"This deal almost certainly means that 401(k) record keepers will move to stage four of the consolidation curve in the next three years, the stage in which five to seven providers have a 70% to 90% share of the market.... But there are still more than 40 national record keepers, as well as over 400 regional record-keeping TPAs, not to mention well-funded fintechs like Vestwell and Guideline."