Episode 5
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In the latest episode ofGrowth Leaders of Wealth Management, we dive into the story of Vestwell, a fintech that achieved unicorn status in just seven years by tackling a problem most of the industry ignores: the American savings gap. With over 1.1 million savers on the platform, Vestwell is proof that you don't have to go upmarket to build something massive.
Key Takeaways:
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What problem did Vestwell set out to solve? Founder and CEO Aaron Schumm saw that advisors wanted to serve business retirement plans but didn't want to take on all the fiduciary responsibilities that came with them. Vestwell was built to make that easier, giving advisors the tools to provide guidance while creating a more efficient system for businesses and employees. The goal: make 401(k) plans accessible for small businesses that were being left behind.
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How did Vestwell reach unicorn status by focusing on underserved savers? While most fintechs chase the wealthy or the mass affluent, Vestwell found its most profitable audience in the people the industry typically overlooks: low-to-mid income savers and people who are new to saving entirely. That focus, combined with strategic partnerships with firms like Morgan Stanley and JP Morgan, fueled rapid growth.
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Why did Vestwell build its own record keeper? Aaron reflects on that decision as one of the hardest and most pivotal steps in Vestwell's growth. Building their own infrastructure gave them the control and flexibility to innovate in ways that off-the-shelf solutions couldn't support. It was grueling, but it's a big part of what sets them apart today.
Meet Vestwell
In a world where financial stability can be hard to find for many Americans, Vestwell is revolutionizing the way the financial services industry at large thinks about the American savings gap.
According to Founder and CEO Aaron Schumm, Vestwell was born from a desire to help address the American savings gap by making it easier for advisors to serve business retirement plans without taking on all the fiduciary responsibilities. Vestwell’s mission is to empower advisors to provide guidance, thereby creating a more efficient and effective system for both businesses and employees, and making 401(k) plans more accessible for small businesses.
While they began with an emphasis on retirement savings, the company has evolved to also incorporate state-sponsored programs like 529 plans, ABLE accounts, and Auto IRAs, according to Doug Magnolia, Chief Customer Officer and President of Vestwell State Savings.
When Innovation Meets Strategy
Vestwell’s growth is the result of innovation, strategic partnerships, and a lot of blood, sweat, and tears. First, they’ve truly revolutionized 401(k) administration through configurable technology and strategic partnerships.
Then, collaborations with major advisory firms like Morgan Stanley and JP Morgan were pivotal in expanding their reach and efficiency. Schumm also reflects on the challenges and triumphs of building their own record keeper, a key step in Vestwell’s growth journey. Finally, winning state savings plan contracts was pivotal, showcasing their ability to expand the aperture of savings.
We also discuss Vestwell’s tech-enabled approach to financial wellness and education. The company caters to underserved markets by integrating multiple savings and investment tools into a seamless platform. Personalized guidance is offered through AI-driven chatbots, making financial planning more accessible and less daunting for employees.
The result is that employees are empowered to manage their finances better and learn how to make informed decisions for their financial future.
Looking toward the future, Board Director Logan Allin outlines Vestwell’s ambitious growth plans that could potentially involve major tech players like Apple, plans to expand their product lineup, plus taking the company public in the coming years. Our conversation underscores the company’s mission to close the savings gap in America while positioning itself for continued success and expansion.
You don't have to chase the wealthiest clients to build something transformational. You just need a clear mission and the strategy to match. FiComm Partners helps fintechs and wealth management firms turn complex value propositions into marketing that resonates. Book a consultation to start clarifying yours.
Connect with us:
- Meg Carpenter on Linkedin
- Aaron Schum on LinkedIn
- Doug Magnolia on LinkedIn
- Logan Allin on LinkedIn
- Lori Hardwick on LinkedIn
About Ficomm Partners
Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.
Last updated April 2026