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Broadcast Retirement Network’s Jeffrey Snyder discusses financial wellness program impact with SS&C Technologies’ Alicia Hartjen and the Employee Benefit Research Institute’s Jake Spiegel.Jeffrey Snyder, Broadcast Retirement NetworkToday’s conversation is around financial wellness and joining me, we’re gonna welcome back to the program, Alicia Hartjen of the SS&C Technologies and joining us a new guest on the program, Jake Spiegel joins us from the Employee Benefit Research Institute. Alicia, great to see you, Jake, great to meet you. Great to be back.Thanks for having me. Absolutely, I love talking about financial wellness because I feel like this is something that I think a lot of Americans are tuned into. They have some challenges with affordability, which we’ll talk a little bit about later on, but Jake, I wanna come to you because you do a lot of employee benefits research for EBRI, are companies concerned about their employees’ financial wellness, their financial capabilities, their financial stress?Jake Spiegel, Employee Benefit Research InstituteYeah, we are seeing some evidence of that. We survey large employers with over 500 workers to get our hands around the question of how these companies are envisioning employee benefits, how they’re envisioning financial wellness benefits in particular. We find that large employers are becoming increasingly concerned with their employees’ financial wellbeing.We’ve conducted our financial wellbeing employer survey for eight years and we find that since about 2021, 2022, the share of employers that are responding that they have at least some level of concern, which we’re defining as seven on a scale from one to 10, seven or higher, we’re finding that the share of employers that are at least somewhat concerned with their employees’ financial wellbeing is increasing and it’s about 87% for 2025.Jeffrey Snyder, Broadcast Retirement NetworkYeah, it’s scary given all the challenges with affordability. I’m sure people feel a lot of strain, a lot of stress. Are employees looking to their employers, Jake, for financial wellness assistance?So we know the companies are definitely interested. I’m assuming they’re hearing something from their employees.Jake Spiegel, Employee Benefit Research InstituteWell, just to bring the focus back to the employers for just another quick second here, we ask employers whether or not they feel they have a responsibility to ensure that their employees are financially well. And we find that overwhelmingly, these companies feel that they have a responsibility, 95% said that they have some responsibility in ensuring that workers are financially secure and well. Now, we ask a lot of the same questions that we ask of employers, of employees as well on another survey that we run, the Workplace Wellness Survey.And we find that 70% of workers agree that their employer has a responsibility to ensure that workers are financially secure and well. So we think that this really actually provides a huge opportunity for employers because there does appear to be some shared agreement that companies have a role to play in ensuring that their workers are financially secure and well.Jeffrey Snyder, Broadcast Retirement NetworkWell, Alicia, I wanna come to you. I mean, Jake talks about the need and there clearly is a need being expressed on both sides, employees and employers. Let’s talk about financial wellness.Your firm has a lot of technology built around financial wellness. How is it using generative AI? That’s kind of the new buzzword now.How is that being deployed in financial wellness solutions for retirement programs?Alicia Hartjen, SS&C TechnologiesYeah, so we’re using gen AI to really elevate the employee experience and make it easy for them to find information on whatever their financial challenges are. And really when you think about it, it’s how individuals engage in their day-to-day life today. So we introduced SAGE and SAGE is renamable by our clients, but it’s a gen AI addition to our financial wellness solution.And what’s impactful about it is it’s a closed system. So only the client approved education is part of that experience and it has guardrails built in and it’s guidance only. So you can ask a question like, I have these three ingredients in my fridge, what should I make?And SAGE can’t help you with that. But if you ask a question like, should I pay down my college debt or should I save for retirement? You’re gonna get guidance on what you should consider.And really for us, this is a great way for us to support our clients as they dip their toes into how gen AI can enhance the employee journey. When you think about the record keeping industry in general or the retirement industry in general, there are a lot of great applications of AI from a business process operations