Besides observing recordkeeper integration challenges, a subtle but consequential shift seen by global consultancy McKinsey is a movement toward leaders with a tech background. (Photo: Shutterstock)
The Principal Financial Group's acquisition of Wells Fargo's 401(k) recordkeeping unit for $1.2 billion could result in expansive growth of the former's footprint among larger retirement plans.
According to PlanSponsor's 2017 recordkeeping survey, Des Moines-based Principal administered about 52,600 plans in 2016. Nearly 90 percent of those plans, or about 47,200, had less than $5 million in assets.
Principal was recordkeeper to 192 plans in the $100 million to $500 million segment, and 34 plans with more than $500 million in assets.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
