ARA Executive Interview

The National Association of Plan Advisors is joined by Chris Weirath, Head of Client Success with Morningstar Retirement.We discuss what real support looks like for plan advisors at every step of the retirement journey. We’ll do it by defining support and what it really means, and of course, the role that personalization plays. When plan advisors hear the word “support,” what do they usually picture, and how does Morningstar retirement think about it differently? Weirath explains©2026 Morningstar Investment Management LLC. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.  

Financial technology company IRALOGIX recently released its Retirement Readiness Index for 2025. The national benchmark found an Elevated Risk for the country, which, in practical terms, means Americans are engaged, but their retirement readiness is “fragile.” So, what does this mean, and, more importantly, what can be done about it?We’re joined by the firm’s CEO, Peter de Silva, to answer these questions, and more.

Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, joins American Retirement Association Chief Content Officer John Sullivan to discuss how plan advisors can help their clients develop a financial wellness program for their employees.Financial wellness is the ability to manage money and meet basic financial needs throughout life. But only about half of U.S. adults have a general understanding of what financial wellness is, which means that attaining it remains elusive for many. Welsh tells us how advisors can help. 

Today, we’re joined by Glenn Dial, Senior Retirement Strategist with American Century Investments.Dial explains some fascinating findings from “The Retirement Disconnect: What Sponsors Miss About Participant Priorities,” the firm’s 12th annual survey of retirement plan participants and sponsors, which can be found at americancentury.com.He covers retirement income, common misconceptions, and the always-important income replacement rate, among other high-profile topics.Source: 12th Annual American Century Retirement SurveyMethodology: The participant survey was conducted between June 3, 2025, and June 23, 2025.  The survey included 1,500 full-time workers between the ages of 25 and 70 saving through their employer’s retirement plan. The data were weighted to reflect key demographics (gender, income, and education) among all American private sector participants between 25 and 70.The sponsor survey was conducted between May 20, 2025, and June 16, 2025. Survey included 500 plan sponsor representatives holding a job title of Director or higher and having considerable influence when it comes to making decisions about their company’s retirement plan (either 401(k), 403(b), or 457 plans). The data were weighted to reflect the makeup of the total defined contribution population by plan asset size.Percentages in the tables and charts may not total 100 due to rounding and/or missing categories.Greenwald Research of Washington, D.C., completed data collection and analysis.This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice.Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Jessica Drake joins the Executive Interview to delve into plan participant attitudes, behaviors, and evolving expectations in a digital world.It comes as no surprise that our lives are increasingly linked to the digital realm — mobile phones now make up 63% of all web traffic worldwide, a figure that has more than doubled in the past decade, according to Statista. This digital reality has drastically reshaped consumer expectations for interacting with various services, including financial platforms.Drake, Head of Operations for the Employer Markets team at Allianz Life Insurance Company of North America, will share valuable insights into how individuals engage with their retirement plans in this digital age.DisclosureSources:(2025, February 5). Mobile internet usage worldwide – statistics & facts.Defined Contribution Plan Participant Experience Survey, conducted by the Allianz Center for the Future of Retirement in July 2025 with a nationally representative sample of 1,805 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan.The State of Lifetime Income: Participant Survey, conducted by the Allianz Center for the Future of Retirement in November 2024 with a nationally representative sample of 2,488 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan.Fixed index annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax deferred accumulation potential, and the reassurance of a death benefit for beneficiaries.This content is for general educational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Allianz Life Insurance Company of North America (Allianz), its affiliated companies, and their representatives and employees do not give fiduciary, tax, or legal advice or advice related to Social Security or Medicare. Clients are encouraged to consult their tax advisor or attorney, or Social Security Administration (SSA) office, for their particular situation.  Allianz does not provide financial planning services or advice.ad spaceAnnuity guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.Product and feature availability may vary by state and retirement plan.This content does not apply in the state of New York.• Not FDIC insured • May lose value • No bank or credit union guarantee• Not a deposit • Not insured by any federal government agency or NCUA/NCUSIFFor institutional use only – not for use with the public. 

