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The Forum Interviews | Vestwell Celebrates the 2024 World Economic Forum Annual Meeting

In celebration of the 2024 World Economic Forum Annual Meeting, Vestwell was featured in The Forum Interviews series by Reuters and Acumen. Vestwell CEO Aaron Schumm discusses how the company is changing the American savings landscape and driving financial security through modern technology. The article originally appeared on

Vestwell: Reshaping the American Savings Landscape

How technology and innovation drive financial security

In 2016, Vestwell was created to transform Americans’ access to savings solutions that work for them.

An American Savings Crisis

The American savings crisis spans some of the most impactful areas of financial well-being – retirement, education, and healthcare. An estimated 61 percent of Americans cannot afford to pay a $1,000 emergency, 25 percent of US adults do not have any retirement savings, and nearly 43 million Americans have federal student loan debt.

For over 40 years, the American savings industry has operated on the same original technology, significantly contributing to the national savings crisis. Adequate savings solutions require significant innovation and funding for a secure future.

Innovation at Scale

Vestwell is reshaping how employers and individuals gain access to savings solutions that meet them where they are. To address an inherent gap in the financial services industry, Vestwell has developed groundbreaking core technologies that advance the over 40 years old and $40T industry to make savings accessible to those previously excluded.

The award-winning modern recordkeeping platform is upwards of ten times more efficient than any traditional platform on the market today. Vestwell has also gone beyond just 401(k)’s, creating the only single platform architecture to power other tax-preferred savings vehicles in and out of the workplace, such as Emergency Savings, 529 Education Savings, and ABLE Disability Savings programs.

The company not only supports the smallest of businesses but also powers the world’s oldest and most respected financial institutions that need to stay competitive. These institutions include long-time partner Morgan Stanley and, more recently, JPMorgan, who selected Vestwell to expand their 401(k) product. Leading financial institutions that white label Vestwell’s solutions are in a strong position to serve their customers better with a range of savings needs.

Making Savings Accessible

To help address the American savings crisis, federal legislation was released (SECURE ACT 2.0), and 19 states have enacted state-facilitated retirement savings programs.

Vestwell has become the partner of choice for state governments looking to offer a personalized savings experience on a state-of-the-art platform that spans all savings vehicle verticals. Now the leading partner, Vestwell powers over 80% of the country's live state auto-IRA savings programs. By powering these and other state savings programs, Vestwell supports millions of undersaved individuals and families – including those living with disabilities, low-income employees, and more.

Modern technology and public-private partnerships have proven to be key drivers in supporting the financial stability of American households and overall governmental fiscal capacity.

The Future of Savings

Sustainable financial wellness reduces dependency on government funding and provides for a better-educated, healthier future for people. Individuals can make financial decisions to enhance their future when all savings vehicles are on one platform. All individuals deserve the savings they need to build and prepare for their future, whether retirement, their child’s education, an unforeseen emergency, or medical expenses.

When basic needs are met, members of society can focus on local, national, and global innovation, further promoting a positive impact on the planet.

Through modern technology and innovation, Vestwell is reshaping the savings industry and transforming Americans' ability to create a secure financial future.

Filmed and produced by Acumen Media as part of 'The Forum Interviews' series. For more information please visit: AcumenStories