perspective. And what we’re now saying is let’s apply that same governance around enhancing the employee experience.So we’re excited about that from a financial wellness perspective, but I wanna take that to the next step. So that’s really the beginning. So now imagine you have this financial wellness space, now bring in plan and employee data into that SAGE gen AI experience.Now an employee can ask, should I be contributing more? Well, we now know what’s the match for that employer. We know what the employee is contributing.And we can now say if there’s a gap and they’re not even contributing to the match, gen AI can tell them, hey, you’re leaving money on the table, can give them some real insights into guidance around how they really need to go take a look at this, understand where they are and direct them next. Take that one more level, if you think about it from an employee benefit perspective, how many times have you come across an employee benefit? You didn’t even know your company offered, it happens to me all the time.But if SAGE has a view into the benefits the employer is offering, SAGE can elevate those either based on how the individual is engaging with SAGE, the types of discussions they’re having or based on their profile, or we can even use predictive analytics to say, people like you are using these benefits, let’s make sure you’re aware of them. So really gen AI, starting small with financial wellness, it really can have a huge impact on the employee experience going forward. And I know we’re gonna be talking about personalization next, and I think it’s taking personalization to an entirely new level.Jeffrey Snyder, Broadcast Retirement NetworkSee, that’s a perfect segue, Jay, to personalization and financial wellness. Everything that I read in the retirement industry and really outside is we all want personalization, something created for us, for Jeffrey Snyder, for Jake Spiegel, for Alicia Argent. In financial wellness, how important is that personalization?Jake Spiegel, Employee Benefit Research InstituteWell, we’re seeing it’s pretty important and we’re definitely seeing evidence of companies transitioning away from more one size fits all solutions to providing financial wellness offerings to more personalized forms of financial wellness offerings. Just five years ago, the most popular form of financial wellbeing benefits included things like seminars, educational materials, things that just aren’t really highly personalized, things that are just sort of one size fits all. Now, firms are increasingly offering things like access to financial coaches for one-on-one counseling.So we’re definitely seeing responses from employers offering more customized financial wellness offerings.Jeffrey Snyder, Broadcast Retirement NetworkYeah, and Alicia, that is so important as you intimated and as Jake said, but there have to be some challenges along the way for companies looking to implement financial wellness benefits, financial wellness tools. What are some of those challenges?Alicia Hartjen, SS&C TechnologiesYeah, integration is key. So it really needs to be, there really needs to be a thoughtful approach for how financial wellness is integrated into the employee experience. It’s not just a matter of throwing it up on a page and hoping people find it.There needs to be a thoughtful approach to that. It also needs to drive and help individuals improve on outcomes. That’s critical as well.And then just the last point that I’d make there is financial wellness is fluid. Everyone’s circumstances change all the time. So we at SNC are continually creating content on new themes when there are changes happening out in laws or regulatory changes.Student debt loans, for example, had a number of federal changes over the last year. This is far from a one and done solution. There needs to be continual assessment of how are we addressing the current needs of individuals?How are we positioning this? How are we getting in front of them? And then we’re gonna get to next, but how are we now measuring the success of that?Jeffrey Snyder, Broadcast Retirement NetworkOkay, so perfect. You might as well ask yourself the question, Alicia. I mean, how do you measure success?So I’ve been in some of those quarterly meetings with clients and we talk about the contribution rate. We talk about some of these metrics and it feels kind of dated. So I would imagine with Sage, with all the technology that’s behind that, you can actually measure a lot more in terms of some of the metrics.Alicia Hartjen, SS&C TechnologiesAbsolutely. So really it all starts with working with our clients to understand what should engagement look like because depending on how it’s integrated, success metrics for an employee benefits financial wellness program are different than if it’s used from a retail perspective or even a record