What role have managed accounts (including advisor managed accounts) played in the participant shift in how they approach retirement planning? What’s driving increased interest in personalized retirement solutions? Are there any innovations within managed accounts that we can look forward to?We’re joined by Nathan Voris, Head of Go To Market with Morningstar, to answer these questions and more.Disclosures:  © 2025 Morningstar Investment Management LLC. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc. The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited. Opinions expressed are as of the current date; such opinions are subject to change without notice. Morningstar or its subsidiaries shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions or their use. This commentary is for informational purposes only. The information, data, analyses, and opinions presented herein do not constitute investment advice, are provided solely for informational purposes and therefore are not an offer to buy or sell a security. Please note that references to specific securities or other investment options within this piece should not be considered an offer (as defined by the Securities and Exchange Act) to purchase or sell that specific investment. The performance data shown represents past performance. Past performance does not guarantee future results. This commentary contains certain forward-looking statements. We use words such as “expects”, “anticipates”, “believes”, “estimates”, “forecasts”, and similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially and/or substantially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason. Research on The Impact of Managed Accounts on Participant Savings and Investment DecisionsA total of 84,875 retirement plan participants were included in Morningstar Investment Management’s study, “The Impact of Managed Accounts on Participant Savings and Investment Decisions”. Participants were selected for use based on available information and various filters and include those participants that used the Morningstar Retirement Manager Managed Accounts service between the dates of January 5, 2007 and December 31, 2024.In no way should any performance shown be considered indicative or a guarantee of the future performance of an actual DC plan participant's portfolio with the same investment option or viewed as a substitute for an investment option recommended to an individual participant. Actual results of an individual participant may differ substantially from the historical performance shown for an investment option and may include an individual participant incurring a loss. Past performance is no guarantee of future results.Performance returns were calculated using a time weighted, geometrically linked rate of return formula. Returns for periods over one year are annualized.Morningstar Investment Management does not guarantee that the results of their advice, recommendations, or the objectives of an inves

Jeff Acheson often speaks about retirement planning as an “elegantly integrated ecosystem,” of which life income is a key part.But what, specifically, is it and how can it help members of the American Retirement Association and its affiliate organizations?Acheson, CEO of Advanced Strategies Group and ARA Immediate Past-President, joins the Executive Interview to answer these questions, and more, about the Association Life Income Plan.But we begin with an intriguing discussion about the damaging effects of cholesterol, and another one to worry about—tax cholesterol.What is it, and how can it negatively affect a person’s retirement health?

One of the key challenges plan fiduciaries may encounter is terminating a retirement plan because of a merger or acquisition. What happens in this situation, why is it such a common issue, and how can advisors help?Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, joins American Retirement Association Chief Content Officer John Sullivan to answer these questions and more.Sponsored by: Inspira Financial Trust, LLC*Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

Matt Stubblefield from Allianz Life Insurance Company of North America and Tina Wilson from Empower joins John Sullivan for this episode of the Executive Interview.Matt shares Allianz's latest research insights into participant attitudes and preferences surrounding this vital aspect of retirement planning. Tina provides firsthand experiences from implementing guaranteed lifetime income offerings on the Empower platform.Together, they discuss the future adoption and evolution of guaranteed lifetime income within retirement plans.--The Allianz Center for the Future of Retirement produces insights and research as part of Allianz Life Insurance Company of North America (Allianz).Research Cited: The State of Lifetime Income: Participant Survey, conducted by the Allianz Center for the Future of Retirement in November 2024 with a nationally representative sample of 2,488 respondents aged 18+ who are currently contributing to an employer-sponsored retirement plan.U.S. Bureau of Labor Statistics January 2022Fixed index annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax-deferred accumulation potential, and the reassurance of a death benefit for beneficiaries.This content is for general educational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give fiduciary, tax, or legal advice.  Allianz does not provide financial planning services.Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.Allianz Life Insurance Company of North America is not affiliated with EmpowerAllianz Life Insurance Company of North America is not affiliated with NAPAAllianz Life Insurance Company of North America (Allianz), 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5724 www.allianzlife.comFor institutional use only - not intended for use with the public.

Why is portability so important for retirement plan participants? And how does it apply to in-plan guaranteed lifetime income solutions like annuities?We speak with Gordy Stead, Director of Institutional Sales at Allianz Life Insurance Company of North America. He joins us to discuss the importance of portability in retirement savings as we explore the unique challenges and considerations when it comes to in-plan guaranteed lifetime income solutions.**DisclosureResearch cited in this podcast: Allianz Life conducted an online survey, the 2024 3Q Quarterly Market Perceptions Study, in August 2024 with a nationally representative sample of 1,005 individuals age 18+. U.S. Bureau of Labor Statistics, January 2022 Trends in Public-Sector Employee Tenure, 2000-2022, Public Retirement Research Lab, 2022Allianz Life Insurance Company of North America has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products.  Allianz Life Insurance Company of North America does not provide financial planning services.  Allianz Life Insurance Company of North America is not affiliated with NAPA Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company.

