Jan 28, 2022 • 42M

Podcast Conversation: Modernizing $25B of assets with retirement wealthtech, with Vestwell CEO Aaron Schumm

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Finance is being pulled apart by the forces of frontier technology. From AI, to blockchain, crypto and DeFi, to mixed reality, chatbots, neobanks, and roboadvisors — the industry will never be the same. Here is the blueprint for navigating the shift.

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In this conversation, we chat with Aaron Schumm, the Founder and CEO of Vestwell, an entirely new kind of digital retirement platform transforming the way plans are offered and administered — for the benefit of advisors, employers, and employees alike.

Prior to founding Vestwell, Aaron was a co-founder of FolioDynamix, a wealth management and advisory services company that powered $800 billion in assets for over 100,000 advisors. At FolioDynamix, which was sold to Envestnet in 2017, Aaron oversaw the strategy, revenue, marketing, customers and product. Aaron holds a B.S. degree in finance from the University of Illinois and an M.B.A. degree from Duke University, The Fuqua School of Business. He was named as one of 40-under-40 by InvestmentNews and WealthManagement.com’s “10 to Watch”

More specifically, we touch on all things 401ks, IRAs, Portfolio Balancing, Roboadvice in portfolio management, and all things FinTech and financial services and so so much more!

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Sneak Peek:

Aaron Schumm:
…it does start to bleed over into the workplace offering in Vestwell, and we're offering workplace savings programs. Our demographic skews a bit younger, so you get people interested in crypto offerings, in student loan debt repayments and whatnot. Oftentimes, an individual's looking at, say, "Well, I have a Robinhood account. I can go buy these stocks, and go do this, and go trade blockchain constructs." In the retirement world, because when you think about the ERISA side and 401ks in the states and managing in that regard, there are limitations to what you can offer and how. And it has to be a 40 Act product, like a mutual fund or ETF or CIT, and so you can't just go do stock picking.

And so, you have to kind of teach people, "Hey, this is not that world." It's like when people reach out and they need a loan or something from their 401k. Oftentimes, they think of that workplace savings program like it's their own personal bank account. And there's a re-education you have to put people's minds, like "Hey, what you're doing in a direct brokerage capacity and playing around in stock picking is not how it works in an ERISA-regulated environment, where it's structured intentionally to try to allow for long-term savings in a more optimal way.

Workplace Retirement Plans Tend to Sharpen Focus on Financial Futures | The  Pew Charitable Trusts

More? So much more!

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