The RPAG Scoop | January 2024

Welcome back to our monthly RPAG Scoop where we give you the latest and upcoming information in the retirement industry. We are officially in 2024, and with the new year brings new goals and opportunities for you! We start this year's journey with a recap of 2023 as well as what is coming to RPAG in the upcoming year. Our friends at flexPATH Strategies also gave us a teaser for their 12th episode of their TDebrieF podcast at a special location that may be familiar to you as an RPAG member! T. Rowe Price was also kind enough to lend us two of their experts to discuss what's been happening in the retirement industry and how you as an RPAG member can benefit from working with them.

New Year, New RPAG! (0:51) 
You know him, you love him, it's Luke Vandermillen Jr. back at it again with the What's New Segment for the Scoop! Since we had such a big year for RPAG, Luke starts off by highlighting some great improvements that we made in 2023. He then goes on to give you some insider information about what we will be releasing in the upcoming year. This includes a user interface enhancement on our portal, with upgrades such as a sleeker design, custom dashboards, and quicker reporting. There will also be updates to the TDF Analyzer, RFP Express, and our Resource Center. You will also soon be able to add commentary to fund reports to be able to give your plan sponsors some insight on how funds are performing.

TDebrieF Podcast Debate Preview (12:17)

Watch as flexPATH Strategies' Matt Giovinazzo and Kellen Foley go head-to-head to see if target date funds (TDFs) or managed accounts are the better option when it comes to QDIAs! Kellen argues that target date funds are already readily available in most retirement plans, and with the extra fees that come with managed accounts, TDFs are the better option. He also points out that it is more difficult to benchmark a managed account as opposed to a TDF because of how customized it is. Matt believes that the "one size fits all" paradigm for TDFs just aren't working anymore. The point of managed accounts isn't to boost performance, but it is to match your assets to your liabilities. If you have more funding, then lowering your risk earlier on would make sense, and you can't do that with a regular TDF. They both agreed that over time, the trend will be toward personalization, which means that Matt won this round! If you want to watch the rest of that episode or any of their other TDebrieF podcast episodes, click here.

Or if you would like to reach out to discuss their positions on TDFs and managed accounts, you can email Matt or Kellen and they would be happy to speak with you.

Retirement in Review with T. Rowe Price (21:24)

Emma Tookey and Mike Shamburger from T. Rowe Price discuss the important ways that the retirement planning industry has changed and how T. Rowe Price has been able to navigate these changes. Mike knows that there has been a lot of pressure lately on margins, and recordkeeper consolidation is just one example of the impact of that pressure. He has also noticed recordkeepers changing their operating models. If a business can't fund their revenue stream, then that puts pressure on their revenue side, which forces them to find more efficient ways to operate. In regard to advisors, they have realized that diversified practices are more successful, so they are finding additional ways to support their revenue streams such as wealth management in addition to retirement. T. Rowe's price commitment and investment to growth has allowed them to become one of the leading recordkeepers in the retirement space. Emma and Mike also dabble into the CITs that they have created specifically for RPAG members at only 36 basis points which you can use for any plan that has over a million dollars in assets! 

As we begin another great year in retirement planning, we thank you for your partnership and your support as we continue to bring you the best service possible. Look out for our next edition of the Scoop, coming out February 5, 2024.

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