I've released my new book: Fixing Target Date Funds. I'm president of Target Date Solutions, developer of the patented Safe Landing Glide Path, Soteria personalized target date accounts, and Age Sage do-it-yourself investing. I;m also co-host of the Baby Boomer Investing Show. My passion is helping his fellow baby boomers at this critical time in their lives when they are relying on their lifetime savings to support a retirement with dignity, so he wrote a book Baby Boomer Investing in the Perilous 2020s an ...

Core Insights - The article discusses the release of a new book titled "Fixing Target Date Funds," which aims to address issues within the target date fund industry and improve investment strategies for baby boomers [1] - The author emphasizes the importance of personalized investment solutions, moving away from generic model portfolios to tailored strategies that meet individual client needs [1] - The author has extensive experience in financial consulting, holding multiple degrees and a U.S. Patent for a glide path investment process, which is utilized in developing various investment portfolios [1] Company Overview - Target Date Solutions is highlighted as the developer of the patented Safe Landing Glide Path and Soteria personalized target date accounts, indicating a focus on innovative investment solutions [1] - Age Sage Robo and GlidePath Wealth Management are mentioned as companies utilizing the patented investment process to create customized portfolios for clients [1] Industry Context - The article reflects concerns about the current financial landscape, particularly regarding money printing practices and their implications for retirement savings [1] - The author aims to educate and assist baby boomers in navigating investment challenges during a critical period in their lives, emphasizing the need for financial literacy and tailored investment strategies [1]

Core Insights - The article discusses the release of a new book titled "Fixing Target Date Funds," which aims to address issues within the target date fund industry and improve investment strategies for baby boomers [1] - The author emphasizes the importance of personalized investment solutions, moving away from generic model portfolios to tailored strategies that meet individual client needs [1] Company Overview - Target Date Solutions is highlighted as the developer of the patented Safe Landing Glide Path and Soteria personalized target date accounts, indicating a focus on innovative investment solutions [1] - Age Sage Robo and GlidePath Wealth Management are mentioned as companies utilizing a patented glide path investment process to create customized portfolios for clients [1] Industry Context - The article reflects concerns about the current financial landscape, particularly regarding money printing practices and their potential impact on retirement savings [1] - The author aims to educate and assist baby boomers in navigating investment challenges during a critical period in their lives, emphasizing the need for financial literacy and tailored investment strategies [1]

Core Insights - The company has released a new book titled "Fixing Target Date Funds," focusing on improving investment strategies for target date funds [1] - The president of Target Date Solutions emphasizes the importance of personalized investment approaches for baby boomers, particularly during retirement [1] - The company has developed a patented investment process called Safe Landing Glide Path, which aims to assist investors in navigating financial decisions for retirement [1] Company Overview - Target Date Solutions is involved in creating personalized target date accounts and do-it-yourself investing solutions [1] - The company operates under the leadership of a seasoned professional with over 50 years of experience in financial services and holds a U.S. Patent for a glide path investment process [1] - The firm has a history of advising on investment policies for several trillion dollars of retirement plan assets [1] Product and Service Offerings - The company offers various investment portfolios, including Target Date, Special Purpose, and Life Span Portfolios, tailored to meet specific client needs [1] - The president is also responsible for model development at Age Sage Robo and GlidePath Wealth Management, utilizing the patented investment process [1] - The educational curriculum provided by the company aims to support baby boomers in managing their lifetime savings effectively [1]

Financial Data and Key Metrics Changes - Firm-wide assets under management (AUM) reached $860 billion, with a record high of $153 billion in Bernstein Private Wealth [4][5] - Adjusted earnings per unit increased by 12% year-over-year to $0.86, while net revenues rose by 5% to $885 million [25][26] - Total adjusted operating expenses remained flat at $582 million, with total compensation and benefits expenses increasing by 6% to $439 million [26][28] Business Line Data and Key Metrics Changes - Institutional asset management business AUM stood at $351 billion, while the retail platform AUM was $356 billion [4] - Tax-exempt fixed income saw over $4 billion in inflows, marking 11 consecutive quarters of positive organic growth [6][7] - Private markets generated nearly $3 billion in net inflows, reflecting improved conditions in commercial real estate [7][8] Market Data and Key Metrics Changes - The U.S. equity markets delivered strong returns, with the S&P 500 returning 8.1% in Q3 2025 [11] - Emerging markets outperformed, while global developed equities underperformed compared to the U.S. [12][13] - The firm observed a rebound in client flows into American Income, indicating renewed interest in U.S. dollar-denominated assets [10] Company Strategy and Development Direction - The company aims to expand its third-party insurance asset management business, leveraging partnerships like the one with Fortitude [8][9] - A strategic alliance with Equitable enhances the firm's competitive advantage, allowing for the scaling of higher-fee private alternative strategies [9][10] - The focus remains on scalable, long-duration assets that align with sustainable organic growth and long-term profitability [31][34] Management's Comments on Operating Environment and Future Outlook - Management maintains a positive outlook on fixed income, anticipating a reallocation wave as bonds regain diversification value [11] - The firm is well-positioned to capture growth opportunities in Asia, particularly in taxable fixed income [47][49] - The company is committed to investing in growth initiatives while maintaining expense discipline [34][56] Other Important Information - The firm has successfully expanded its private markets platform to nearly $80 billion, representing a 17% year-over-year growth [22] - The effective tax rate for the third quarter was 6%, consistent with full-year guidance [28] - The firm is raising its full-year performance fee guidance to $130 million-$155 million, driven by strong public market performance [32] Q&A Session Summary Question: Can you elaborate on the insurance opportunity and the Ruby Re sidecar? - Management expressed excitement about the insurance asset management business, confirming that the Ruby Re relationship is performing as expected and that the FCA REIT sidecar is additive to their strategy [38][40] Question: What is the outlook for private credit and credit quality? - Management noted competitive environments in private credit but reassured that there is no material deterioration in credit quality, with manageable maturities and positive cash flow generation [42][43] Question: How is the Asia business performing post-trade conflicts? - The Asia business showed improvement, particularly in taxable fixed income, with strong engagement from institutional clients despite external noise [47][48] Question: What is the capital allocation strategy regarding buybacks? - The light buyback in the quarter was attributed to timing rather than any strategic shift, with plans to continue funding the deferred compensation plan [57] Question: How is the firm positioned for the bond reallocation? - Management indicated that they are well-positioned to benefit from the bond reallocation, particularly in Asia, with a strong distribution capability [60][61]

Private Investment in 401k Plans - Industry experts believe including private investments in target date or target risk funds is beneficial for retail investors [2] - Concerns arise when private investments are offered on a standalone basis due to complexity [2][3] - Target date funds alleviate the need for individual consumers to perform due diligence on complex private investments [5] Due Diligence and Risk - Allocating a small portion, such as 5% to 20%, of target date funds to private investments may be appropriate [4] - Taking due diligence responsibilities away from consumers comes at a cost, making expenses a significant factor [5] - Advisors and employers, acting as fiduciaries, bear the responsibility of ensuring funds are priced appropriately [7] Fund Selection and Evaluation - Evaluating funds involves assessing traditional fixed income and large-cap equity funds, both domestic and international [6] - It's crucial to understand liquidity risk and how it may play out in a particular fund [7]