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Independent Record Keepers Gain Ground as Big Brands Falter

"As record keeper consolidation disrupts service and relationships with the larger brands, many of which are focusing on participants' services and offering almost zero-profit pricing, which puts them in competition with advisors, independent record keepers exist in a totally different universe. Their cost structure with much fewer field salespeople and lower corporate overhead does not require the same type of scale to survive or thrive, with owners and senior managers directly involved in the day-to-day."

401(k) Record Keeper Exits Threaten Advisor Clients

"As larger providers get scale, cost savings diminish with each acquisition. The holy grail is offering participants wealth services ... Depending on the business models and market focus, the list of viable record keepers may be limited. ... Advisors need to narrow their partnerships to record keepers, first, not likely to exit the market, but also are willing to collaborate with reasonable rules of engagement, allowing for both parties to make money, which requires advisors to have scale, savvy and determination as providers go through the same process themselves."

Law Firms Cash in as Private Equity Giants Target 401(k) Market

"Law firms that have long advised private equity giants on mergers and acquisitions -- and often bill more than $1,000 an hour for their services -- are joining the industry's latest treasure hunt: prying open America's 401(k)s.... All told, nearly $13 trillion is sitting in 401(k) accounts and other defined-contribution retirement plans. Tapping into that trove could help plug gaps left by deep-pocketed pensions and endowments."

Data Wars: Who Controls Your 401(k) Information?

"If data is like oil, then anyone should be able to drill for it, no matter who owns the land. And the driller should not charge even if they incur the costs of refining, storing and shipping.... [T]he reckoning over data is coming between record keepers that want to cross-sell, which may be most, if not all, of them, according to McKinsey, either alone or in partnership with advisors, and advisory firms that have similar ambitions[.]"

District Court Decision Reveals True Value of ERISA 3(38) Services

"[A] recent litigation outcome provides a roadmap for selling -- but not overselling -- ERISA 3(38) services. If used correctly, it may also serve as a blueprint for helping clients to take appropriate steps to fulfill their residual responsibility to monitor a 3(38) fiduciary." [Wanek v. Russell Investments Trust Co., No. 21-0961 (D. Nev. Sep. 25, 2025)]

Advisors Face New Conflict of Interest Challenges

"A trio of recent litigation developments suggests that advisors may need to broaden the lens through which they identify and observe conflicts.... Proprietary product placement ... MEPs and PEPs: The value of independence ... Who owns the data?"

The Key to Being a Successful Retirement Plan Advisor

"Granted, RPAs must know the basics and help clients set up and run their retirement plan, minimizing work (time), liability and costs while integrating wealth and benefits services.... But before we pick a lane or personal brand, we must know ourselves, which can be a lifelong journey, maybe longer. "

Morgan Stanley Wins Deferred Comp Arbitration Case

"In the FINRA award dated Aug. 8, a three-person panel ruled against former Morgan Stanley rep Patrick T. O'Neill.... In the arbitration, [O'Neill] argued that Morgan Stanley's deferred compensation plan forfeiture for advisors who leave is 'impermissible under ERISA.' " [O'Neill v. Morgan Stanley, No. 24-00358 (FINRA Aug. 8, 2025)]

Microsoft Report Says AI Will Replace Advisors; Advisors Say, Not So Fast

"[Advisors] don't see AI as a threat. Rather, they view it as an extension of the tech innovation that's been going on for decades; it can be used for certain tasks ... to make them more efficient and create more capacity.... AI will not be able to replicate the human connection advisors have with their clients."

Has ERISA Litigation Been Helpful or Harmful?

"[This] seemed like a good time to ask some critical questions to both plaintiffs' and defendants' attorneys.... [1] Whether there has been any value to ERISA litigation ... [2] What harm has it caused? [3] Whether you have evidence it is being funded by PE/VC firms. [4] What effect will the new EBSA director ... have? [5] Do you agree with him that we should have a special ERISA court, like with patents, because it is so technical? [6] What effect will recent SCOTUS decisions like Chevron et al. have? ... Here are some of their responses."