Fidelity Newsroom. (2026, March 4). Fidelity® Q4 2025 Retirement Analysis: Average Annual 401(k) Account Balances Increase by Double Digits for Third Year in a Row. Fidelity. https://newsroom.fidelity.com/pressreleases/fidelity--q4-2025-retirement-analysis--average-annual-401-k--account-balances-increase-by-double-dig/s/aa6c3841-2f2d-4d6b-b38e-14a2a857b1b4 Average 401(k) balances reached a record $146,400 at the end of 2025, marking an 11% increase from the prior year. Average 403(b) account balances saw a 13% annual increase, finishing the year at $133,500. Individual Retirement Account (IRA) balances grew by 7% year-over-year to reach an average of $137,095. Total 401(k) savings rates remained steady at 14.2%, which is just below the 15% recommended savings target. The number of participants with million-dollar 401(k) balances hit a new record of 665,000 during the fourth quarter. Younger generations demonstrated strong savings engagement, with over 13% of Gen Z participants increasing their contribution rates. Long-term female savers reached a significant milestone as those with 15 years of continuous participation averaged over $500,000 in their accounts. Knote: With more people turning 65 in the US this year than ever has done, growth-minded advisors should triple-down on the 401k rollover market or Fidelity will have all the fun.

Saini, M. (2026, March 06). Robinhood's $658 million private markets fund for retail investors goes public. Reuters. https://www.reuters.com/business/finance/robinhoods-658-million-private-markets-fund-retail-investors-goes-public-2026-03-06/ Robinhood Markets has officially listed its flagship $658.4 million venture fund on the New York Stock Exchange. This public debut allows individual traders to gain exposure to a set of "pre-IPO" technology companies through a traditional exchange-traded vehicle. Initial companies held include: Databricks (approx. 23%), Revolut , Ramp , Airwallex , Boom Supersonic , Oura , Mercor, and soon to be Stripe . The initiative reflects Robinhood's ongoing corporate strategy to democratize sophisticated financial products for its user base. As a closed-end fund structure, retail investors can buy and sell their interest just like a stock, no matter what their accreditation status is. Management fee is a flat 2%, which is quite high for a typical retail fund, but much lower than a typical venture capital or private equity fund investment because there are no performance fees. Knote: On paper, this is a fine idea. But I don't think a closed-end fund structure is the best way to trade illiquid securities and I'm not a huge fan of the way this was marketed. Still, it shows the power of mass distribution encountering demand for alternatives, for good or evil, as $650 million is not a shabby figure to raise on light analysis and market chaos. However, it is possible that at least some of those purchases were based on the trust of the Robinhood brand, which may be on probation at the moment since the investment declined 16% on the first day. Granted, there were market forces at play, but they may need to wait a bit for their next effort.

