Participants in defined contribution plans have more tools than ever — and many still don’t know if they’re on track. That gap isn’t a technology problem. It’s a trust problem. Record keepers bring the scale, data, and infrastructure to reach participants at every touchpoint; advisors bring the human relationships that move people from awareness to action. Historically, the two have competed for the same participant relationship. But that competition may have come at the participant’s expense.
The stronger model is collaboration. When record keepers can identify a contribution gap or a participant approaching a major life transition, and an advisor can follow up with personalized guidance, the result is something neither could deliver alone: a participant who not only understands their options but feels confident enough to act on them. As more assets flow through workplace plans and participants demand more than basic allocation help, the advisor-record keeper partnership isn’t just a business opportunity — it’s the structure the industry needs to actually improve retirement outcomes.
Read the full Wealth Management article by Fred Barstein, “Advisors, Record Keepers Should Partner on 401(k) Participants.”