John Hancock Retirement is out with its highly anticipated Financial Resilience and Longevity Report, now in its 10th year. It contains good news for most retirement savers, but some generations lag.We’re excited to speak with CEO Wayne Park, whose team fielded the study, about what they found as well as trends they’re seeing when looking back at previous years.We also asked him the all-important question--is there a retirement crisis in this country? Here’s what he had to say. Sponsored By: John Hancock Retirement

Sponsored by: Inspira Financial Trust, LLCFinancial wellness, automatic rollovers, and plan terminations are currently a trifecta of important topics to which advisors can add real value. In an increasingly commoditized retirement plan space, it’s a way for them to truly stand out in the services they provide to help their plan sponsor and participant clients.It’s an area of hyper-focus for Inspira Financial, the result of Millennium Trust Company and PayFlex joining forces recently to become a “devoted partner for health, wealth, retirement, and benefits.”Pete Welsh, managing director of retirement and wealth at Inspira Financial, discusses strategies to increase financial wellness for client employees and retirement plan terminations, but begins with a bit about Inspira Financial itself.*Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

To tackle current workforce and organizational issues, it's essential to move beyond conventional approaches. Many employers are turning to Pooled Employer Plans (PEP) to solve the challenges of the traditional 401(k) structure.In fact, By 2030, over half of employer plan sponsors are expected to switch to a PEP. Aon’s Rick Jones joins us to discuss how we’ll get there.PEPs allow employers to combine assets for cost efficiency while shifting fiduciary and operational duties to the PEP provider. They can also improve retirement outcomes for participants—making PEPs a win-win for organizations and their employees.Listen in to learn how:·       PEPs simplify retirement planning and reduce administrative burdens for employers·       PEPs reduce fiduciary risks·       PEPs offer lower fees and better retirement outcomesSponsored By: Aon

The role of personalization in retirement plans is an increasing industry focus as a way to potentially ensure successful outcomes. So, what is Morningstar Retirement’s view on the importance of personalization in the industry?We asked Morningstar’s Chris Weirath, Head of Business Development and Client Success, that very question, as well as how managed accounts fit in. It’s a fascinating discussion that also touched on the convergence of wealth management and retirement planning.We began by asking Chris a bit about herself, something not found in her LinkedIn profile.©2024 Morningstar Investment Management LLC. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.Advisor Managed Accounts intended for citizens or legal residents of the United States or its territories. The portfolio assignment delivered through Advisor Managed Accounts is provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc. Investment advice delivered by Morningstar Investment Management is based on information provided and limited to the investment options available in the participant's defined contribution plan. Projections and other information regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results, and are not guarantees of future results. Results may vary with each use and over time. Other investment advice delivered through Advisor Managed Accounts is provided by an unaffiliated investment adviser.All investments involve risk, including the loss of principal. There can be no assurance that any financial strategy will be successful. Morningstar Retirement does not guarantee that the results of their advice, recommendations or objectives of a strategy will be achieved.

The 2Q 2024 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz) was recently published. The study provides valuable insights into participant demand for in-plan guaranteed lifetime income solutions, such as annuities, highlighting key differences among generations and demographic groups. Ben Thomason, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America, is here to discuss these insights.He explains the various participant tools to help address their retirement concerns, awareness of those tools, and more.

A lot is happening with Collective Investment Trusts (CIT). Morningstar recently reported that they’ve finally overtaken mutual funds as the most popular target-date vehicle, and bills are now in the House and Senate to allow them in 403(b)s.This means that firms like Great Gray Trust Company are well-positioned to take advantage of what’s ahead. The company has been around for quite some time but recently rebranded to better position itself in the CIT space. President and CEO Rob Barnett recently joined us to discuss the company’s past and future, as well as CIT innovation, trends, and misconceptions.Sponsored by Great Gray Trust Company.

The landscape of retirement planning is undergoing a significant transformation. New challenges have emerged, demanding a more extensive approach than traditional models focused solely on wealth accumulation.To tackle these issues, a closer examination of the risk landscape is necessary. This will pave the way for more holistic approaches to retirement income planning that prioritize risk management and securing sustainable income, rather than simply accumulating assets.Recently, Allianz Life Insurance Company of North America released a whitepaper discussing this, and today I talk with the whitepaper’s authors, Matt Gray, Mark Paulson, and Meghan Farrell. Sponsored by AllianzSpeakers:Matt Gray, Allianz Life Assistant Vice President, Worksite and Middle MarketsMark Paulson, Allianz Life Vice President, Hedging Business DevelopmentMeghan Farrell, Allianz Life Marketing Manager, Employer Markets

What common services or actions make managing a retirement plan challenging for plan advisors and their clients? What are the main points plan advisors and plan sponsors should know about plan termination? How does auto portability benefit plan advisors, plan sponsors, and plan participants?Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, joins the American Retirement Association's John Sullivan to answer these questions and more. *Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer-directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