Your guided tour of the interesting events in WealthTech for the week. Orion Announces Denali AI Enterprise Version, Powering a New Era in Advisor Productivity  Orion has launched the Denali AI Enterprise version to automate complex workflows and provide advisors with real-time access to actionable client data through natural language processing.  This release marks a strategic shift from basic AI experimentation to enterprise-grade data orchestration, allowing firms to scale productivity while maintaining strict regulatory oversight.  Knote : An AI tool that lets people query data? Meh. A data layer that allows people to query data with an AI tool? Very interesting and awesome! AI is not a computational exercise. It's a data exercise first and foremost. Orion has spent the last several years trying to get its arms around its data ocean and now they are reaping the rewards.    Read More: WealthTech Strategy Partners Blog RPAs Face Growing Competition From Wealth Advisors Over 401(k) Participants  Wealth management firms are aggressively targeting 401(k) participants to capture rollover opportunities and individual assets, challenging traditional retirement plan advisors.  The convergence of institutional retirement consulting and individual financial planning is accelerating, turning the employer-sponsored plan into a primary frontier for high-net-worth client acquisition.  Knote : With more people turning 65 this year than in human history, 401-k rollovers and advisory is the major battleground for organic growth and advisors need to sharpen their proposals, get in there, and win. The Great Wealth Transfer is happening over the next 30 years. The Great Liquidation is happening now.  Read More: WealthTech Strategy Partners Blog   Fidelity Expands Alternative Investment Resources for Wealth Management Firms  Fidelity Investments is broadening its alternative investment platform with new educational series, digital research tools, and streamlined subscription processes for private market assets.  By integrating institutional-grade products with advisor-centric workflows, Fidelity is positioning itself as the essential infrastructure provider for firms seeking to diversify beyond traditional asset classes.  MWnote : Fidelity’s expansion reflects the platformization of alternatives, where controlling advisor workflow and infrastructure, not just product access, becomes a primary driver of long-term economics in private markets distribution.  Read More: WealthTech Strategy Partners Blog   Natural Language Research: Google Finance’s Deep Search Changes Investment Workflows  Google Finance has introduced a Deep Search feature using natural language processing to extract qualitative insights and thematic risks directly from complex financial filings like 10-Ks.  The democratization of sophisticated NLP tools shifts the analyst's role from manual data collection to high-level strategic interpretation, leveling the research playing field between retail and institutional investors.    Read More: WealthTech Strategy Partners Blog The Oasis Group’s AI Readiness Index: First Maturity Benchmark for Wealth Management Industry  The Oasis Group launched the first AI Readiness Index to provide wealth management firms with a standardized framework for evaluating data governance and technological maturity.  The index highlights that strategic data management is the critical prerequisite for firms looking to move beyond AI pilots into scalable, enterprise-wide implementation.  Knote : The Oasis Group team continues to make quite a name for themselves in Wealth AI, so they have a chance at becoming the key benchmarking agent for AI adoption at a wealth firm. They even include a self-assessment tool, which consultants rarely do, but I guess this is that important. Note that they identify strategic data management as the most critical factor for enterprise adoption. We couldn't agree more.  Read More: WealthTech Strategy Partners Blog   Robinhood Unveils the Future of Family Finance at Robinhood Presents: Take Flight  Robinhood has introduced a comprehensive family finance suite, including a unified family hub, custodial accounts, trust support, and a premium platinum credit card.  These updates signal Robinhood's aggressive evolution into a full-service financial super-app designed to retain mass-affluent households and capture multi-generational wealth.  Knote : Robinhood continues its march away from day trading and towards a comprehensive financial platform for mass affluent. A new family portal certainly contemplates family wealth in the mass affluent or even HNW area, as does the platinum card launch (clad in real platinum). I will also point out that their digital advice platform is up to $1.5b  Read More: WealthTech Strategy Partners Blog Charles Schwab Completes Acquisition of Forge Global  The Charles Schwab Corporation has finalized its $660 million acquisition of Forge Global to provide retail and advisor clients with direct access to pre-IPO private securities.  By integrating a leading private marketplace into its ecosystem, Schwab is scaling its "Alts2Wealth" capabilities to meet the increasing demand for private equity among individual investors.  Knote : This announcement comes just a few days before Robinhood's pricing of their Ventures I fund (probably not a coincidence). Fidelity also announced this week that they were increasing their Alts2Wealth presence with new model portfolios and education. Taken together, it is shaping up to be a big week for Alts2Wealth.  Read More: WealthTech Strategy Partners Blog

Charles Schwab. (2026, March 2). Charles Schwab Completes Acquisition of Forge Global. Schwab Press Room . https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Completes-Acquisition-of-Forge-Global/default.aspx The Charles Schwab Corporation has officially completed its acquisition of Forge Global Holdings, Inc., a leading marketplace for private securities. The deal was announced back in November ( see Schwab to Acquire Forge For $660mm, Expanding Access to Private Markets ) This acquisition allows Schwab to offer its retail and advisor clients direct and indirect access to pre-IPO company shares. Forge Global will maintain its current operations and issuer relationships while work begins to integrate its infrastructure into the Schwab ecosystem. Schwab intends to scale Forge’s technology and data services across its platform to support wealth creation for individual investors and Registered Investment Advisors. Knote: This announcement comes just a few days before Robinhood's pricing of their Ventures I fund (probably not a coincidence). Fidelity also announced this week that they were increasing their Alts2Wealth presence with new model portfolios and education. Taken together, it is shaping up to be a big week for Alts2Wealth.

