The 2025 Aggregator Roundtable brought together leaders from major RIA and RPA aggregators to discuss how workplace retirement, wealth, and benefits are converging. With fees shrinking and competition rising, firms are focused on scaling through organic growth and M&A while trying to deliver more personalized, tech-enabled services to plans and participants.
Data dominated the discussion. Aggregators say they need full plan and participant data to support rollovers, managed accounts, advice delivery, and personalization — but record keepers control access and permissions. Payroll integration remains a major barrier, especially for smaller plans.
Panelists also explored the challenges of implementing managed accounts, capturing rollovers, bringing private investments into 401(k)s, and integrating acquisitions. Despite the complexity, they agreed the workplace represents a significant opportunity for well-capitalized, vertically integrated firms — especially those with patient ownership and the ability to leverage data effectively.
Without a unified “data umpire,” however, every firm is left to fend for itself, with the largest players best positioned to shape the future.
Read more insights in Fred Barstein’s article, “Aggregator Roundtable 2025: How RPAs and RIAs are Reshaping Workplace Saving and Benefits” — and registrations are now open for the 2026 roundtables: https://www.trauniversity.com/rparoundtables2/
