By John Sullivan, Editor-In-Chief, 401K Specialist
Digital 401k platform Vestwell says it’s taking a leap forward in the technology it provides, “resetting the bar” across the retirement plan industry by shedding what it calls 30-year-old technology that currently oversees complex recordkeeping.
The capabilities are powered by an API-driven tech stack, resulting in a more efficient, flexible and cost-effective 401k offering, according to the company.
“So much of the way in which the industry does things was put in place pre-internet,” Aaron Schumm, Founder and CEO of Vestwell, said. “Things have come a long way over the past 20 and 30 years, but it’s just time to kind of rewrite how [retirement plan recordkeeping] works and bring it to a way in which we expect our financial lives to be treated. So that’s really what we’re focused on.”