By Ryan W. Neal
Digital retirement platform Vestwell is developing a new technology infrastructure that would do away with the need for traditional record keepers.
Vestwell’s existing technology lets advisers create, sell and managed defined-contribution retirement plans, but founder and CEO Aaron Schumm said the engine still needed connections with archaic record keepers that slowed down processes and drove up costs.
“Legacy providers out there have been around for a lot of years. They work, they perform a function that’s critical to the equation, but it’s old,” Mr. Schumm said. “We’ve revisited, redone and rethought recordkeeping from the ground up.”