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Even with all the robotics being brought to bear in the 401(k) business, RIABiz believes that Vestwell has carved out a clear lane with what it describes as the first "child-proof 401(k) TAMP for advisors."
What any observer can appreciate is success that can be counted. Vestwell has signed over 50 registered investment advisor firms, as well as independent broker-dealers, asset managers, and bank/trust custodians, with plans to onboard several thousand advisors this year. "There's overwhelming response" Schumm says. "[W]e have big deals soon to be announced." One big strategic opportunity for Schumm is to begin competing on his old FolioDynamix stomping grounds, given that any noncompete constraints are gone. Vestwell uses Brookfield, Wis.-based Fiserv Inc. as its outsourced operations platform.
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