Episode summary
401(k) Real Talk Episode 216: November 11, 2026
Summary
Fred Barstein says the October jobs report was stronger than expected, with 165,000 new positions, wage growth at 4%, and prior months revised up by 84,000. Even so, he flags rising long-term unemployment and argues the report keeps retirement and health care at the center of plan sponsor decisions as employers try to manage higher benefit costs and participant contribution pressure.
He also highlights CBIZ’s retirement, insurance and benefits spin-off after the Grant Thornton acquisition, describing it as a 1,600-person, $400 million revenue business aimed at the middle market. He frames the move as part of the broader convergence of retirement and benefits, with workplace-focused aggregators trying to build scale and differentiate in a crowded market.
On the aggregator front, he points to Alliant’s hiring of a recruiter to grow its retirement and wealth division and notes that competitors such as World Advisors are also in motion. He then turns to the DOL’s proposed investment rule, saying it could open the door to alternatives in 401(k) plans, including private equity, private credit, real estate, infrastructure and crypto, but that not all alternatives deserve equal treatment.
He closes by emphasizing “kitchen table” issues that plan sponsors care about, arguing that advisers who address practical concerns rather than only topical or revenue-driven themes may earn more trust and create better openings for future solutions.
Key takeaways
- Fred Barstein says the October jobs report beat expectations with 165,000 new jobs and 4% wage growth, but long-term unemployment also rose sharply.
- Fred Barstein argues that rising health care costs may push employers to shift more expense to workers, affecting retirement contribution behavior.
- Fred Barstein says CBIZ’s retirement, insurance and benefits spin-off creates a focused middle-market player with 1,600 professionals and $400 million in revenue.
- Fred Barstein says the DOL’s proposed investment rule could expand 401(k) access to alternatives, but he warns that private equity, private credit, real estate, infrastructure and crypto are not interchangeable.
- Fred Barstein says advisers who focus on plan sponsors’ “kitchen table issues” are more likely to build trust and win business.
Notable quotes
“the October job market smashed expectations with 165,000 new positions created, led by professional and business services, followed by healthc care”
“long-term unemployment rose the most since December 2021 and now includes 2 million people out of work for 27 months or more”
“The DO filed their proposed investment rule last week with the OM, which opens the doors potentially for alternative investments”
“But all alternatives, which include private equity, private credit, real estate, infrastructure, and even cryptocurrency are not created equally”
“the DC industry tends to focus on what's topical, sexy, or what drives revenue, which while understandable, may not resonate in uncertain times”
How the episode opens
Greetings and a warm welcome to this week's edition of 401k real talk. This is Fred Barcstein, contributing editor at Wealth Management's RPA Omni Channel and CEO and founder of Trrow TPSU and 401k TV. 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 anywhere else.
So, let's get real. First story, the October job market smashed expectations with 165,000 new positions created, led by professional and business services, followed by healthc care. The previous two months job numbers were increased by $84,000.
Wages increased 4% beating the projected inflation. Yet experts are predicting that the Fed will increase interest rates. On the other hand, long-term unemployment rose the most since December 2021 and now includes 2 million people out of work for 27 months or more.
While hiring and firing remain muted, the October report keeps benefits at the forefront with retirement and health care converging for plan sponsors. Expected health care cost increase may cause employers to push more expenses onto workers, which could affect contribution rates with plan sponsors more focused on helping participants spend their next best benefits dollar. Next story.
Following the $5.1 billion acquisition by accounting firm Grant Thornton, Cabbus' retirement and insurance and benefits group spun out with 1,600 professionals and 400 million in revenue focused on the middle market. The move could help this new entity focus on the workplace as the convergence of retirement and benefits begin to accelerate, potentially creating a new force in the aggregator market. They recently launched a PEP with an entity acquired by a census.
Will the combination of retirement with insurance and benefits be better than being part of an accounting per firm for CBIS? Time will tell with many others trying.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- 401k news roundup
- dol investment rule
- retirement plan compliance
- managed accounts
- vanguard withdrawals
Companies and tickers mentioned
- STT
- MORN
- CBIZ
- Alliant Insurance Services
- The Vanguard Group
- State Street Investment Management
- Morningstar
Watch the episode
Watch “401(k) Real Talk Episode 216: November 11, 2026” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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