keeping perspective. So recognizing that engagement looks different depending on the use case is important.Again, that thoughtful approach about integrating it very forward into the employee journey is also critical into the experience. But as you said, Gen AI opens up a lot of new reporting and analytics capabilities, not just from a employee perspective and elevating information to them, but also being able to report back to the client on what we’re seeing. So with Gen AI, we can actually look at what individuals search on and we can go to our client and say, hey, you’ve got a bunch of people who are asking questions on this topic, which you currently aren’t covering from a financial wellness perspective.Let’s get you some content on that. Let’s add that into the experience. And then on the flip side, we have the content that’s not being leveraged.Let’s cycle that out. So it kind of goes back to that needing to have a fluid financial wellness experience and really having a very thoughtful dialogue with clients and making sure it’s an ongoing engagement to ensure that we’re looking at the analytics and making changes to make the experience, to continue to make the experience relevant for employees.Jeffrey Snyder, Broadcast Retirement NetworkAnd it makes it a lot fresher too, if you know that there’s gonna be new content and new types of engagement. Alicia, you talked earlier on at the beginning of our conversation about guardrails and ours is a heavily regulated industry. There’s a lot of compliance.There’s new rules coming out almost, I wouldn’t say every week, but they’re coming out every couple of years, we get new rules, new regulations. How do you ensure that all of this is properly in line with compliance and how do you keep all the data that you’re gathering safe?Alicia Hartjen, SS&C TechnologiesYeah, so all of this for us, it’s all using SSNC technologies for our AI experiences. So for us, that solves a big piece of the puzzle. But the other piece to it is all of the insights and guidance that Sage provides are pulling from the education and all of that education, it’s always approved by compliance teams anytime it’s changed or a new content is added, compliance teams have an opportunity to review that and they always do.So we’re able to provide that same level of review over the content itself and then letting our clients have test environments to experience Sage’s responses. And again, Sage is giving responses, but then Sage is directing to education. So that’s really what it’s all about.And then the other piece to that that I think is important is privacy. So there’s a lot of talk about how do we incorporate an individual’s data into this so that it’s meaningful for them and can individuals opt out of that? And I think there’s really a delicate balance between the value that that data, that I can place on that data as an individual user and what I receive for that data being used.So if we’re using that data in a meaningful way for Sage to be able to say, hey, I can give you a much more meaningful retirement perspective how you’re doing saving for retirement. If I can use things like your age, your salary and your current balance, I can project where you’re going to be. If you don’t want me to use that data, I’ll still give you guidance on how do you come to that number, but you’re going to have to do it on your own.And if we can give those choices to individuals so they can choose the value there, I think they’re going to see that the value is there for Sage to be able to do a lot of the heavy lifting around helping an individual understand their circumstances and give them guidance on where they should focus next.Jeffrey Snyder, Broadcast Retirement NetworkYeah, well, as a consumer, I always want to keep control of my data as much as I can. So giving me an option, certainly really important. Jake, I can’t let you leave.I can’t close out this interview. Your organization, eBree is the preeminent employee benefit research organization. You create so much great content.You look at so much data. What’s next on, what’s on tap in terms of financial wellness research that you and the eBree team are going to be conducting?Jake Spiegel, Employee Benefit Research InstituteSure, so I think that companies are still looking for the holy grail of tying financial wellness benefits back to an ROI, back to a bottom line, how these financial well-being benefits can actually make companies more profitable, how they can decrease absenteeism and decrease turnover, increase employee retention. Companies are still trying to get their arms around this issue of tying these benefits back to business outcomes. Additionally, I think companies are still trying to figure out how best to reach certain workers.We find that workers who are desk-based tend to be more likely to enroll in financial well-being benefits than workers that are not entirely desk-based. So I think that another area of research is just figuring out how to tailor messaging, how to best outreach certain employee populations that employers need to reach in order to help increase their financial well-being.Jeffrey Snyder, Broadcast Retirement NetworkYeah, well, there’s that personalization we were talking about. Alicia, it’s always great to see you. Jake, it’s great to meet you. And look, we look forward to having you both back on the program again very soon. Thanks for having me.