The 401(k) industry is undergoing a major shake-up. As technology rapidly transforms how retirement plans are evaluated and selected, automation is accelerating a wave of consolidation among record keepers and advisors. Traditional approaches are becoming obsolete as fees decline, service costs climb, and client expectations rise. To survive, firms must pivot from pushing products to focusing on participant outcomes.
Leading the charge are large advisory firms and aggregators, who now use automated RFP tools like Catapult to streamline record keeper evaluations—sometimes completing dozens of proposals in minutes. This shift favors big, scalable providers while squeezing out smaller players who can’t compete on efficiency, pricing, or tech investment.
Read more insights in Fred Barstein’s in the latest article on WealthManagement.com, “Automated 401(k) Record Keeper RFP Process Accelerating Industry Consolidation.“
