Episode summary
401(k) Real Talk Episode 208: September 16, 2026
Summary
Fred Barstein focused on the widening convergence between retirement plans and wealth management, led by Edelman Financial Engines’ partnership with ADP to offer unlimited one-on-one discretionary advice to participants in ADP plans and 338 services. He argued Edelman is well positioned for this move because of its scale in managed accounts, call center, mass affluent advisors, and mutual fund store network, and he suggested it will be interesting to see how advisors on ADP plans react.
He also highlighted the new DC dashboard from DCIA and Manifest, which estimates 1.1 million DC plans, 148 million participants, and $14.5 trillion in assets. He contrasted that with Cerulli and ICI data, using the numbers to show how fragmented and contested the market is even as it grows.
On participant experience, Fred pointed to a J.D. Power study showing mobile apps outperform desktop and mobile websites, with Bank of America ranked first. He then noted that seven firms supporting RPAs were recognized at the Wealthies and argued that wealth management’s coverage of both RPAs and wealth advisers validates its role in the market. He closed by saying broker-dealers are positioned to build the bridge to wealth, but data collection, legal, compliance, and recordkeeper cooperation remain major obstacles.
Key takeaways
- Fred Barstein said Edelman Financial Engines is leveraging its scale to expand beyond the plus $1 billion DC market through ADP advice.
- The DCIA/Manifest dashboard estimates 1.1 million DC plans, 148 million participants, and $14.5 trillion in assets, a figure Fred contrasted with other industry estimates.
- A J.D. Power study found participants value mobile apps more than websites, with Bank of America ranked first and Schwab and Vanguard next.
- Fred said broker-dealers see the workplace as a path to new wealth clients, but participant data and compliance hurdles still slow execution.
- Seven firms supporting RPAs were recognized at the Wealthies, which Fred framed as evidence of the convergence theme gaining traction.
Notable quotes
“Edelman Financial Engines is partnering with ADP to provide unlimited one-on-one discretionary advice to participants in ADP ADP plans”
“the DC dashboard created by Dacea and Manifest using over 85 various data sources estimates that there are currently 1.1 million DC plans”
“participants greatly value provider mobile apps over desktop and mobile websites, though not for predictive tools”
“Good apps can lead to more participant engagement where either willing to leave or roll assets into their high-performing record keepers”
“Most broker-dealers have realized the opportunity to leverage the workplace to help their reps find new wealth clients”
How the episode opens
Greetings and a warm welcome to this week's edition of 401k Real Talk. This is Fred Barstein, contributing editor at Wealth Management's RPA Omni Channel and CEO at TRAU, TPSU, and 401kTV. I'll 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 anywhere else.
So, let's get real. First story, to expand beyond the plus $1 billion DC market, Edelman Financial Engines is partnering with ADP to provide unlimited one-on-one discretionary advice to participants in ADP ADP plans as well as 338 services. Along with over 200 billion in managed accounts, mostly with larger plans, Edelman has a 90-person call center, over 300 mass affluent advisors, 140 mutual fund store locations, and a budding RPA practice.
Overall, Edelman has over 300 billion and is well-positioned to leverage to the convergence of wealth and retirement at work. It'll be interesting to see how advisors on the ADP plans react. Next story, the DC dashboard created by Dacea and Manifest using over 85 various data sources estimates that there are currently 1.1 million DC plans with 148 million participants and 14.5 trillion dollars.
Contrast that to Cerulli estimating over 1 million plans by 2029 and the ICI reporting 13.8 trillion in DC plans as of Q1. Other data includes matching and contribution rates, rollovers, and roll-ins. DCA is the leading association for for professionals working in the institutional DC market, including consultants, providers, asset managers, and related vendors, along with plan sponsors and high-level RPAs.
They also provide research through their retirement research council. Manifest offers participants with account consolidation services. Next story.
A recently released J.D. Power study indicates that participants greatly value provider mobile apps over desktop and mobile websites, though not for predictive tools.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- 401k industry news
- rpa and advice delivery
- dc plan estimates
- retirement plan digital experience
- ai and advisor headcount
Companies and tickers mentioned
- ADP
- AON
- STT
- ADP
- Edelman Financial Engines
- Manifest
- DCIIA
- JD Power
- Mariner
- Humanity Labs
- Fidelity
- USI
- Aon
- State Street
Watch the episode
Watch “401(k) Real Talk Episode 208: September 16, 2026” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from WealthManagement.com
-
401(k) Real Talk Episode 216: November 11, 2026 -
The Planning Opportunities Hidden in High-Net-Worth Conversations -
Wealth Management Invest: Expanding Access to Private Markets with Blackstone’s Farhad Karim -
401(k) Real Talk Episode 215: November 4, 2026 -
How Advisors Can Use AI Without Losing the Human Relationship with Rron Rexha -
Celebrity Estates: Dolly Parton and Estate Planning Without Children
WealthManagement.com, this episode and its artwork belong to their owners. Octagon is not affiliated with the show; this page is an independent summary.
