Enter Vestwell, Schumm’s new advisor-sold 401(k) platform, which provides an all-in-one technology-driven solution with TPA, recordkeeping, custody, investment management, communications and education at low cost – all while assuming all fiduciary risk. That means fewer decisions and less legal exposure for those decisions, a formula that takes a lot of the pain out of 401(k) design for small- and mid-sized businesses. “Folio was awesome, and I’m very, very proud of the FolioDynamix platform, but it was focused on the very, very affluent. In a lot of ways, we were just making rich people richer,” said Schumm. “With Vestwell, we’re focused on the vast majority of the population, the 75% of Americans whose only source of investment assets is their defined contribution or 401(k) plan. This is to help clients and everyone in the United States. ”

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