Growing up on the South Side of Chicago as the son of a cabinet maker, Aaron Schumm (FIN ’00) didn’t have a master plan. He had a series of doors. Some were open, some were locked, and others required him to build the key himself.
Today, as the founder and CEO of Vestwell, Schumm has revolutionized the savings industry by making it easier for companies and individuals to prepare for life’s most important moments – from retirement to education and emergency savings. Vestwell’s platform now serves as the backbone for more than 2 million savers and 500,000 businesses.
“There’s a $50 trillion savings gap in this country, and Vestwell’s mission is to make financial products accessible to the millions of Americans who need them most,” said Schumm, whose drive to build a holistic financial wellness ecosystem recently earned him recognition as a Notable Leader in Finance by Crain’s New York Business.
“Aaron’s journey is a masterclass in how curiosity and tenacity can reshape an entire industry,” said Brooke Elliott, Josef and Margot Lakonishok Professor in Business and Dean of Gies College of Business. “He didn't just navigate the financial landscape he was given; he put his own purpose into practice and is helping shape that landscape so that millions more could have a seat at the table.”
Learning to pivot
While the trajectory from the South Side to the heights of the New York fintech scene suggests a steady climb, Schumm’s path was defined by a series of significant pivots. As a young man, he didn't see himself in a boardroom; he imagined a future in the cockpit of a plane or on an athletic field. When physical setbacks made those dreams impossible, he was forced to find a new career direction.
He found it at Gies College of Business. But even after graduating with a degree in finance, the road wasn't always smooth. His first step was a $32K-a-year analyst role in Chicago – a position he took not because it was his ultimate goal, but because it was an entry point that allowed him to start chipping away at student debt.
"It wasn't a dream job. It was a door," said Schumm of those early years. "But I believed that if I could get through one door, I’d figure out how to find the next one."
Turning frustration into a mission
Schumm began his finance career at Northern Trust in Chicago, earned an MBA from Duke University in 2007, and worked at Citi as a VP of product marketing. The catalyst for what would become Vestwell was born from a moment of professional friction. While setting up a 401(k) plan for a previous venture, Schumm realized that the process was unnecessarily painful, even for a finance veteran. He saw an industry that was slow, antiquated, and inaccessible to the very people it was meant to serve.
Rather than accepting the status quo, Schumm asked the uncomfortable questions that others had avoided. He saw an opportunity to build a platform that could scale, moving away from boutique services to create a digital infrastructure that empowers businesses of all sizes to support their employees.
Today, that vision has manifested in a firm that manages over $50 billion in assets, which includes powering nearly 95% of state auto-IRA programs and ABLE, a specialized program providing tax-free savings for individuals with disabilities.
A roadmap for the Class of 2026
In his convocation address, Schumm plans to share a few hard-won truths about what actually happens once the graduation caps are thrown, centering his advice on three simple, but often overlooked, mindsets:
- The power of practical curiosity. Schumm will underscore why inquisitiveness is often more powerful than mastery, and what’s to be gained by not being afraid to ask "why" or "how does this work?"
- Choosing the difficult path. Schumm will share why real change rarely happens via the easy path, especially when aiming to upend a 50-year-old industry.
- The currency of connection. Schumm will explain why a career isn’t a solo climb, but a series of relationships built on moments that are earned long before they are ever needed.
"As someone who had to find my own way to pay for college, I know firsthand how daunting that journey can be," said Schumm. "It’s about opening doors that might otherwise remain closed. It creates access, it creates opportunity, and it creates futures."
Commitment to the community
Schumm, who sits on the advisory board of several fintech companies, connects often with the College. He was the featured speaker at the 2024 V. Dale Cozad Lecture on Entrepreneurship at Gies Business. He and his family also support need-based scholarships through the Thakur Schumm Scholarship Fund, a cause that stems directly from his own experience navigating the financial maze of higher education.
Ceremony Details
Schumm will share these insights and more at two ceremonies held at the State Farm Center:
- iDegree Convocation: Thursday, May 15, from 10:00 a.m. to 11:30 a.m.
- Undergraduate and Residential Graduate Convocation: Friday, May 16, from 2:00 p.m. to 4:30 p.m.