Excellent write-up by RiaBiz on Vestwell's latest $30m Series B which saw Goldman Sach's seeking out the startup for investment as the investment bank looks to make the RIA channel a market and get exposure to tech that is radically changing the way we all invest.
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Aaron Schumm is in the catbird seat after biggest cat in the Wall Street jungle validates Vestwell
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"Most recently, we've opened up our service for other TPAs to leverage ... [where] Vestwell runs their business for their client, but the TPA still does the plan design, onboarding, and compliance testing," he explains. "The TPA runs their book of business on Vestwell, versus on legacy [software]." Five TPAs now use Vestwell to run their services. RIABiz contacted Dresher Pa.-based 401(k) TPA mega roll-up Ascensus, and its would-be cross-state Philadelphia rival Professional Capital Services (PCS), for comment on the significance of Vestwell's advance into their market.
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