What’s the one critical thing your employees care about that you might be completely overlooking? This is Invested at Work: Off the Cuff. Unscripted and top-of-mind, with candid perspectives on scaling businesses, managing total compensation strategies and navigating the complexities of leadership. This week: Aaron Schumm, founder, CEO & chairman of Vestwell. 00:00 This is Aaron Schumm 00:22 What work-related tension never goes away 00:44 What employees care about 01:14 What you don’t see on Aaron’s LinkedIn 01:45 Making hard people decisions 02:07 Aaron’s defining trait as a leader 02:35 Which of Aaron’s beliefs about work have shifted 03:20 Unique things Aaron measures For more, check out Aaron’s full interview with host Rodney Bolden, in your feed. Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc. This podcast episode is for informational/educational purposes only and is not investment, legal or tax advice. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. The guest speaker (Aaron Schumm/Vestwell) is an external guest; the views expressed are solely his own and do not represent Morgan Stanley’s views. Nothing in the episode should be construed as a recommendation or solicitation to buy/sell any security, adopt any investment strategy or implement any particular plan design; listeners should consider their own circumstances and consult appropriate professionals. The discussion is general in nature and not intended to address any particular individual/entity’s circumstances. Morgan Stanley Smith Barney LLC and its affiliates and Financial Advisors/Private Wealth Advisors do not provide tax or legal advice; tax laws are complex and subject to change; consult a tax advisor/attorney. Information contained herein is based on data from multiple sources considered to be reliable and Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley. When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”),Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. This episode discusses legislation and regulatory initiatives—such as the “savers match,” child savings accounts/“Trump accounts,” “Trump IRA,” ERISA-related provisions, and the “in-plan vs. out-of-plan” emergency savings framework—those references are provided for general informational purposes only and are not intended as legal, tax or compliance advice. Any discussion of laws, regulations, proposed rules or government programs reflects general commentary and may not reflect the most current legal or regulatory developments. Laws and regulations are complex, may be amended, and may be subject to different interpretations by regulators, courts, plan fiduciaries and other parties; guidance and enforcement priorities may also change over time. Listeners should not rely on the episode as a substitute for professional advice, and should consult their own qualified legal counsel, tax advisor, ERISA counsel or other appropriate professional regarding their specific circumstances and any plan design, eligibility or implementation questions (including questions related to ERISA provisions, leave/eligibility rules and emergency savings design considerations). Any examples or observations about how a law or rule operates in practice (including commentary that certain approaches may be “unworkable” or difficult to implement) are general perspectives and may not apply to all employers, plans, providers or jurisdictions. ©2026 Morgan Stanley Smith Barney LLC. Member SIPC. CRC#5528084    07/2026

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