The retirement plan industry finds itself at an interesting crossroads. While recordkeepers continue to face pressure from declining fees, they are also being asked to deliver more services, better technology, and stronger participant support than ever before. At the same time, many see a tremendous opportunity to help participants beyond their 401(k) accounts through financial wellness tools, advice, and wealth management services. The question is no longer just how to administer retirement plans efficiently, but how to better serve participants throughout their financial lives.
That theme was front and center during the 8th Annual RPA Record Keeper Roundtable, where industry leaders discussed everything from expanding retirement plan access and closing the coverage gap to the growing role of AI, cybersecurity, and evolving regulations. While opinions differed on how best to address these challenges, there was a shared belief that the industry must continue to innovate and work together to improve financial outcomes for workers and their families. As retirement plans evolve, so too must the providers, advisors, and technologies that support them.
Read more insights in Fred Barstein’s latest Wealth Management article, “The Biggest Opportunities and Challenges Facing 401(k) Record Keepers.“