Fidelity Investments. (2026, March 3). Fidelity Expands Alternative Investment Resources for Wealth Management Firms . https://newsroom.fidelity.com/pressreleases/fidelity-expands-alternative-investment-resources-for-wealth-management-firms/s/6ff38d01-6606-4b27-a1e0-29a35cf9971a Fidelity is expanding its alternative investment capabilities to help wealth management firms navigate the complexities of private markets. The firm has launched a new "Alternative Investment Strategies" educational series designed to deepen advisor knowledge of private equity, debt, and real estate. A central component of the expansion is the enhancement of Fidelity’s alternative investment platform, which provides streamlined access to a diverse range of institutional-grade products. New digital tools and analytics are being integrated into the platform to improve the research, subscription, and reporting processes for financial professionals. Fidelity aims to address the growing demand for portfolio diversification as traditional asset classes face increased volatility and lower projected returns. The initiative includes strategic collaborations with leading alternative asset managers to offer exclusive investment opportunities to Fidelity's clients. This expansion underscores Fidelity’s commitment to providing comprehensive support and infrastructure for firms seeking to scale their alternative investment offerings. MWnote: Fidelity’s expansion reflects the platformization of alternatives, where controlling advisor workflow and infrastructure, not just product access, becomes a primary driver of long-term economics in private markets distribution.

Robinhood. (2026, March 4). Robinhood unveils the future of family finance at Robinhood presents: Take flight . Robinhood Newsroom. https://robinhood.com/us/en/newsroom/robinhood-unveils-the-future-of-family-finance-at-robinhood-presents-take-flight/ Robinhood announced a new suite of products aimed at transforming the platform into a comprehensive financial super-app for families. The company introduced a new family hub that provides households with a unified view of accounts while maintaining intentional access and clear permissions. Custodial accounts are being launched to allow parents and guardians to invest on behalf of minors with seamless asset transfer at the age of majority. New trust accounts will support trustees in managing investments for revocable living trusts, including equities, options, and cash holdings. The Robinhood Platinum Card was unveiled as an invite-only premium credit card offering elevated benefits and high credit limits for a $695 annual fee. Updates to Robinhood Strategies and the new returns hub will provide customers with enhanced portfolio analysis and reinvestment options as well as tax-aware transfers. To celebrate the event, the company launched HOOD Rewards, featuring limited-time promotional drops and sweepstakes for eligible customers. Knote: Robinhood continues its march away from day trading and towards a comprehensive financial platform for mass affluent. A new family portal certainly contemplates family wealth in the mass affluent or even HNW area, as does the platinum card launch (clad in real platinum). I will also point out that their digital advice platform is up to $1.5b

The Oasis Group. (2024, October). The Oasis Group’s AI readiness index: First maturity benchmark for wealth management industry. Peak's Perspective. https://theoasisgrp.com/peaks-perspective/the-oasis-groups-ai-readiness-index-first-maturity-benchmark-for-wealth-management-industry/ The Oasis Group has launched the industry’s first AI Readiness Index to provide a standardized maturity benchmark for wealth management firms. This index evaluates firms across multiple dimensions including data governance, technological infrastructure, and organizational culture to determine their capacity for AI adoption. Results from the initial benchmarking reveal that while interest in artificial intelligence is high, many firms struggle with foundational data cleanliness and legacy system integration. The framework categorizes firms into distinct maturity levels to help leadership teams prioritize strategic investments in their digital transformation journeys. Strategic data management is identified as the most critical factor for firms seeking to transition from experimental AI pilots to scalable enterprise solutions. The report emphasizes that successful AI implementation requires a shift in workforce training and a proactive approach to risk management. By establishing this benchmark, The Oasis Group aims to provide a clear roadmap for wealth management executives to navigate the complexities of emerging technologies. Knote: The Oasis Group team continues to make quite a name for themselves in Wealth AI, so they have a chance at becoming the key benchmarking agent for AI adoption at a wealth firm. They even include a self-assessment tool, which consultants rarely do, but I guess this is that important. Note that they identify strategic data management as the most critical factor for enterprise adoption. We couldn't agree more.

