Retireholics

Retireholics break down the biggest trends reshaping the retirement plan industry: Edward Jones and RPAG collaboration, Great Gray ownership shifts, and how aggregator models with private equity are changing the competitive landscape for advisors and plan sponsors.

In this episode, the Retireholics crew dives deep into industry consolidation and the forces reshaping how 401(k) plans are bought, sold, and managed. You'll hear about the Edward Jones and RPAG partnership, Great Gray's ownership evolution, and the rise of aggregator models attracting private equity capital.

We also tackle practical advisor concerns: Collective Investment Trusts (CITs) vs. mutual funds in plan design, cost transparency issues that impact your fiduciary obligations, and why 408(b)(2) disclosures are getting more complex as platforms consolidate.

Plus, the crew launches the 401k Nerd Checklist, a new resource for plan sponsors and advisors, and explores cutting-edge AI tools that can streamline your practice (with a healthy dose of skepticism about data privacy).

Whether you're a TPA, plan sponsor, or independent advisor, this episode cuts through the noise on where the industry is heading and what it means for your business model.

CHAPTERS

0:00 Intro and Episode Topics

5:00 Edward Jones and RPAG Collaboration

14:37 Great Gray Ownership and Industry Consolidation

20:25 Aggregator Models and Private Equity

26:49 Wheel of Ice Segment

30:58 401k Nerd Checklist Launch

34:54 Collective Investment Trusts vs Mutual Funds

42:18 Cost Differences and Transparency Issues

46:22 Random Tangents and Office Equipment

56:42 Shameless Plug for News Aggregator

1:02:09 AI Tools and Data Privacy Concerns

1:12:13 Wrap Up and Outro

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/edward-jones-rpag-great-gray-private-equity-retireholics/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/@Retireholics

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by the Retireholics crew, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

Retireholics crew & the 401(k)ouple dive deep into how AI is reshaping advisor workflows, the role of private equity in retirement plans, and what plan design looks like when TPAs and recordkeepers are at the table.

This episode tackles the biggest trends hitting the 401(k) industry right now. The panel breaks down how AI is changing plan administration and advisor workflows, and whether it's a tool that makes advisors more valuable or a threat to their role. You'll hear candid takes on private equity's growing presence in retirement plans, the tension between compliance and participant outcomes, and how plan design is evolving for employers without dedicated financial professionals.

We also explore Schwab's market moves, Fidelity's role as a recordkeeper and TPA, and why customized target date funds matter more than ever. The conversation touches on practical topics like employer discretionary contributions, unlimited PTO policies, and salary transparency, all issues that affect plan adoption and participant engagement.

Whether you're an advisor, TPA, plan sponsor, or recordkeeper, this episode serves up straight talk on the tools and trends shaping your practice. Plus, you'll get the Retireholics signature blend of industry insight and irreverent humor.

CHAPTERS

0:00 Cold Open with Robe Guy

6:05 Award Win for the Podcast

13:29 Fidelity and Third Party Administrators

18:47 Plans Without Financial Professionals

20:08 Schwab, Anthropic, and AI Advisors

24:15 AI as a Tool vs Replacement

29:56 Formula One's Artificial Intelligence Commentator

39:34 Balancing Compliance and Participant Outcomes

44:11 Employer Discretionary Contributions

47:23 Unlimited PTO Policies

53:34 Salary Transparency Concerns

57:19 Private Equity in Retirement Plans

1:04:56 Customized Target Date Funds

1:09:52 Technology and Third Party Administrators

1:16:13 Wrap Up and Final Thoughts

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/401kouple-discuss-ai-private-equity-plan-design/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/@Retireholics

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by JD Carlson and co-hosts, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

John Lestock joins JD Carlson to expose predatory 401(k) sales tactics and break down the latest industry acquisitions reshaping the recordkeeper landscape. From USI to Aon to Empower's bold moves, here's what advisors and plan sponsors need to know.

The 401(k) industry is consolidating fast, and not all of it is good news for advisors and their clients. In this episode, guest John Lestock dives deep into the predatory sales practices advisors encounter daily, then shifts gears to analyze the major M&A activity dominating 2026: USI's acquisition by Aon, Empower's move into defined benefit plans, and Vanguard's acquisition of the Altruist trading platform.

We also tackle the messy reality of payroll integration, data warehouses, and the tension between client responsibility and scalability. What happens when recordkeepers promise seamless integrations but the backend doesn't deliver? And how do plan sponsors and advisors navigate the fine line between their fiduciary duty and what's actually feasible at scale?

Whether you're a TPA, plan sponsor, recordkeeper, or independent advisor, this conversation hits the pain points of the current market. The team breaks down what these acquisitions mean for your practice, why some sales tactics work (and why they shouldn't), and how to stay competitive when the big players keep getting bigger.

Perfect for anyone managing 401(k) plans or advising clients in the defined contribution space.

