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RIABiz features the growth of portfolio company Vestwell, with several key new hires, advisors, and a new Board member. RIABiz also discusses the growth of the company, noting that Vestwell has signed (on average) one new RIA every five days over the past five months.
There is fierce competition in the New York market when it comes to hiring executives, says Schumm, but Vestwell doesn't "pay up" for anyone. When pressed, he says that he simply “isn't in a position" to do so, but that he does offer new hires stock-options, and that paying a market premium hasn't been an issue as there's plenty of interest in working for a Silicon Alley firm -- albeit one geographically situated on Wall Street. “I want everyone to have options and be rewarded in that sense for their involvement in the business,” says Schumm. “We have a mandate that everyone gets options when they come on board.”
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