Schumm acknowledges Fidelity's supremacy but also says Vestwell can win by unbundling recordkeeping from the assets it records. “Fidelity is a queen bee, right, in a lot of ways," he says. "Obviously, they know how to scale, but they are also looking at it from the lens of largely an asset manager. We're not going there saying, ‘Hey, we need to be an asset manager,’" says Schumm. But Vestwell keeps raising its sights in the hunt for bigger game. The New York City startup has “spent the last two years building a lot of the feature functionality and service capabilities to service upmarket companies," he says. “We now have the muscle to power anyone.”

https://riabiz.com/a/2025/7/3/vestwell-wins-390000-amazon-delivery-driver-401k-plans-hones-gig-edge-though-fidelity-still-recordkeeps-15-million-amazon-w-2s