Episode summary
401(k) Real Chat: Betterment's Vinnie Allard
Summary
Retirement plan advisors are being pushed toward wealth services by fee compression, competition for participant rollovers, and the desire to protect plan assets while lifting per-client revenue. Vinnie Allard said the strongest use cases are higher-net-worth participants, such as executives, but he also sees demand for streamlined solutions for low-balance participants that can move from a 401(k) plan onto a wealth platform.
He argued that the same forces are drawing more wealth advisors into DC 401(k) and 403(b) plans. Some are chasing a large market opportunity, while others are responding to state mandates, federal legislation, and the risk of losing business owners to advisers who can handle both retirement and wealth relationships. In his view, more professional advisers in the market should improve outcomes for participants.
On Betterment’s platform, Allard said the convergence is real, but adoption is strongest among independent RPAs rather than regional and national broker-dealer advisers. He said Betterment is still building features needed for larger firms, though interest is coming from advisers who appreciate the platform’s ease of use, advisor dashboard, and client app for managing participant accounts at scale.
Key takeaways
- Vinnie Allard said fee compression and rollover competition are pushing retirement plan advisors to expand into wealth services.
- Allard said RPAs most often target higher-net-worth participants and low-balance participants with streamlined wealth solutions.
- He said up to 1 million retirement plans could come to market by 2030, creating a major opportunity for wealth advisors.
- Allard said state mandates and federal legislation are forcing more advisers into 401(k) work to avoid losing business-owner clients.
- He said Betterment is seeing more convergence use among independent RPAs than among regional and national broker-dealer advisers.
Notable quotes
“we're seeing a lot of retirement plan advisors fees being compressed much like we've seen in other areas such as recordkeeping and asset management”
“advisers view engaging with their plan participants and focusing a bit more on the wealth side as not only a way to protect plan assets, but also grow their per client revenues”
“I think you cited, if I'm getting the stat correct, as many as 1 million retirement plans coming to market by 2030”
“they're digging a moat around their business with state mandates and federal legislation bringing many new what I call dabblers into the 401k space”
“we're seeing that crossplatform use more with independent raas versus the advisers we're working with at some of the regional and national broker dealers”
How the episode opens
Welcome to 401k real chat. This is Fred Barstein, contributing editor at wealthmanagement.com's RPA Omni channel and CEO at Trrow QPSU and 401k TV. I invite the most interesting, innovative, and impactful retirement wealth management professionals, asking them to provide open, honest, and candid answers to three important and difficult questions. So, let's get real. Today, we have the pleasure of speaking with Vinnie Allard, head of advisor national accounts for Betterment. Welcome, Vinnie. Thanks, Fred. Good to be here.
Good to have good to have you. So, Vinnie, we're we're hearing a lot about the convergence of wealth and retirement at the workplace. Um, and let's start with uh RPA, retirement plan advisors.
Why and how are RPAs leveraging relationships with DC participants to offer wealth services? And what are the most common products and services that you see them offering? Yeah, I think that's a great place to start.
Um, I think if we look at the broader industry, you know, we're seeing a lot of retirement plan advisors fees being compressed much like we've seen in other areas such as recordkeeping and asset management. Additionally, there's other platform providers that are targeting participant rollovers. And I think advisers view engaging with their plan participants and focusing a bit more on the wealth side as not only a way to protect plan assets, but also grow their per client revenues.
uh especially as they look to move towards more holistic planning with some of those higher net worth uh plan participants, think executives, top level employees, those type of folks. Um but many times honestly we're we're seeing advisors simply wanting to offer a streamlined solution for those low balance participants, find ways to help drive and deliver better outcomes. Uh as we know these clients don't generate much in the the way of revenue.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- rpa vs dc participants
- workplace wealth convergence
- rp_as product and services
- advisors moving into dc plans
- fintech recordkeeping platform
Companies and tickers mentioned
- Betterment
- TRAU
- TPSU
- 401kTV
Watch the episode
Watch “401(k) Real Chat: Betterment's Vinnie Allard” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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