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealWe love a good spring cleaning more than anyone, and our cabinets and closets always seem to need one after a long winter. But after all the decluttering, donating, and downsizing, what do you do with the items you have left? It doesn’t matter how much you’ve thrown away or stuffed into a bag for donations, there still seems to be a lack of space and frankly, organization, once you try to rearrange and put everything you’re keeping back away. When the closet still seems too full, or the cabinet no longer has a shelf or floor room to stow away another household item, you need to get creative, and nothing helps tidy up your space than an organizer that’s designed to work around your existing furniture. After all, if you’re already struggling keeping your home under control, a clunky piece of furniture isn’t the quick fix solution. Thankfully, we know what will help. The Simple Trending Over-The-Toilet Storage Cabinet works with and around your everyday household items to give you space to store everything from laundry detergent to kitchen supplies, and it’s 33% off its standard $42 price. You can get the three-tiered shelf for just $28 and hopefully find a place for every product easily. Simple Trending Over-The-Toilet Storage Cabinet, $28 (was $42) at Amazon

Courtesy of Amazon

Why do shoppers love it?Although advertised as an over-the-toilet cabinet, this organizer works in a variety of places throughout your home. You can use it in the bathroom to better contain toilet paper, towels, toiletries, and beauty products, or you can use it for pots, pans, and extra dishes in your kitchen, for detergents and other cleaning products in your laundry room, for shoe, hat, and umbrella storage in your entryway or mudroom, and heck, for your smaller garden pots with greenery and flowers on an outdoor patio or in a garage. Now there’s a product with extreme versatility.The three-tiered storage cabinet/shelving unit is made with metal that has thickened steel tubing inside and a powder-coated finish.The steel tubing provides durability and strength to the unit while the powder finish is what makes it rust resistant and protects it from moisture and humidity — a must if it’s going to be in the bathroom or outdoors. It also gives the organizer a sleek, smooth finish that’s easy to clean with a dry cloth. Measuring 24.25 inches long, 13 inches wide, and 64 inches high, the storage cabinet has three shelves that sit up, with the lowest shelf sitting about 38 inches off the ground. The additional two shelves sit above it, and are spaced out about 11.25 inches apart, with the top shelf having an extra bar that provides more security to prevent items from falling or hitting anyone. Each shelf measures about 22 to 23 inches long and 7.5 to 8 inches wide, so there’s amply rooming for storage. On both sides, there are hooks for additional storage, with six on one side and three on the other. Related: Amazon is selling an ‘efficient’ $326 air purifier for only $90 that’s ideal for spring allergiesThe unit is available in two colors — black and a bright pink shade. Details to knowDimensions:  The storage cabinet measures 24.25 inches long, 13 inches wide, and 64 inches high. The shelves are about 22 to 23 inches long and 7.5 to 8 inches wide. Material: Metal with a powder-coated finish and thickened steel tubing. Colors: Two.  Assembly required: Yes, but shoppers indicate it takes about 15-30 minutes and does not require power tools. Shoppers love how sturdy but lightweight the storage shelf is, making it easy to move around if you want to use it in various rooms that lack adequate storage space. “Perfect for small bathrooms when you need that extra storage and more space,” one shopper said. There is so much space on the three shelves, and the extra hooks give even more storage potential. “Worth every penny,” another shopper chimed in. Shop more deals Shintenchi Over-The-Toilet Storage Cabinet, $65 (was $72) at AmazonQeeig Floating Bathroom Shelves, $30 (was $44) at AmazonGodboat 2-Tier Bathroom Storage, $27 (was $30) at AmazonNo matter how big or small your home is, no one should be overwhelmed by their personal items and products, and thanks to the Simple Trending Over-The-Toilet Storage Cabinet, you don’t have to. 

