Aaron Schumm, chief executive, citing the Department of Labor, has pointed out that almost 90 per cent of 401k plans have fewer than 100 participants, and that these represent $600bn in assets. He says the company has signed up thousands of plans, and it has a collaboration deal with Bank of New York Mellon to administer state- and municipality-backed plans. The Vestwell approach — a white-labelable, customisable architecture, offered independent of particular wealth management products — draws validation from its blue-chip investor roster. Last month the company raised $30m from a consortium including Goldman Sachs and BONY, which join a list of owners that also includes Allianz and Franklin Templeton.

https://www.ft.com/content/a553ad10-6aad-11e9-80c7-60ee53e6681d?shareType=nongift