O'Connell, J (2024, April 17). Natural language research: Google Finance’s deep search changes investment workflows . The Oasis Group. https://theoasisgrp.com/peaks-perspective/natural-language-research-google-finances-deep-search-changes-investment-workflows/ Latest Peaks Perspective newsletter from The Oasis Group , they highlight that Google Finance has introduced a "Deep Search" feature that utilizes natural language processing to extract specific data from complex financial filings. This tool allows investment professionals to query qualitative information within 10-K and 10-Q reports without manually scanning hundreds of pages. The integration of large language models enables the platform to provide cited answers directly linked to the source text for immediate verification. Analysts can now perform cross-company comparisons of specific thematic risks or strategic initiatives more efficiently than traditional keyword searches allow. The technology significantly reduces the time required for fundamental research by shifting the focus from data collection to higher-level analysis. While the tool enhances productivity, users must still exercise professional judgment to interpret the context and nuances of the AI-generated summaries. This advancement represents a broader trend of consumer-grade financial tools adopting sophisticated research capabilities previously reserved for institutional platforms.

Barnstein, Fred (2026, March 2). RPAs Face Growing Competition From Wealth Advisors Over 401(k) Participants. WealthManagement.com . https://www.wealthmanagement.com/rpa-news/rpas-face-growing-competition-from-wealth-advisors-over-401-k-participants (RPA = Retirement Plan Advisor) Wealth management firms are aggressively expanding into the retirement space to capture individual participant assets and rollover opportunities. Increased private equity backing is driving consolidation and pressuring firms to seek growth through integrated wealth and retirement services. Retirement plan advisors are facing new challenges as traditional wealth managers target employees who were previously overlooked by the institutional side. The integration of technology and managed accounts allows wealth firms to provide personalized advice to a broader range of 401(k) participants. Firms are increasingly viewing the employer-sponsored plan as a primary channel for acquiring high-net-worth clients at the individual level. Traditional retirement plan advisors must adapt by offering holistic wealth management services to remain competitive against larger, multi-service firms. The shifting industry landscape is forcing a convergence between institutional retirement consulting and individual financial planning. Knote: With more people turning 65 this year than in human history, 401-k rollovers and advisory is the major battleground for organic growth and advisors need to sharpen their proposals, get in there, and win. The Great Wealth Transfer is happening over the next 30 years. The Great Liquidation is happening now.

Orion. (2026, February 26). Orion Announces Denali AI Enterprise Version, Powering a New Era in Advisor Productivity . Business Wire. https://www.businesswire.com/news/home/20260226730121/en/Orion-Announces-Denali-AI-Enterprise-Version-Powering-a-New-Era-in-Advisor-Productivity Orion has officially launched the Denali AI Enterprise version to enhance productivity and operational efficiency across wealth management firms. The platform leverages generative artificial intelligence to automate complex workflows and provide advisors with immediate access to actionable data. Financial professionals can utilize natural language processing to query client information and generate customized portfolio insights in real time. This enterprise-grade solution incorporates advanced security features and firm-level administrative controls to maintain strict regulatory compliance. The system integrates directly with the existing Orion wealth management ecosystem to centralize client data and investment management functions. A primary objective of the rollout is to significantly reduce the time advisors spend on manual administrative tasks and report generation. The technology enables firms to deliver more personalized client experiences through the use of data-driven predictive analytics and automated communication tools. Knote: An AI tool that lets people query data? Meh. A data layer that allows people to query data with an AI tool? Very interesting and awesome! AI is not a computational exercise. It's a data exercise first and foremost. Orion has spent the last several years trying to get its arms around its data ocean and now they are reaping the rewards.

