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Articles tagged "Aaron Schumm"


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Aaron Schumm: We got to the point of saying okay this makes sense, let's make it happen.
December 22, 2023 at 12:59 AM

Danya Dumbrill: There’s an expansive opportunity for Vestwell to lead.

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

Louis Harvey:  You could say the DOL is at the root of the problem.

Fidelity Investments reveals 'all-time high' 401(k) plan sponsor discontent, thanks to DOL monkey wrench that creates 'race to bottom,' key expert adds

Some 47% of plan sponsors are considering a new advisor, up from 34% last year, and 48% are considering a change of recordkeepers.

September 13, 2022 at 1:51 AM

Aaron Schumm: This is a huge edge and leapfrog for us.

Vestwell does creative deal to buy BNY Mellon's $20 billion workplace savings unit and 'leapfrog' beyond 401(k)s

The Aaron Schumm-led 2016 startup pays stock and agrees to vendor terms for Sumday to tackle high-headache, high-potential business of employer-sponsored IRA’s, 529’s, ABLE programs and Health Savings Accounts.

November 2, 2021 at 8:57 PM

Lori Hardwick: I prefer to be on boards where I am passionate about the company's mission.

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

Aaron Schumm: We have a very clear path to profitability.

Vestwell raises another $70-million, which it needs as it burns cash to keep up with rapid tripling of its 401(k) recordkeeping startup -- driven both by RIAs and Wall Street

Wells Fargo's co-led the round of the New York City-based innovator, which hints it may follow Morgan Stanley, Voya Financial and BNY Mellon in being an investor that also becomes a customer

July 20, 2021 at 10:37 PM

Aaron Schumm: The participant is no longer three steps removed from their actual money.

Four years into startup, Vestwell makes its big move -- nixing FIS's recordkeeping for the 401(k) super-bot it built with Goldman Sachs' VC money

The Aaron Schum start-up will start again as a turnkey pension program that allows RIAs to better unify 401(k) and non-401(k) practices and be searchable as database

April 9, 2020 at 2:11 AM

Rana Yared made the initial house call to Vestwell that led to a deepening relationship.

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

Bob Guillocheau: [This] most certainly isn’t a climb-down; to the contrary, I’d say that it reflects our existing owners’ bullishness.

After $2-billion asking price for Ascensus gets no bites, Genstar and Aquiline opt to sell 25% stake to juice roll-up kitty

Atlas Merchant Capital and GIC are the new financiers but the capital raise suggests inorganic growth is still Plan A

March 11, 2019 at 6:39 PM

Allison Brecher: In many cases, fees are buried, service offerings unclear, and administrative burdens cumbersome. The bill does not address any of these challenges.

Trump exec order on 401(k)s cuts restriction for MEPs but Vestwell execs counsel caution

Under ERISA-permitted MEPs, advisors can lump small employers into giant plans that battle big firms which is fine til you read the small print

August 31, 2018 at 11:30 PM

Jud Bergman: The rate of account growth of advisors opening net new accounts has slowed over the last quarter. [We] don't know if it's going to last one, two, three quarters, but we are planning.

Envestnet CEO Jud Bergman's FolioDynamix deal suddenly looks prescient as SMA-to-UMA market shift dings revenues, third-party asset managers

In Envestnet's latest Q2 earnings call, Jud Bergman revealed the transition from SMAs to UMAs will hit Envestnet and third-party asset managers who sell their SMA wares through Envestnet's platform. But UMA efficiencies may drive down costs faster than revenues fall, making the FolioDynamix purchase look shrewder than ever.

August 16, 2018 at 5:12 PM

Aaron Schumm:  [We want] to work with advisors versus displacing them.

Vestwell makes hard-charging payroll startup, Namely, its portal to win plan sponsors for RIAs and IBD reps it services

CEO Aaron Schumm is helping advisors get the benefit of feet already wedged in doors thanks to pervasive payroll service apps

May 22, 2018 at 8:13 PM

Keith Gregg:  I own this company and I don't need anyone or anything else.

Derek Bruton joins Keith Gregg as Chalice Wealth Partners makes urgent Dynasty-lite bid bolstered by $4.5 million and Aaron Schumm

The two San Diegans of LPL and First Allied fame are hungry for success and redemption after a few stop-and-go years

May 4, 2018 at 10:30 PM

David Musto: It's completely realistic to think there could be a dozen or more acquisitions in any twelve month period.

Vanguard's 401(k) recordkeeper, Ascensus, gets set to roll up a world of third party administrators to create a small plan superpower

With recent Great-West poach and David Musto running the show the Dresher, Pa.-based TPA adds 14 firms in 16 months and sets sights on dozens more, as roll-up strategy takes flight

April 27, 2018 at 5:46 PM

Aaron Schumm: With the technology there's so much to do.

Vestwell jets ahead and adds pilots on the fly to keep startup on course

Founder Aaron Schumm is dealing with the dilemma/windfall of business coming over the transom ahead of projections

March 26, 2018 at 10:10 PM

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