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Sponsored StoryNEW TAX BREAKS ON TIPS & OVERTIME (5:59) The “One Big Beautiful Bill” Act included some changes to the way tips and overtime are taxed, and there are a lot of questions about it. CPA and TurboTax expert Lisa Greene-Lewis offers some clarity on these new deductions and reporting them on your taxes. Watch the video above or read the transcript below.Taxes on tips and overtime: What you need to knowVideo transcript: [MUSIC PLAYING]TRACY BYRNES: So the One big Beautiful Bill Act has brought a lot of attention to overtime and tax on tips, and we need to decipher all of it. Lisa Greene-Lewis, CPA and TurboTax expert, is here with us to help us do all that because it’s confusing. Lisa, I think a lot of people think that now, all of a sudden, overtime and tips are free, and that’s just not the case, right?So let’s just start from the beginning. Let’s start with tax on tips. What do people need to know?LISA GREENE-LEWIS: Well, yeah, you’re right Tracy. The first thing you need to know, it’s really a deduction. So it’s not like your not being taxed at all. A deduction is—your tax savings is based on your tax rate. So with the deduction for tips, you’re able to deduct up to $25,000 in tips that you make. So if you’re in a profession that earns qualified tips like a waitress or a rideshare driver, you would be able to deduct those tips up to $25,000.Now, it is also based on income. So if you make over $150,000 and you’re single or over $300,000 and married filing jointly, then, that deduction is phased out.TRACY BYRNES: And tips need to be defined too, right? Because pooled tips are different from regular straight-up tips. Right? And then there’s tips that are reported on your W-2 versus clearly the under-the-table tips. Right? So all that needs to be worked through as well.LISA GREENE-LEWIS: Right. Yes. Since this is the first year that this is implemented, your employer or payer, they’re not required to identify the tips in separate areas. But that’s one thing we have, TurboTax is really focused on is that area in the program. It walks you through all the different scenarios and all the different ways that tips could be reported on, whether it’s on your W-2 in, you know, different boxes, it walks you through how to figure that out, and what to input or what to give to your TurboTax expert, if you have an expert do your taxes.TRACY BYRNES: Right. So it’s really important that right off the bat, report all your tips and then figure out what’s deductible and what’s not. But you really, I mean, in theory, it is all taxable income to start, right?LISA GREENE-LEWIS: Yes.TRACY BYRNES: And then we have to work through it. So who benefits the most from this new tax deduction tax on tips?LISA GREENE-LEWIS: Anyone that’s considered a qualified professional. I know the IRS, they did put out guidance and a list of qualified professions that earn tips. So definitely, rideshare drivers were on there. People like waitresses, anyone like that would be eligible.TRACY BYRNES: Right. Hairdressers, manicurists, things like that. They were all on the list too, I remember. OK. So now, the other big thing now is overtime. And I know people— like so many people, so many hard workers, in our country, firefighters, police officers, make overtime. What do these people now need to know? Because quite frankly, I think they deserve a break.What do they need to know about the new, overtime tax or deduction on overtime?LISA GREENE-LEWIS: The same as the tips. It is a deduction. It’s not like you’re not claiming that income at all, but the deduction for overtime, you’re able to deduct up to $12,500. And that’s if you’re single. It’s a little different if you’re married filing jointly you could deduct up to $25,000 in overtime. And then that is also based on income.So if you earn over $150,000 and you’re single, that deduction is phased out. If you’re married, filing jointly and earn over $300,000 it’s phased out as well.TRACY BYRNES: Lisa, is overtime reported separately on your W-2?LISA GREENE-LEWIS: So this year, since this is the first year, they didn’t update W-2 forms to allow for tips or overtime. So it is going to be integrated into your—it could be integrated into