Vestwell is in and Ascensus is out in Oregon as mushrooming 'force-function' state retirement plans spark heated bids to recordkeep; RIAs are angling for a cut, too
States may force millions of small employers to sponsor pensions, buoying VC-backed digital recordkeepers. But RIAs like Fisher Investments are trying to convince small businesses to set up their own 401(k) plans to meet new mandates.
Aaron Schumm unveils expanded Vestwell vision -- and M&A plan -- and hires Danya Dumbrill to detail it as a 'strategy' to 'lead the savings industry' -- a leap from the 'grueling affair' of recordkeeping micro 401(k) plans
The Vestwell CEO hired the ex-Goldman Sachs executive as 'chief strategy officer' but with a budget and mandate to start buying up and stitching together 'savings' companies.
September 14, 2023 at 2:59 AM
After 401(k) account growth catapults ahead of curve, Vestwell CEO scrambles to make big hires and abdicates chairmanship to freed-up Lori Hardwick
Eying projected 300% plan sponsor growth, Aaron Schumm has promoted one executive, added another and reshuffled Vestwell's board, putting Hardwick on top.
October 14, 2021 at 8:58 PM
How Aaron Schumm got Goldman Sachs' brightest young star aboard; he jammed in a meeting for a friend and accepted an offer he couldn't refuse--$30 million
The Vestwell CEO gets Rana Yared, the 35 year-old Goldman partner, on his board as part of the $30-million round she made happen
July 2, 2019 at 11:20 PM
How $7B Professional Capital Services is trying to out-nimble, out-RIA $188B Ascensus but with Edmond Walters there to carry a big stick
The eMoney founder joined the Philly TPA's board to oversee a PCS that hires madly, rewrites software, RIA-izes its services and develops marketing punch
February 28, 2019 at 12:41 AM
Third Party Administrator
Top Executive: Bob Guillocheau