CHAPTERS

0:00 Cold Open: The Retireholics Team

0:34 Episode Agenda and Banter

7:42 Predatory 401k Sales Tactics Exposed

17:24 Industry Acquisitions: USI and Aon

24:22 Empower's Defined Benefit Plan Acquisition

26:51 Vanguard Acquires Altruist Trading Platform

34:19 Mystery Stock: Hims and Hers

43:50 Census Data Collection Challenges

49:48 Payroll Integration and Data Warehouses

54:43 Client Responsibility vs. Scalability

1:02:11 Wrap Up and Closing Remarks

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/john-lestock-predatory-sales-ma-trends-retireholics/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/@Retireholics

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by JD Carlson and co-hosts, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

Tod Ruble from Custodia breaks down hybrid capital structures, 3(38) fiduciary responsibilities, and what advisors need to know about plan custodian security after the TrueStage cyber disaster. Learn the real risks and pricing models.

In this episode, host JD Carlson sits down with Tod Ruble to explore Custodia's role in the 401(k) ecosystem and the growing complexity of 3(38) fiduciary arrangements. We dig into what hybrid capital means for plan sponsors, the specific fiduciary responsibilities advisors take on when recommending custodial services, and the pricing models that actually work in the field.

Tod also walks us through the TrueStage cybersecurity incident: what happened, the timeline, and what it means for transparency and trust in the industry. We don't shy away from the hard questions: participant loan defaults, loan insurance products, ACH payment security, and loan portability all get the Retireholics treatment.

Whether you're a TPA, plan sponsor, recordkeeper, or advisor, this conversation covers critical ERISA compliance considerations and practical custodian selection criteria. Plus, we test some new AI-powered compliance monitoring tools in our "Dope or Nope" segment.

Perfect for anyone managing fiduciary risk or evaluating custodial partners. Grab a cold one and tune in.

CHAPTERS

0:00 Cold open and introductions

4:08 Introducing guest Tod Ruble

9:28 Opening toast and guideline discussion

10:58 Custodia and hybrid capital explained

15:43 3(38) fiduciary responsibilities and risks

21:29 Pricing for 3(38) services

33:31 TrueStage cyber security debacle

39:33 Timeline and transparency issues

43:51 Participant loan defaults and accessibility

47:33 Loan insurance product overview

53:24 ACH payments and loan portability

1:01:38 Dope or nope segment begins

1:10:27 AI tools for compliance monitoring

1:15:30 Closing remarks and thank yous

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/tod-ruble-custodia-338-fiduciary-risks-cyber-retireholics/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/@Retireholics

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by JD Carlson and co-hosts, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

Sheri Fitts joins JD Carlson to break down stretch matches vs. non-elective contributions, fiduciary responsibilities, and the latest on pooled employer plans. Essential listening for 401(k) advisors staying ahead of plan design trends.

In this episode, Sheri Fitts dives deep into critical plan design strategies that every 401(k) advisor needs to master. We explore the nuances of stretch match versus non-elective contribution approaches, and when to deploy each strategy for your clients.

A major highlight: Fred Reish's breakdown of 3(38) fiduciary duties and what they mean for your advisory practice. Understanding fiduciary responsibilities under ERISA is non-negotiable, and this segment cuts through the complexity.

We also tackle the evolving landscape of target date funds and alternative assets, discussing how to position these solutions for plan sponsors. Plus, hear Sheri's perspective on personal branding in financial services, a competitive edge many advisors overlook.

Rounding out the conversation: Strong Point Partners TPA tools, advisor technology and data integration challenges, pooled employer plans (PEPs) and their role in plan innovation, and key takeaways from the Nashville conference.

Whether you're a TPA, plan sponsor, recordkeeper, or independent advisor, this episode delivers actionable insights on compliance, plan design strategy, and building your practice in a competitive market.

CHAPTERS

0:00 Cold Open and Welcome Back

6:24 Stretch Match vs. Non Elective Contributions

15:35 Fred Reish on 3(38) Fiduciary Duties

23:48 Target Date Funds and Alternative Assets

25:52 Nashville Conference Recap and Gratitude

28:07 Personal Branding in Financial Services

38:38 Strong Point Partners TPA Tools

43:12 Advisor Technology and Data Integration

56:37 Industry Updates and Conference Drops

1:01:39 Pooled Employer Plans, Innovation or Packaging

1:10:03 Wrap Up and Thanks

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/sheri-fitts-plan-design-fiduciary-duties-peps-retireholics/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/@Retireholics

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by JD Carlson and co-hosts, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

This week's special guest is Kevin Spaeth of PenChecks Trust. Topics to include: Voya Financial partners with SinglepointAI Inc. in TPA onboarding tech play, (k)quote and 3(38) Investment Fiduciaries become FIDUCION, PLANSPONSOR Magazine's 2026 Recordkeeping Survey

Brian Danos joins JD Carlson to break down participant vs. employer-paid fee strategies, recordkeeper pricing tactics, and how AI is transforming 401(k) compliance documents. Essential insights for advisors navigating fee debates and modernizing plan administration.

