Recordkeeping Industry 2025–2026: Key Trends and The Asteri Collective Impact
1. Market at an Existential Moment
Key Points
- $12.5 trillion in assets, 121 million participant accounts. The DCIO piece had a different number and mentioned Brightscope.
- Fee compression and rising operational costs are eroding margins.
- Outdated technology limits scalability and innovation.
- Heightened partner expectations for secure, real-time data sharing.
- Slow adoption of retirement income products due to fiduciary concerns.
- Convergence of wealth, retirement, and workplace benefits as a growth avenue.
- Consolidation is accelerating across national and regional players.
The Role of The Asteri Collective in the Future
The Asteri Collective Retirement Plan Consultant (RPC) member companies act as integration partners who can connect recordkeepers with advisors, Defined Contribution Investment Only (DCIO) providers, and plan sponsors through clean data, consistent processes, and high-touch service, helping recordkeepers retain and grow plans without increasing service burdens.
2. Technology and Artificial Intelligence (AI) Adoption
Key Points
- Financial technology (fintech) challengers (Vestwell, 401Go) are gaining ground with modern, scalable platforms.
- AI is being deployed to improve efficiency and client satisfaction without increasing headcount.
- Traditional recordkeepers must modernize to remain competitive.
The Role of The Asteri Collective in the Future
The Asteri Collective member firms bring tech-forward operational models that integrate with recordkeeper systems, improving data accuracy and speed, reducing call volume, minimizing manual intervention, and enabling recordkeepers to scale.
3. Explosion of Plan Formation
Key Points
- Driven by state mandates, federal incentives, tax credits, and Pooled Employer Plans (PEPs).
- Smaller plans often mean lower margins and more operational strain for recordkeepers.
The Role of The Asteri Collective in the Future
The Asteri Collective RPC member companies handle the complexity of onboarding and servicing new plans, allowing recordkeepers to benefit from volume growth without stretching service resources thin.
4. Convergence of Wealth, Retirement, and Benefits
Key Points
- Recordkeepers are exploring cross-selling opportunities (wealth services, Individual Retirement Accounts (IRAs), private markets, managed accounts).
- Coordination with advisors is essential but sometimes misaligned between home offices and field teams.
The Role of The Asteri Collective in the Future
The Asteri Collective RPC member companies coordinate with advisors to align plan design and investment structures, creating openings for recordkeepers to offer converged solutions without losing operational control.
5. Data Sharing and Partner Collaboration
Key Points
- Growing demand for secure, real-time data exchange between recordkeepers and advisors.
- Industry efforts at standardization have historically failed; third-party aggregators may fill the gap.
The Role of The Asteri Collective in the Future
The Asteri Collective RPC member companies serve as trusted data stewards, ensuring accurate, compliant information flows to all stakeholders, enhancing the recordkeeper’s ability to deliver integrated experiences.
6. Consolidation Pressures
Key Points
- Mergers and acquisitions (M&A) activity is reshaping the market; valuations are sensitive to operational performance.
- Regional recordkeepers face the greatest competitive pressure.
The Role of The Asteri Collective in the Future
By partnering with The Asteri Collective RPC member companies, recordkeepers can deliver high-quality service at scale, improving retention and making themselves more attractive for strategic partnerships or acquisitions.
7. New Product Opportunities and Challenges
Key Points
- Private markets may gain traction in Target-Date Funds (TDFs).
- Retirement income products still face fiduciary and portability hurdles.
- Managed accounts need fee reductions for broader adoption.
The Role of The Asteri Collective in the Future
The Asteri Collective RPC member companies educate sponsors on new product categories, facilitate compliant implementation, and ensure products are placed in the right plans, helping recordkeepers introduce innovations without increased risk.
8. Workplace Benefits and Plan Design
Key Points
- Plan design, investment structure, and benefits integration are increasingly strategic levers for retention.
- Litigation risk makes customization complex for recordkeepers to manage alone.
The Role of The Asteri Collective in the Future
The Asteri Collective RPC member companies manage the custom plan design and compliance load, enabling recordkeepers to offer more flexible, competitive plans without increasing operational or legal exposure.
