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Covid, convergence, consolidation and the 2021 RPA roundtables
Aggregators realize that in-plan retirement income solutions are needed, while CIOs understand that advisers need to be able to help participants navigate the myriad of benefits offered at work.
Chief investment officers critical to success of DC plans, participants
CIOs from the leading DC record keepers, aggregators and broker-dealers discussed their greatest opportunities and challenges.
RPAs need a new name to reach the next level
While 'retirement plan adviser' has been a good description of those who serve ERISA retirement plans, it's actually quite limiting to focus on the plan, rather than the participant.
Who will win the 401(k) battle in the 2020s?
The start of the 2020s has been dominated by the three Cs — Covid, convergence and consolidation. Government mandates could cause the small and startup plan market to explode, and RPA consolidation has blown up.
RPA aggregators focused on convergence, consolidation and cooperation
Unlike any other industry event, the RPA Aggregator event had no agenda. All participants were focused on the defined-contribution industry’s biggest opportunities and challenges.
What Creative Planning’s deal for Lockton’s retirement unit means for RPAs
The transaction marks the first time a top-five RIA has acquired a top-five retirement plan adviser firm, which could send Creative Planning's rivals scrambling to find larger RPAs.
What Ascensus purchase of Newport Group means for advisers
Last week’s announced purchase of Newport Group by Ascensus comes on the heels of Empower’s purchases of MassMutual’s and Prudential’s record-keeping divisions.
‘Next best dollar,’ a benefits application for retirement plan advisers
There's a war for talent heating up, fueled by the Great Resignation and more workers retiring as a result of the pandemic, which makes benefits more important than ever.
Broker-dealers critical to expand 401(k) coverage and help participants
The RPA Broker-Dealer Roundtable and Think Tank covered getting data, providing plan access and helping participants with low balances.
Dangers advisers may face due to record-keeper consolidation
The larger providers produced by consolidation will cater to larger RPA groups like aggregators and major broker-dealers at the expense of smaller, independent RPAs.
Outsourcing firm is helping RIAs mine 401(k) plans
A significant impediment is that experienced retirement plan advisers do not want to work with smaller or start-up plans, because they can't afford the minimum fees these RPAs need to charge.
Will RIAs or RPAs benefit more as retirement, wealth converge at workplace?
RPA firms are selling at record profits, with deals flow expected to double in 2021, but it pales in comparison to the RIA market. So far, we have not seen any RIA aggregators, other than Captrust, show interest in the DC space.
Consolidation, wellness and micro market top of mind for record keepers
Looming over the RPA Record Keeper Roundtable and Think Tank was the convergence of wealth, retirement and health at work.
What drives value for RPA firms?
RPAs with strong wealth management businesses and leadership will command a premium price, among other factors.
Why financial wellness is a dismal failure and a huge success
The DC industry must be realistic and admit that financial wellness is largely a failure, an acknowledgment that's a key step on the road to success. Because we cannot afford to fail.
Fight over DC participants tests advisers’ partnerships with providers
Providers cannot hope to create a sales force that competes with the 25,000 RPA specialists and hundreds of thousands of RIAs that dabble. But once the plan is sold, who has the right and ability to monetize the participants?
A student loan crisis is looming. RPAs can help clients prepare
Plan sponsors are clamoring for solutions to help employees with their financial issues. Student loans and emergency savings programs are two easy, simple and impactful ways that the DC industry can help.
How 401(k) record keepers not part of the Fab Five can survive
There are more than 40 national record keepers, with plenty of capacity for all. And some providers are uniquely positioned.
Do RPAs need wealth management to survive?
Few have figured out how to serve the participants who cannot afford traditional advice. Managed accounts are just a start.
Group-of-plans model good alternative for those waiting on PEPs
The model provides simplicity, with a single investment lineup, and also offers record-keeping pricing advantages.