Your guided tour of the interesting events in WealthTech for the week. iAltA Holdings Acquires Delio as They Quietly Build Their End-to-End Alts2Wealth Platform   iAltA Holdings has acquired Delio, a provider of white-label operating systems for private market investments, to further its goal of creating an end-to-end private markets platform. This acquisition solidifies iAltA’s position in the alternative investment space by integrating digital workflows and reporting tools that are becoming essential as private assets go mainstream.   Knote: We have always loved what was going on at Delio, so now we love what is going on at iAlta. Everyone has Alts2Wealth on their 2026 roadmap. But Bill Sherman, Scott Ganeles, and Gareth Lewis seem to understand that after everyone gets their systems in place, the music will stop for the next 5-7 years since these systems are sticky. They plan to develop the end-to-end functionality and pure heft to be one of the ones left standing. In the last year, iAlta has acquired BridgeFT, Verivend, and Betterfront, quickly and quietly building what they hope will be the category-killing end-to-end Alts2Wealth platform.   Read More: WealthTech Strategy Partners Blog   Docupace Acquires InvestEdge and Appoints Brian Filanowski as CEO   Docupace has acquired the compliance and surveillance platform InvestEdge and named data veteran Brian Filanowski as its new CEO to lead its expanded regulatory technology suite. By merging back-office automation with sophisticated bank-grade surveillance, Docupace is positioning itself as a unified data fabric for large-scale wealth management enterprises facing rising regulatory scrutiny.   Knote:  Effective compliance means automation & AI, and the more unified the platform the better. So, we are fans of this transaction. If they hook in the outside compliance consultants to remove even more from the CCO’s plate, it would be tears of joy.   Read More: WealthTech Strategy Partners Blog   Anthropic Launches Wealth Management Specific Plug-Ins, Partners with LPL and Orion   Anthropic has introduced new AI "plug-ins" for the wealth management industry, establishing partnerships with LPL Financial and Orion to build customized, compliance-controlled advisor tools. This move transitions AI from a general-purpose chatbot to a specialized infrastructure layer, allowing major firms to build proprietary, data-secure agents that enhance rather than replace the advisor.   Read More: WealthTech Strategy Partners Blog   april Launches AI Tax Platform for Wealth Management Firms   Embedded tax provider april has debuted an AI-powered tax platform that automates data collection and provides real-time tax simulations for wealth management clients. By integrating tax planning directly into the wealth management workflow, advisors can provide high-value family office services without the overhead of a dedicated internal tax practice.   Knote:  april continues its drive to put tax analysis into every financial decision, quarterbacked by the most logical person: the financial advisor. When we talk about Family Office as-a-Service, we always mention tax planning/coordinating as one of those services advisors and clients are looking for. I expect competition in this area will continue to heat up and advisors and clients will be the better for it.   Read More: WealthTech Strategy Partners Blog   LPL Financial and Simplicity Group Form Strategic Relationship to Deliver Specialized Insurance Products, Operational Support, and Comprehensive Training to LPL Advisors   LPL Financial and Simplicity Group have partnered to integrate specialized insurance products and point-of-sale support directly into the LPL advisor ecosystem. This partnership facilitates the seamless delivery of protection-based products, allowing advisors to address holistic estate planning needs while diversifying revenue streams.   MWnote:  As fee compression pressures traditional asset-based revenue, a deeper integration of insurance solutions offers advisors the opportunity to diversify revenue streams while also addressing growing client demand for protection planning (which couldn't come at a better time now that Peak 65 is well underway).   Read More: WealthTech Strategy Partners Blog   Sherpas Secures $3.2 Million Seed Round to Scale AI Infrastructure for Wealth Management   Sherpas raised $3.2 million in seed funding led by Marty Bicknell’s family office to scale its AI-native operating layer for standardizing financial advice analysis. Sherpas aims to solve the problem of manual, fragmented planning by providing a standardized analytical foundation that automates intake and scenario modeling for enterprise firms.   Read More: WealthTech Strategy Partners Blog   Orion Expands Integration With DPL Financial Partners To Embed Commission-Free Annuities In Orion Connect   Orion has deepened its integration with DPL Financial Partners to embed commission-free annuity comparison and analysis tools directly within its advisor dashboard. Removing the friction from insurance product analysis allows fiduciaries to treat annuities as fee-billable assets, fully integrating them into a holistic portfolio management strategy.   Knote:  With more people turning 65 this year in the US, advisors might be smart to sharpen their distribution-phase proposals to win those pre-retirees and 401k rollovers.   Read More: WealthTech Strategy Partners Blog   Door launches alternative assets due diligence capabilities to meet surging wealth management demand   Digital platform Door has expanded its capabilities to digitize and standardize the due diligence questionnaire process for alternative and private market investments. Standardizing the flow of information between fund managers and allocators reduces the operational friction that currently prevents many wealth firms from scaling their alternative asset allocations.   Knote:  Due diligence is one of the gating factors for Alts2Wealth and this is a step in the right direction. It doesn't perform the due diligence, but facilitates by digitizing and standardizing the due diligence questionnaire process. We believe the TAMPs will be the ones to drive due diligence and make the allocation decisions, in the short term, but we could see tools such as these helping to scale their processes (see our white paper TAMPs/DFMs: The Tip of the Alts2Wealth Spear). Our hope is that this will ultimately lead to an on-demand database of alternative manager data that can be screened and benchmarked.   Read More: WealthTech Strategy Partners Blog   Vanguard Latest Firm to Partner with and Invest in Avantos for Tech/Data Unification   Vanguard has become both a client and an investor in Avantos, an AI-driven orchestration startup that unifies disparate legacy software systems into a single interface. Vanguard’s backing of this middleware layer highlights the industry-wide struggle with legacy debt and the urgent need for tools that can harmonize fragmented data environments.   Knote: This is an excellent example of the double-benefit of seeking strategic investment. You not only get funding, you get a customer, if done correctly. It's a different kind of pitch than your typical funding pitch, though, and it can take a little longer because you have to sell your product first, then the investment.   Read More: WealthTech Strategy Partners Blog   Sphinx Raises $7.1M to Build Every Financial Institution's Last Compliance Hire   Compliance startup Sphinx has secured $7.1 million in seed funding to develop AI-native agents that automate anti-money laundering and know-your-customer surveillance tasks. By moving from rigid rules-based engines to adaptive AI agents, Sphinx offers a scalable solution for the middle-office functions that are increasingly burdened by complex regulatory data.   Read More: WealthTech Strategy Partners Blog