your overall income or it can show up in various boxes this year.TRACY BYRNES: All right. So Lisa, this stuff is really confusing. And throw in the “One Big Beautiful Bill” Act. There’s a lot going on. What do, what should people do if they’re just overwhelmed?LISA GREENE-LEWIS: Yeah. If people don’t want to do it themselves they can hand their taxes over to our TurboTax full-service experts, and they can fully do their taxes for them, and they can connect with a TurboTax full-service expert, either virtually, or they can come into our new stores that opened up. And you can also get the same expert the next year, once you’ve used our full service.TRACY BYRNES: Yeah, and full disclosure, I have to, I have to admit, I have connected with your virtual team and they’ve been really, really helpful. So Lisa Greene-Lewis, thank you for sharing all that. This stuff is complicated. We have to take our time. We appreciate your insight.LISA GREENE-LEWIS: Thank you for having me. [MUSIC PLAYING]Related: Read next:

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealHaving a bit of extra room in the home can help you stay organized and on task. You can make your life easier by having a small entryway shelf for your bag, keys, and favorite shoes,  one shelf with all your TV accessories so you always know where the remote is, or extra space in your office to set important documents so they don’t get lost under other items. Whatever you need some extra space for, Walmart has a convenient and compact shelf that can help you stay organized.The Concetta 5-Tier Bookshelf is on sale for just $34, which is a steal for any type of storage shelf, especially one that’s rated 4.5 stars. It has both open and closed storage, and it’s small enough to fit where you need it. It’s convenient for items lying around the house, or for specific rooms.Concetta 5-Tier Bookshelf with Drawer, $34 (was $40) at Walmart

Courtesy of Walmart

Why do shoppers love it?The five shelves offer space for books, toys, office supplies, paperwork, bathroom accessories, or to show off decorations and hand-made items. The lowest shelf includes a cube drawer to use for smaller items, measuring 13.7 inches wide, 11.7 inches tall, and 10 inches deep. It’s great for keeping towels dust-free, hiding toilet paper rolls, or compiling your skincare and beauty items. It’s also useful for your TV and gaming accessories, like controllers, cables, or the remote control. Related: Amazon is selling the perfect Art Deco-inspired bathroom cabinet for just $50The whole unit measures 55 inches tall, 10.6 inches deep, and 15.35 inches wide, making it a perfect size for smaller areas like the closet, kitchen pantry, or entryway, but it offers a lot of vertical storage space. Additionally, it features stoppers at the top to prevent items from sliding off the back or the sides of the top shelf.Details to knowSizes: Shoppers can choose from a four-tier or five-tier unit.Color: Choose from black or Rustic brown.Weight capacity: Each shelf can hold up to 30 pounds. Each shelf can hold up to 30 pounds, offering an option for larger items like a record player, consoles, and more, and the included anti-tip hardware can put your mind at ease knowing your items are safe and secure. Plus, the whole unit also features adjustable foot pads, leveling the unit, and preventing items from sliding or rolling off. The material is waterproof, stain-resistant, and anti-scratch, offering a durable solution for sliding books on and off the shelf or even using it as a place to set down drinks. Shop more dealsConcetta End Table 2-Pack, $40 (was $60) at WalmartHomeYoobure 4-Tier Ladder Shelf, $38 (was $50) at WalmartMainstays Traditional 5-Shelf Bookcase for $63 (was $70) at WalmartWherever you need space, the Concetta 5-Tier Bookshelf with a Drawer offers a convenient storage solution that can fit into small places or add an addition to larger storage areas. The sturdy shelves can hold up to 30 pounds each, making it great for both smaller and larger items, and the storage drawer offers tons of room as an around-the-home catch-all for any random items lying about that haven’t found a home yet. This bookshelf is just $34 at Walmart, offering a super affordable storage solution for any home.

