Brandon Budd, President of Retirement Services at intellicents and Proud RPAG Member, makes the case for PEPs as a powerful solution for employers looking to outsource administrative burdens and reduce fiduciary liability, freeing them up to focus on what really moves the needle: plan design, employee education, and outcomes. Nate Moody, Senior Retirement Advisor and Partner at Lebel & Harriman and Proud RPAG Member, pushes back, warning that the consolidation behind PEPs could quietly erode the independence and objectivity that defines great retirement plan advising.

From the origins of PEPs in the SECURE Act to the Billy Beane "think like the Yankees" analogy, this conversation covers the full spectrum — the pros, the cons, and the uncomfortable questions the industry needs to be asking right now. Whether you're a plan sponsor, an independent advisor, or somewhere in between, this episode will challenge how you think about the future of retirement plans.

Recorded ahead of the NAPA 401(k) Summit in Tampa, this is exactly the kind of honest, advisor-driven conversation The Advisor's Edge was built for.

Interested in joining our breakfast session "The Advisor's Edge" featuring Kellen Foley, Nate Moody, and Michaela Scott in Tampa at the National Association of Plan Advisors (NAPA) 401(k) Summit? Save your seat.

Note: Due to a scheduling conflict with NAPA, Brandon Budd will not be present for the breakfast session at NAPA. We look forward to having him back for future episodes of The Advisor's Edge.

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Chapters
00:00 Introduction to Pooled Employer Plans
05:37 The Evolution of Retirement Plans
10:19 Fiduciary Responsibilities and Risks
15:06 Comparing PEPs to Traditional Plans
19:42 Marketing and Perception of PEPs
23:16 The Evolution of Employer Plans
27:49 Liability and Risk in Pooled Employer Plans
29:50 The Importance of Audits in Retirement Plans
34:34 Final Thoughts on Pooled Employer Plans and Industry Evolution
43:13 The New RPAG

Important Disclosures:
The Advisor's Edge is a podcast series produced by RPAG featuring perspectives from RPAG member investment advisors on practice management and industry trends.  The views, opinions, and perspectives expressed on this podcast are solely those of the individual hosts and guests, and do not represent the views of any employer, sponsor, advertiser, affiliated organization, or any other entity.  All content is provided for informational and entertainment purposes only and should not be construed as professional advice — including but not limited to legal, compliance or financial advice. Listeners should consult a qualified professional before making any decisions based on content discussed in this podcast.

Participating advisors are RPAG members sharing their professional experiences for the benefit of the broader RPAG community. No participant has been compensated for their appearance or contributions to this podcast. Past investment results and strategies discussed are not guarantees of future outcomes. This content is intended for financial professionals only, not plan sponsors or participants.

Retirement Plan Advisory Group, LLC (“RPAG”) provides technology, solutions and services for a fee to its customers, who are primarily retirement plan advisors and associated institutions. The services include ratings of various third-party investment vehicles based on RPAG’s proprietary quantitative and qualitative scoring methodology. The investment vehicles do not pay to be evaluated and scored; nor do the companies that provide services to the investment vehicles pay for them to be evaluated and scored, but those companies may have commercial relationships and affiliations with RPAG.

©2026 Retirement Plan Advisory Group, LLC ("RPAG"). All rights reserved. RPAG® and the RPAG logo are the registered service marks of RPAG. You cannot use either service mark without RPAG's express written permission. Other service marks and trademarks are the property of their respective owners. You cannot use any such mark without the express written permission of its owner.