Group 1: Company Developments - Fred Reish has left Faegre Drinker to join Prime Capital Financial as the leader of its fiduciary and ERISA practice [1][2] - Prime Capital is enhancing its retirement plan division and has been actively acquiring and recruiting advisors for its wealth management practice [3][5] - Jania Stout, president of Prime Capital Retirement and Wellness, emphasized that Reish's qualifications will be significant assets for clients and advisors [3] Group 2: Leadership Changes - Reish was a partner at Faegre Drinker since 2011, where he provided guidance on retirement plan regulations and fiduciary obligations [2] - In his new role, Reish will focus on fiduciary oversight, plan design guidance, and participant-level financial wellness for Prime Capital's clients [5][6] - Scott Colangelo, Chairman and Managing Partner of Prime Capital, referred to Reish as an "influential mentor" and expressed honor in having him join the firm [6] Group 3: Industry Context - Wealthspire has launched its institutional advice division, managing approximately $500 billion in assets under advisement [7][8] - The newly formed division will include retirement plan assets, fiduciary services, and consulting for endowments and foundations [8][10] - Wealthspire, with a total of $580 billion in assets, was formed when Madison Dearborn repurchased wealth assets from Aon Plc in 2024 [9]

Core Insights - As the year-end approaches, many Americans are focusing on holiday activities, but it is also a critical time for financial deadlines that could impact tax liabilities and savings [1][2] Group 1: Financial Moves Before Year-End - The deadline for contributions to 401(k) retirement plans is December 31, with opportunities for catch-up contributions for those over 50 [3] - A significant number of employees are not maximizing their employer's 401(k) match, with 24% saving less than the match cap from 2013 to 2022 [4][5] - Tax loss harvesting is an underutilized strategy that allows investors to convert capital losses into tax savings, with the ability to offset capital gains and reduce taxable income by up to $3,000 [6][7]

Core Insights - The perception of wealth in retirement often revolves around large figures, but having $1 million or more places individuals in the top 3% of U.S. retirees [1][2] - Financial experts suggest that even $1 million may not be sufficient for retirement, with recommendations of aiming for at least $10 million due to underestimations of retirement costs [3] - A significant portion of U.S. households, 54%, have no retirement savings, highlighting the disparity in retirement preparedness [4] Retirement Savings Data - According to Northwestern Mutual's 2025 Planning & Progress Study, Americans estimate needing $1.26 million for a comfortable retirement, a decrease from $1.46 million in 2024, yet still significantly higher than the median savings of those nearing retirement [5] - In early 2025, 401(k) contribution rates reached a record high of 14.3%, indicating that those with access to retirement plans are saving more, although many still do not participate [6] Age-Based Savings Statistics - Median and mean retirement savings vary significantly by age group, with the following data: - Under 35: Median $18,800; Mean $49,130 - Ages 35–44: Median $45,000; Mean $141,520 - Ages 45–54: Median $115,000; Mean $313,220 - Ages 55–64: Median $185,000; Mean $537,560 - Ages 65–74: Median $200,000; Mean $609,230 - Ages 75 and over: Median $130,000; Mean $462,410 [8]

Core Insights - The internal rate of return (IRR) is often misrepresented in the private equity industry, leading to inflated performance claims that do not reflect actual cash returns [3][7][10] - The complexity and opacity of private market returns pose challenges for individual investors trying to assess fund performance [4][12][14] Investment Metrics - The IRR can be easily manipulated and does not equate to actual cash returns, which can mislead investors [2][3][10] - Alternative metrics like Public Market Equivalent (PME) and Distribution to Paid-In Capital (DPI) are being adopted to provide clearer comparisons to public market returns [8][9][10] Market Access and Regulation - A small percentage of plan sponsors have begun to offer alternative assets in retirement plans, a trend likely to increase due to regulatory changes [5][16] - The introduction of private equity and alternative investments into 401(k) plans may provide new opportunities for individual investors, albeit with limited options [6][17] Performance Comparison - Private equity returns are often compared to underperforming indices, which can skew perceptions of their performance [11][12] - The valuation of private assets relies heavily on subjective assessments, making it difficult to ascertain true performance without actual sales [13][14] Fiduciary Responsibilities - Professionals managing 401(k) plans have a fiduciary duty to act in the best interests of participants, which includes evaluating private fund options responsibly [15][16]