Neobrokers aren’t new. Plan advisors have watched them grow for years. But their use of technology to engage, simplify and delight is rapidly expanding their relationships with individual savers and putting them on a collision course with traditional providers.
A growing share of assets that once would have automatically flowed into plans through the workplace are being intercepted by neobrokers. Some now offer retirement accounts with instant 3% matching contributions: No employer in the loop, no waiting, no hassle. The race is on.
