401(k) Real Talk Episode 200: July 8, 2026

Open, honest and candid discussions and dialogue on the most critical issues facing the RPA space. 401(k) Real Talk Episode 200: July 8, 2026 Open, honest and candid discussion about June jobs numbers, Hub's IPO, tech as a differentiator for record keepers, why Empower bought Milliman and more. 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. Worth Reading: 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 Job growth took a step back in June with just 57,000 positions created and the April and May numbers revised downward by 74,000. Wage increases did not keep up with inflation which is soaring due to higher gas prices and tariffs with more people out of work for more than six months since the pandemic. The jobless rate fell due to a shrinking workforce in part because of strict immigration policies which should get stricter after the Supreme Court’s decision to strike down Temporary Protection Status. There is no agreement on the effect of Ai on job creation. With an uncertain economy and heightened inflation with more companies looking to leverage Ai, hiring is certainly not robust and does not seem likely to change anytime soon which is also likely true for interest rates. Next story: Hub International filed a confidential draft registration laying the groundwork for their long awaited IPO. Their most recent valuation of $29 bn in a round that included T Rowe Price is considered to be the floor. Hellman & Friedman took Hub private in 2013 at a $4.4 bn valuation with Leonard Green investing in 2023 at a $23bn valuation. Current revenue is reported to be $5.2bn and EBITDA $1.3-$1.6bn. The Retirement and Private Wealth division with reported revenue of $300M became relevant in 2019 when Hub acquired Sheridan Road followed by the purchase of GRP - since then they have been on an acquisition spree with wealth firms a huge focus. When a company prepares to go public, cost cutting, layoffs and streamlining operations are common along with increased investments in infrastructure like internal systems, governance and compliance with acquisition activity remaining consistent. NEXT STORY In a brilliant column, NMG Consulting partner Josh Dietch reports that advisors are prioritizing record keeper technology over cost which he calls the silent differentiator. Based on NMG’s DC Advisor Insights study, hybrid advisors or those that focus on wealth but have a robust DC practice, want providers to remove friction and make it easy to do business. RPAs want RK tech to improve their efficiencies, integrating platforms, offering fiduciary analytics and helping with participant engagement. Specialists are looking for partners with whom they can integrate tech offering and a shared digital experience for clients. All of which will further accelerate RK consolidation as tech and wholesaling costs are the largest expenses. Even though fees may not be the top priority, it will break a tie which means they will continue to decline as more RKs look to offer wealth services potentially conflicting with RPAs with similar ambitions and definitely the hybrids but of whom want partners, not predators - I meant competitors. FINALLY Big news with Empower acquiring Milliman’s retirement and benefits administration. And though the DC and DB plans have about 750,000 participants each with some overlap and $50 bn in DC assets, the crown jewel maybe the benefits admin as Empower looks to integrate wealth, retirement and benefits at the workplace. Read my recent WealthManagement.com/RPA column about why Empower may be turning its focus to integrating health care and benefits with that industry facing similar fee and fiduciary scrutiny that DC plans faced 20 years ago. FINISH So those were the most important stories from the past week. I listed a few others I thought were worth reading covering: DOL rule may pave the way for more retirement income Record keepers gearing up for heightened demand for retirement income Small business owners need different advisor support Principal introduces new retirement income option and Trump nominates new Labor Secretary 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.