In this episode of Retireholics, Brian Danos dives deep into some of the thorniest issues facing 401(k) advisors today. We start with the ongoing fee debate: should participants or employers shoulder the cost? Brian walks through real recordkeeper pricing strategies and how to benchmark fees effectively in a competitive market.

As compliance requirements evolve, we tackle the practical challenges of electronic delivery and notice requirements, plus best practices for communicating with terminated participants. But the real game-changer? Artificial intelligence's growing role in 401(k) administration. Brian explores how AI is reshaping legal documents, improving plan notices, and helping advisors create compliance materials that actually get read by participants.

We also dig into the data challenges advisors face when working with recordkeepers, what's broken, what's fixable, and how to demand better tools. Whether you're a TPA, plan sponsor, recordkeeper, or independent advisor, this conversation covers the regulatory, operational, and strategic issues that keep 401(k) professionals up at night. Grab a cold one and tune in.

CHAPTERS

0:00 Cold Open: Retireholics Intro

2:08 Welcoming Guest Brian Danos

11:22 Fee Debates: Participant vs Employer Paid

20:30 Record Keeper Pricing Strategies

26:33 Electronic Delivery and Notice Requirements

35:03 Terminated Participant Communications

46:59 Artificial Intelligence in 401k

54:12 AI's Impact on Legal Documents

1:00:16 Plan Notice: The Company Pitch

1:03:18 Data Challenges with Record Keepers

1:08:42 Making Compliance Documents Actually Useful

1:11:31 Wrap Up and Final Thoughts

MORE FROM RETIREHOLICS

Full episode notes & transcript: https://retireholics.com/episodes/brian-danos-retireholics/

All past episodes: https://retireholics.com/episodes/

Live every 1st & 3rd Thursday at 4:30pm PT: https://retireholics.com/live/

Get show reminders: https://retireholics.com/get-reminders/

SUBSCRIBE

YouTube: https://www.youtube.com/c/Retireholiks

Apple Podcasts: https://podcasts.apple.com/us/podcast/retireholics/id1490618217

Podbean: https://retireholiks.podbean.com/

Retireholics is the show changing the retirement industry one beer at a time. Hosted by JD Carlson and co-hosts, covering 401(k) plan design, fiduciary responsibility, fees, investments, and industry news for retirement plan advisors and professionals.

Diving deep on participant notices, missing participants, beneficiaries, hard copy vs. electronic options.

Also covering the 401k headlines/news of the week.

Super pumped to have Todd Harlow of Hero7 on the RH Show!

Topics to include: Say It Aint So BenefitsLink, Fred Reish's New Website, National Association of Plan Advisors Endorses Private Equity and Crypto?, What is the AARP and What Does It Do? Ascensus/Future Plan Launches PEP with Voya Financial and Mesirow, 401k Conversion Dos and Donts, Acrosyn and Fintoks. ChatBar Nerds Unite and get ready to battle for the Chat Bar Champion Title.

The 401k Girls are back. Hayley Porter and Jessica Porter return to talk acquisitions, target-date funds, financial literacy, vibe coding, and getting more women into financial services. Plus Fact or Fiction Thursday, a Chat Bar Champion challenge, and the usual chaos.

We dig into the Ascensus and American Trust custodian shakeup and what consolidation means for advisors and TPAs, the wave of public comments on the latest DOL rule, whether private assets belong inside target-date funds, and why retirement should maybe just be boring. The girls break down their approachable take on financial literacy, the rebrand to The 401k Girls, and how authenticity (and the occasional quarter-zip) wins on social media. We also get into AI and vibe coding for plan administration.

0:00 Validate everyone in the chat bar

1:30 Welcoming back The 401k Girls

1:57 Fact or Fiction Thursday

4:50 Ascensus and American Trust custodian shakeup

13:30 Wholesaler relationships and partner reactions

20:50 DOL rule draws 37,000 public comments

23:30 Private assets inside target-date funds

27:20 Chat Bar Champion challenge

29:30 Reading bad financial advice posts

36:30 Making financial literacy approachable

38:40 Rebranding to The 401k Girls

41:30 Authenticity wins on social media

43:50 Vibe coding and AI for plan admin

49:50 Getting more women into financial services

59:00 Setting sales goals and succession planning

1:04:00 Wrap up and shoutouts

Guests: Hayley Porter and Jessica Porter, The 401k Girls

LinkedIn: https://www.linkedin.com/company/the-401k-girls

Retireholics is a live show for the 401(k) industry. New episodes the 1st and 3rd Thursdays at 4:30pm Pacific.

Join the next show live: https://plandesign.zoom.us/w/760355487

More episodes and transcripts: https://retireholics.com