One of the great markets for growing RIAs is advising small- to medium-sized companies on their defined-contribution plans for employees. Aaron Schumm saw that firsthand in 2010 with his firm FolioDynamix. Here was a firm that served 100,000 advisors and $800 billion in assets, yet when it came to creating a 401(k) plan for employees, he was in over his head. “I didn’t know half this stuff,” he said. “It was a very painful process.” Schumm said he knew that technology could make it easier for financial advisors to design, sell and administer retirement plans, but there were no good solutions on the market. After he sold FolioDynamix for $199 million, he had the resources, and time, to work on it. “I had a great understanding of advisors, a great understanding of technology and a great understanding of retirement.”

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