What are the biggest challenges facing TPAs, RIAs and recordkeepers? And what will be most impactful from all that we’re seeing on the legislative and regulatory front? We turned to PenChecks’ President and CEO, Spiro Preovolos and Scott Okrasinski, the firm’s National Sales Director, to answer these important questions and more.They joined us to discuss PenChecks' transformation into a true fintech solutions partner, its exponential growth and cultural transformation, and what it means for better retirement outcomes.We also asked whether they’re optimistic or pessimistic about the prospects for meaningful retirement saving inroads in the near term.  Here's what they had to say. Sponsored By: PenChecks

Follow along with the Learning from the Success of Pension Risk Transfer .pdf. Click here to download.What did the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s passage in 2019 do for lifetime income in retirement plans, and what lessons can be learned from the success of pension risk transfer?We turned to Securian Financial to help answer these increasingly important questions. Kent Peterson, Vice President of Institutional Retirement Solutions, and Nick Volkmann, Actuarial Director and CFO, join us with a lot to say on the topics.They also emphasize that in the wake of its 2022 blockbuster deal with The Standard, Securian Financial is still very focused on the retirement market, particularly pension risk transfer and capital preservation.We begin with, and Kent answers, a (very) blunt question.Sponsored by: Securian Financial.

The momentum around retirement income products has gained steam as participants are increasingly interested in adding a strategy for guaranteed lifetime income. With a wide range of features, fee structures, and implementation options, it can be difficult to know where to get started.Thankfully, we have Allianz Life Insurance Company of North America’s Michael De Feo to help explain. In this podcast episode, we’ll walk through different product types and provide guidance on how to evaluate and determine the most suitable option, or options, available for a plan.Sponsored By: Allianz

M&A expert Peter Campagna, Managing Partner at Wise Rhino Group, has a list of common emotions that advisors face when they decide to sell their business.“Fully 80% of M&A is managing emotions,” Campagna says. “The financial stuff is somewhat easy, but they’re selling their life’s work. They’re serial entrepreneurs who are going to become W-2 employees, and it’s a big mental shift.”He joins us to run through the 13 emotions that happen in four phases during the process: 1 . Preparation 2. Marketing3. Due Diligence4. After the CloseAs always, it's a fun and interesting conversation you won't want to miss. Sponsored by: Wise Rhino Group

Interest in guaranteed lifetime income is growing, but plan participants want more than just a reliable monthly income stream. Flexibility, accessibility, and other personalized features are paramount to helping participants achieve outcomes aligned with their unique priorities.We sit down with Michael De Feo, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America (Allianz), to discuss how guaranteed lifetime income solutions, such as in-plan annuities, can help increase the likelihood of positive participant outcomes.

Fee compression and commoditization have hit every area of financial services--retirement advisors are no exception and it’s only slated to get worse. Why, and how is it addressed? Much more will have to be done with much less, but it will create resilience and will improve the firm’s enterprise value if and when the business is sold. We turned to M&A advisory firm Wise Rhino to tell us why.  In yet another fun interview with the firm’s Dick Darian and Peter Campagna, we run through an informative top 10 list of the biggest 'things' that affect the value of your advisory business.  Sponsored By: Wise Rhino Group

As retirement plan advisors certainly know, the reduction of defined benefit pension plans and the rise of their defined contribution counterparts means more Americans are more responsible for their income in retirement. While products and strategies exist to aid workers with accumulation and income, it’s a complicated challenge. Thank goodness Mike De Feo is here to help. De Feo, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America, says it’s finally time to get excited about in-plan retirement income products, and he joins the Executive Interview to discuss why. 

What’s happening with lifetime income products in retirement plans? It’s a loaded question and a major topic but thankfully, we have Brendan McCarthy here to help us sort it all out.McCarthy, Head of Retirement Investing at Nuveen, is on the front lines of the retirement income battle. He joins us to discuss the challenges of the 401(k) generation, what it will take to get widespread retirement income adoption, and how something called longevity literacy can help.Sponsored By Nuveen.

The Standard rocked the retirement plan recordkeeping world last October when it announced its acquisition of Securian Financial’s retirement plan recordkeeping business. Part of ongoing industry consolidation, it was major news for 401(k) advisors, sponsors and participants. How well is the integration going, what's next for the players, and how will it affect the retirement space overall? We sit with key insiders for answers. Speakers: A.J. Ijaz, Vice President, Asset Management Group, The StandardTheodore Schmelzle, Second Vice President, Retirement Plan Services, The Standard