Target-date strategies have grown into one of the largest segments of the US retirement market. In 2025, assets in target-date strategies climbed to $4.8 trillion, expanding 20.3% over the prior year as strong equity markets lifted portfolio values. Over the past decade, the industry has grown 11.9% annualized, reflecting both market appreciation and steady retirement-plan contributions. We explore these market trends and more in the recently released 2026 Target-Date Fund Landscape. Although the category has expanded rapidly, the market remains highly concentrated among a small group of asset managers. The five largest providers control roughly 80% of all target-date assets, underscoring the dominance of established firms in employer-sponsored retirement plans. Vanguard remains the industry leader by a wide margin, overseeing $1.8 trillion, or 37% of all target-date assets. Other major players hold strong positions in different vehicle types. Fidelity and Capital Group dominate in mutual fund offerings, while State Street and BlackRock have carved out leadership positions in collective investment trusts. Target-Date Market Evolves Through CITs and ConversionsTarget-date collective investment trusts surpassed mutual funds as the dominant vehicle in 2024, and the trend continued in 2025. By year-end, CITs held 54% of total target-date assets, up from 52% the prior year, fueled by lower costs and greater flexibility in large retirement plans. Target-date mutual funds are publicly available, highly regulated, and transparent, while target-date CITs are lower-cost, more flexible pooled vehicles mainly used inside large employer retirement plans (like 401(k)s), so someone might choose target-date mutual funds for accessibility and transparency even though CITs are often cheaper for big plans.All 21 new target-date series launched in 2025 were CITs, many based on existing mutual fund lineups from managers such as T. Rowe Price. Closures were modest, with six mutual fund series and four CIT series shutting down, most under $1 billion. Asset flows continued to favor the largest providers. Vanguard led in target-date asset growth in 2025, adding $35.9 billion in new assets, followed by Capital Group ($24.0 billion) and State Street ($22.2 billion). Conversions from mutual funds to CITs also played a key role, reflecting the ongoing shift toward lower-cost institutional vehicles and reinforcing CITs’ growing dominance in the market. Fee Competition Benefits Investors—Without Hurting ManagersFee competition continued to reshape the target-date market in 2025. The asset-weighted average expense ratio for target-date mutual funds fell to 27 basis points, down from 29 basis points in 2024 and roughly half the level from a decade ago. Lower fees directly benefit investors by leaving more of their retirement savings invested and compounding over time. Even small changes can add up. The 2-basis-point decline across more than $2 trillion in target-date mutual funds saved investors over $80 million in 2025. Despite lower fees, asset managers still saw revenue rise as assets continued to increase. Strong markets and steady retirement plan contributions pushed total target-date assets to $4.8 trillion, allowing managers to collect about $580 million more in revenue in 2025. The dynamic underscores a key feature of the asset management industry: In a rising market, falling fees don’t necessarily mean falling revenue. Investors benefited from lower fees, while asset managers still saw increased revenue.Glide Paths Become More Equity-Heavy Target-date portfolio construction has also evolved over the past decade. Managers have gradually increased equity allocations during the early saving years, reflecting longer time horizons and the goal of boosting long-term returns. By the end of 2025, the median equity allocation for investors 45 years from retirement reached 93%, up from 89% a decade earlier. As starting allocations have risen, glide paths for younger investors have become more similar across strategies, while differences remain more pronounced during the midcareer years. Managers have also modestly increased US equity exposure within global portfolios as US stocks have expanded to represent a larger share of global markets since the global financial crisis. Strong Market Returns Boost Target-Date Performance Target-date investors enjoyed strong performance in 2025 as global equities posted robust gains. Across vintages, most target-date strategies produced double-digit returns for the year. Portfolios with higher equity exposure and larger allocations to non-US stocks tended to perform particularly well. Global markets also played a major role. US stocks, represented by the S&P 500, rose 17.9% last year, while developed international stocks, measured by the MSCI EAFE Index, surged 31.2%. Several Fidelity target-date series stood out for their strong results. The firm’s funds claimed the top performance spots in both the 2060 and 2030 target-date categories, highlighting the impact of portfolio positioning during a year of strong equity performance. New Strategies and Analyst Coverage Morningstar Manager Research continues to expand its coverage of the target-date universe. As of December 2025, analysts assigned Medalist Ratings to 29 target-date mutual fund and ETF series and 33 target-date CIT series. Three new strategies entered coverage during the year, including the Gold-rated BlackRock LifePath Index Growth series. This strategy features a fully index-based design and maintains a 50% equity allocation at retirement, which is higher than the allocation used in the firm’s flagship LifePath Index lineup.