iAltA Holdings, a private markets infrastructure firm backed by WestCap, announced the acquisition of Delio. Delio is a prominent provider of white-label operating systems designed for the distribution and reporting of private market investments. This acquisition represents the third addition to the private markets vertical for iAltA, following previous deals for Verivend and Betterfront. The Delio Core OS provides configurable tools that allow asset managers and wealth firms to digitize their alternative investment workflows. The platform is currently utilized by more than 50 global financial institutions and serves 12,000 end clients across 18 regulatory jurisdictions. By incorporating this technology, iAltA intends to help firms maintain control over the client experience while improving transparency across the investment lifecycle. This transaction is part of a broader effort to address systemic challenges in the private market landscape for distributors and general partners. The partnership aims to create more effective solutions for market participants as demand for alternative assets continues to grow. This strategic move follows the recent acquisition of BridgeFT by the wealth focused vertical of iAltA. Knote: We have always loved what was going on at Delio, so now we love what is going on at iAlta. Everyone has Alts2Wealth on their 2026 roadmap. But Bill Sherman, Scott Ganeles, and Gareth Lewis seem to understand that after everyone gets their systems in place, the music will stop for the next 5-7 years since these systems are sticky. They plan to develop the end-to-end functionality and pure heft to be one of the ones left standing. In the last year, iAlta has acquired BridgeFT, Verivend, and Betterfront, quickly and quietly building what they hope will be the category-killing end-to-end Alts2Wealth platform. Link to Article