401(k) Real Talk Episode 174: November 12, 2025
Welcome to this week’s edition of 401(k) Real Talk, where Fred Barstein, contributing editor for WealthManagement.com’s RPA channel, reviews all of last week’s industry news and selects the five most important/interesting stories.
Worth reading/listening/noting:
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.com’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
Though the BLS has not reported job numbers for the Second month because of the government shutdown and chaos at the Bureau after Trump fired the commissioner, Challenger Gray and Christmas is reporting massive job cuts. The over 153,000 cuts are a 183% increase over September and 175% from a year ago led by the tech sector as well as not for profits whose cuts are up 419% from a year ago.
The Chicago fed indicated that unemployment is up made worse by the government shutdown and layoffs.
AI may be the culprit especially for tech companies but employers hate uncertainty leading to costs cutting. The Fed may respond by lowering interest rates which could lead to a recession if inflation continues to rise due in part to tariffs.
Next story:
Madison Dearborn has put together the pieces for an interesting RIA/RPA $580 bn aggregator through its $2.7bn acquisition of the parts of NFP which it sold to AON for $13 bn more than a year ago.
The newly named Wealthspire, which was the name of NFP’s wealth division, has $80 bn in wealth and $500bn in retirement also includes Fiducient, an institutional investment consultant, a Canadian private wealth firm and a UK/US family office service provider and will be led by the former head of Wealthspire, Mike LeMena.
The new entity raised $1bn in debt financing for acquisitions, new hires and technology.
The wealth and retirement divisions of NFP never really collaborated but the plan is for that to change to leverage the convergence of wealth and retirement at work under the new entity which is well positioned.
Next story:
The move to make private market investments continues with Schwab’s $660m acquisition of Forge, a private market platform citing the importance of these alternative investments especially as fewer companies go and demand by investors.
It’s another indication, along with the executive order and many vocal PE firms gearing up to offer their investments in DC plans, that these investments will be more available to everyday investors.
Next story:
If data is so valuable and the new oil, why shouldn’t firms that house and manage that data charge for it?
In what could be a groundbreaking move, JP Morgan reached agreement with Plaid, the nation’s largest wealth aggregator, to pay for the bank’s consumer data which experts believe could lead to similar moves by other financial institutions and especially DC record keepers.
A CFPB rule requiring financial institutions and credit card companies to transfer data for free at the request of the consumer set to go into effect in April 2026 is being challenged by the Trump administration.
The issue is at the heart of the Pontera/Fidelity feud and will only heat up as both record keepers, which gather and manage the data, and advisors, who sell the plan, both look to offer participants wealth services which require data. Unresolved issues around data use and consumer permissions may be played out in the courts.
FINALLY
Reading some reports from institutional consultants could make you believe that most plans are deploying auto features. But the reality, especially for smaller plans according to Vanguard’s “How America Saves” report, is very different.
Read my recent WealthManagement.com/RPA column as RPAs play the pivotal role in helping clients make these important features more available which is the number one way to improve participant outcomes.
FINISH
So those were the most important stories from the past week. I listed a few others I thought were worth reading covering:
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Gusto acquisition of Guideline closes
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Voya on the hunt for more acquisitions after OneAmerica deal
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Hardship withdrawals on the rise
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As the deadline nears, a guide to complying with Roth catch up provisions AND
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Cautionary tale from a small pension plan on the dangers of private investments
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.