401(k) Real Talk Episode 211: October 7, 2026
Welcome to this week’s edition of 401(k) Real Talk, where Fred Barstein, contributing editor for Wealth Management’s RPA channel, reviews all of last week’s industry news and selects the five most important/interesting stories.
Read the full raw transcript below:
Greetings & a warm welcome to this week’s edition of 401k Real Talk. This is Fred Barstein contributing editor at WealthManagement’s RPA omnichannel and CEO at TRAU, TPSU & 401kTV – I review all of this week’s stories and select the most important and interesting ones providing open honest and candid discussion you will not get anyway else. So let’s get real!
FIRST STORY
The September job market report, the last one before the midterm elections, tanked adding just 29,000 jobs led by healthcare, construction and manufacturing v. an expected 90,000 with previous month’s numbers revised down by 30,000.
Unemployment rates increased as did the percentage of unemployed people looking for a job more than one month in what one expert called a “low fire low hire firm” environment. All of which is unlikely to cause the Fed to lower interest rates any time soon.
Cost concerns due to tariffs and oil prices as well as AI are making employers cautious not helped by the expected double digit increases in healthcare. Retirement benefits will be even more valuable to retain valuable workers, especially younger ones who tend to change jobs more frequently, as the cost to replace them is 1.3 times their salaries.
Next story:
Edward Jones, with 20,000 reps and $50bn in DC plans across 10 record keepers, is doubling down on retirement plans extending their relationship with tech enabled TPA Aboon in which Jones has invested as well as licensing tools from RPAG. They report that two thirds of their reps manage a retirement plan.
Jones is well positioned to work with smaller businesses, important as new plan formation is exploding due to government mandates. Because their reps are willing to work with less affluent investors, they can better leverage the convergence of wealth and retirement at work than most large firms, especially wirehouses, with greater control and influence over their reps than independents.
NEXT STORY
Ascensus announced an enhanced participant connectivity tool to improve advisor engagement capabilities through clearer information flow, AI and wellness tools. It will be debuting the service with a few national firms.
Along with hiring Josh Rundle from Transamerica to create participant focused products, they recently hired John Shapiro in a new position as Chief Product Officer position reporting directly to CEO Nick Good – Shapiro comes from the retail firm Wayfair and an e-commerce platform and software developer.
Ascensus claims 16m participants but likely not all or even a majority in DC plans. Though they started as an outsourcing service bureau eschewing participant or investment based fees, like most record keepers they realize they have to leverage participants. But they seem to be making a clear statement that they will partner, not compete which is becoming critical for advisory firms who must decide which record keepers they want to work with.
NEXT STORY
Brilliant column by Will Prest, a long time industry veteran who is tracking retiretech, about the need for advisors and providers to go beyond tools to integrate and personalize them.
The focus is on helping employees decide where to spend their next best benefits dollar which is becoming even more complicated as employers are pushing off additional benefits costs and decisions just as they did 20 years ago with the transition from DB to DC plans.
Though AI will play a major role, people still want to speak to a live person who can help, not sell. Employers need to be able to measure the effectiveness of these programs as the convergence of benefits with wealth and retirement begins to heat up at the workplace.
FINALLY
While momentum behind the convergence of wealth and retirement at the workplace continues and seems unstoppable, there are 12 major obstacles which must be faced and overcome.
Read my recent WealthManagement.com/RPA column about what advisors and providers, hopefully working together, need to do to.
FINISH
So those were the most important stories from the past week. I listed a few others that are worth reading covering:
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Vanguard data shows smaller plans not adopting auto features quickly
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Payroll related record keepers play major role in fund selection
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Fewer DC participants believe they are on track for retirement
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Another ERISA lawsuit filed against a national benefits broker
Please let me know if I missed anything or if you would like to comment. Otherwise I look forward to speaking to you next week on 401k Real Talk.
