As unemployment claims hit an all-time high, companies are considering ways to cut costs. Portfolio company Vestwell shares that advisers are more accessible than ever, and are seeing a high volume of advisers wanting to create proposals for existing clients.
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Plan advisers may lose business as 401(k) sponsors struggle
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Some advisers have indeed been busy, said Aaron Schumm, CEO of Vestwell, which provides digital record-keeping services to about 5,000 plans. Because of remote work and a standstill in new plan sales, “advisers are probably more accessible than ever right now,” Schumm said. “We’re seeing a high volume of advisers wanting to create proposals for existing clients.” About 5% of plans i
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