick is joining the Board of Directors at Vestwell, said Aaron Schumm, founder and CEO of the firm. Schumm announced the move at the Next Gen Retirement event in New York City. The firm also announced the addition of Rana Yared, partner at Goldman Sachs, to the company’s board.
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July 2, 2019
Aaron Schumm reluctantly took a hard-stop 30-minute meeting with a friend-of-a-friend in February. It changed the Vestwell CEO’s destiny and that of his midtown New York City company, as well…
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July 3, 2019
Following our series B, Vestwell earns a spot in the top 15 NYC startups in terms of capital raised.
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Thank you Wealth Management! Vestwell is ecstatic to share we have been recognized twice as a finalist for the 401(k) Retirement Plan Support category for technology! Congratulations to our industry friends who were also listed and we look forward to hearing the final results in September.
New York-based digital retirement platform company Vestwell announced it raised $30 million in Series B funding. Goldman Sachs Principal Strategic Investments (PSI) led this round of funding as it worked closely with Goldman Sachs’ Consumer and Investment Management Division (CIMD). Point72 Ventures also participated in this round along with the venture capital arm of Nationwide, Allianz Life Ventures, BNY Mellon, and Franklin Templeton.
This round also included participation from Series A and Series Seed investors including F-Prime Capital, FinTech Collective, Primary Venture Partners, and Commerce Ventures.
“I feel Vestwell’s momentum on a daily basis, so it’s incredibly humbling to have so many of the industry’s leading players see the value in what we’re building and share our vision of what lies ahead,” said Vestwell founder and CEO Aaron Schumm. “We’re elated to align ourselves with retirement industry experts who are not only investing capital into Vestwell, but who are also investing time and resources into ensuring our success.”