Of course, the early chatter about the Department of Labor’s new proposed retirement plan investment selection rules has focused on alternative assets.

The regulations were created, after all, in response to President Donald Trump’s Executive Order 14330, titled “Democratizing Access to Alternative Assets for 401(k) Investors.” Issued in August, the order called on DOL to facilitate the inclusion of alternatives like private equity, real estate and digital assets in 401(k) plans. Fast forward to April 2026, and it turns out, the regulations actually go a lot further than that: They also provide broad legal protections for the selection of any investment option within tax-qualified retirement plans, so long as the plan’s fiduciaries follow a prudent and well-documented process detailed in the proposal.

That’s a great thing, several industry experts told Retirement Upside, especially in a context where well-meaning retirement plan sponsors have faced more than a decade of heightened litigation under the Employee Retirement Income Security Act. Some suits have had merit, to be sure, but many have used what independent legal experts see as apples-to-oranges comparisons of the fees and performance of vastly different investment options to allege wrongdoing by plan fiduciaries in an attempt to drive settlements (and big payouts for plaintiffs’ attorneys).

“The proposed investment selection framework is a really positive development,” said Peter Ruffel, senior manager of defined contribution business at Captrust. “Innovation by advisors, asset managers and plan fiduciaries has been very much stymied by the threat of cookie-cutter lawsuits.”

What’s in the Proposal

If finalized as proposed, the framework should give clients real peace of mind and clarify their responsibilities as they build investment menus, Ruffel added. Interested parties have 60 days to submit comments on the DOL rule, which introduces what agency officials called an objective approach that plan fiduciaries can use to gain what is known in ERISA law as a “presumption of prudence” when selecting plan investments.

Specifically, it requires plan fiduciaries to carefully consider six features of any potential investment, including its performance, fees, liquidity, valuation, benchmarking and complexity. If they go through these points and find that an investment can deliver value to participants, they generally can’t be sued simply for making the selection.

“I’m a fan of this approach,” said Joel Shapiro, head of Wealthspire Retirement Advisory. “It clarifies that ERISA gives fiduciaries meaningful discretion and flexibility to select investments, including but not limited to alternative assets. It’s especially important that it speaks about assessing investments according to their risk-adjusted returns net of fees. It’s not focused on fees or performance in a vacuum, as many of these lawsuits do.”

What’s Not in the Proposal. As both Shapiro and Ruffel emphasized, the proposed regs apply only to the initial investment selection. They do not speak to a plan fiduciary’s equally important responsibility of monitoring investment fees and performance over time. “Based on language in the rule and its preamble, we’re expecting supplemental guidance on that topic sometime in the future,” Ruffel said.

Sick of reading about AI’s potential to remake the world of wealth management? Buckle up, ’cause we’re just getting started.

Much ink has been spilled about the entrance of artificial intelligence tools into the wealth management industry. Thus far, the dialogue has focused on AI-powered services desired by wealthy clients and prospects, especially tax management and estate planning. Less attention has been paid, though, to another important use case: the potential for the technology to deliver tailored retirement income planning for the mass market. At least one such platform is already up and running, representing both a new potential partner and a source of competition for advisors.

“There is a giant supply-demand mismatch for retirement advice in this country,” said Steve Chen, founder and CEO of Boldin, a financial planning platform used by more than 500,000 active retirement savers. “More than 11,000 baby boomers are turning 65 every day, and many of them don’t have the assets it takes to work with a traditional advisor. We believe AI is the answer.”

A Willing Market

More than 40% of Americans are already using AI to help with their personal finances, according to a First National Bank of Omaha study. But the responses that the models provide aren’t foolproof, especially for retirees, as platforms like ChatGPT answer in generalizations or from limited data sets. Boldin’s AI tools take a different approach, Chen said, utilizing an individual’s data to solve retirement planning questions like when to claim Social Security or how to utilize home equity to plug spending gaps.

“The platform provides sophisticated planning for these people, who pay us a small monthly fee to utilize it,” Chen said. “We also have an option for people to pay a one-time flat planning fee to work with a CFP to review their plan, so it’s a kind of spectrum of advice that we are delivering. Advisors can use the platform, as well, to expand their toolkit.”

For their part, financial advisors are open to using AI to upscale and improve their services, per a recent Advisor360 survey:

• The vast majority of advisors (90%) are interested in using AI to expand offerings, including in tax planning, model creation and retirement income planning.
• An even greater proportion of clients (92%) expect multi-faceted planning beyond investment selection.

A Note of Caution. Wealth Script Advisors in San Francisco is among the many firms exploring ways to utilize AI, according to founder and CEO Alex Caswell, including for retirement planning. But it is doing so cautiously.

“The biggest challenge we find is using various AI tools without disclosing clients’ personal information,” he said. “This often requires reviewing their documents to strip sensitive information. The other challenge is testing the assumptions AI used to get to an answer.”

Ross Cutler, founder of King Tide Advisors in Palm Beach, Florida, agreed. “Financial planners still need to review the output, make adjustments as needed, and confirm the information reflects the client’s real situation,” Cutler said. “AI is especially helpful for common planning scenarios, but every client’s situation is unique. It includes behavioral and emotional factors that AI doesn’t capture.”

So no one told you life was gonna be this way (clap, clap, clap, clap)!

Generation X, long stereotyped as cynical and disaffected, is increasingly worried their retirements, like their love lives, are D.O.A. Some 28% of first-wave Gen Xers (ages 55–60) say they are extremely or very concerned about having enough money to retire comfortably, according to a survey from annuity provider Global Atlantic. That’s roughly double the level of anxiety reported by Boomers ages 61–75.

The remedy to those fears may not always be easy, but advisors can make a long-lasting difference. “There is no shortcut to catching up,” said Hardik Patel, founder of Trusted Path Wealth Management. He emphasized showing clients realistic scenarios and encouraging higher savings rates, delayed retirement or even part-time work if necessary.

The One Where No One’s Ready

Gen X faces a unique set of challenges. Many entered the workforce as pensions were disappearing and before automatic 401(k) enrollment became widespread. For years, they were largely on their own when it came to retirement planning, often with limited financial education. Some 56% of Gen Xers without pensions report “pension envy” (didn’t Joey sing a song about that)? Layer on top of that the dot-com crash and the 2008 financial crisis, which disrupted savings during critical earning years.

The study also found:

• Some 48% of Gen Xers expect to return to work after retirement due to financial concerns versus 21% of Boomers.
• Rising health care costs were the top retirement concern for both consumers and financial professionals.

Tax efficiency is one of the first places advisors should look when working with older Gen X clients, Patel told Retirement Upside. “Small adjustments to improve tax efficiency, including Roth conversions before they begin drawing Social Security, could make a significant difference,” he said.

MY SANDWICH GENERATION?! Despite their “whatever” reputation, Gen X is actually quite selfless, often stretched thin supporting both children and aging parents. With money flowing in multiple directions, saving for themselves becomes difficult.

Still, some financial strain is avoidable, said Pat Logue, founder of Prudent Financial Planning. While many Gen Xers are juggling elder care and their own debts, some also take on Parent PLUS loans for their children’s education. “We remind them you can’t borrow for retirement, but your kids can borrow for college,” Logue told Retirement Upside. A better approach is to have children take on student loans, with parents helping repay them later if possible, he said.