Wealth Management profile Vestwell as part of a broader piece on the retirement space. Vestwell, led by Founder and CEO Aaron Schumm, a serial entrepreneur who previously built and then sold FolioDynamix to a private equity firm (which then sold it to Envestnet) explains how the platform works and how they get paid.
The plan advisor’s life is made easier, since all the information needed to service the sponsor and the plan recipient “is all on the dashboard for the advisor.” Vestwell also provides guidance on what the advisor’s fee should be, based on benchmarking data. So how does Vestwell get paid? “Think of us an unbundled TAMP,” says Schumm. “We charge a fee to the company and the participant.” So far, some 70 RIAs have signed on to the platform. Recently, Vestwell signed a deal with Riskalyze, the risk tolerance platform, which will mean Vestwell will also be available to some 20,000 of that firm’s clients.