Today we can proudly announce the launch of Vestwell, an automated 401(k) and defined contribution platform that helps advisors stay compliant with the Department of Labor conflict of interest rule. Retirement savings are a $25 trillion market opportunity and Vestwell helps reduce the advisor’s and plan sponsor's legal liability by assuming 3(38) and 3(16) fiduciary responsibility.
“Vestwell’s mission is to provide advisors with a modern platform which reduces fees, increases transparency and ensures compliance in a quickly shifting regulatory landscape,” Aaron Schumm, founder and CEO of Vestwell, said in a statement. Schumm co-founded FolioDynamix, a wealth management tech provider, which Actua bought in 2014. The Vestwell platform provides investment services, trading, administration, custody, recordkeeping and trustee services. “As fiduciary rules evolve, we see Vestwell not only protecting advisors but also providing them with the tools required to help their clients retire wealthier,” said Benjamin Malka, General Partner of F-Prime Capital.