Compliance July 9, 2025

Empower Responds to Private Markets Inquiry from Senator Warren

The asset classes should be available to retirees to help with the ‘democratization of private investing,’ Empower CEO Edmund Murphy wrote.

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Empower Retirement LLC wrote back to an inquiry from Senator Elizabeth Warren, D-Massachusetts, regarding the inclusion of private market investments in defined contribution retirement plans. urging the inclusion of the investment options.

“Empower believes in the democratization of private investing,” Empower CEO Edmund Murphy wrote in a three-page letter dated July 7. In Warren’s June 18 letter to Empower, she argued that the company’s inclusion of private market investments would likely harm retirees.

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Empower, which has more than 88,000 plans under administration and $1.8 trillion in assets under management, argued that the retirement landscape is undergoing a structural shift, with public markets offering fewer opportunities as companies stay private longer and public listings decline. According to Empower, the number of publicly listed U.S. companies has halved since 1996, while private equity markets have surged to more than $13 trillion in assets globally.

The letter cited recent Empower research showing strong support among workers for broader access to private market investments:

  • 79% said retail investors should have the same access to investments as institutions;
  • 73% said including private investments would help level the playing field; and
  • 76% said they want retirement plan offerings to reflect “modern market realities.”

Still, Empower emphasized caution. The company proposed a “multi-layered framework” with fiduciary oversight under the Employee Retirement Income Security Act, professional management standards and design limitations to control risk.

“This is not an open door—it’s a carefully monitored gateway,” Murphy stated, asserting that private investments would be a small portion of diversified portfolios and subject to the same standards as other plan offerings.

The company also signaled a willingness to collaborate with policymakers to ensure investor protection remains a top priority.

Deals & People July 8, 2025

2025 Top Retirement Plan Adviser: Andrew Blankenship

Thoughts from Andrew Blankenship, with Advo(k)ate Advisors.

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This year, PLANADVISER followed up with advisers on the 2025 Top Retirement Plan Advisers listing to get to know them better. These are the responses from Andrew Blankenship of Advo(k)ate Advisors in Birmingham, Alabama.

PLANADVISER: What does it take to be a successful retirement plan adviser in 2025?

Blankenship: Success in 2025 requires more than technical knowledge; it demands proactive leadership, strategic insight and unwavering commitment to fiduciary excellence. At Advo(k)ate Advisors, we specialize exclusively in employer-sponsored retirement plans. Our focus allows us to stay ahead of regulatory changes, deliver forward-looking plan design strategies and drive meaningful participant outcomes. Today’s most successful advisers must serve as an extension of the client’s HR and finance teams and be able to simplify complexity, anticipate risk and deliver results. Being a successful plan adviser means being a true advocate for employers and employees alike. That’s the foundation of our firm’s name and our approach.

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PLANADVISER: What are some of the most important growth strategies that have generated success for your firm? Where do you source new clients most effectively?

Blankenship: At Advo(k)ate Advisors, our growth has been driven by strategic partnerships and deep specialization. We’ve built trusted relationships with certified public accountants, third-party administrators, Employee Retirement Income Security Act attorneys and private equity platforms, often getting engaged at key decision points like plan audits, acquisitions or vendor transitions. Our niche expertise in industries such as health care, professional services, manufacturing, retail and multi-location businesses gives us an edge. Most importantly, our clients are our best advocates. They refer us because we simplify their responsibilities, reduce risk and make their plan work better, for them and their employees. That reputation has become our most effective source of new opportunities.

PLANADVISER: How do you balance the desire to grow with the need to keep clients happy?

Blankenship: At Advo(k)ate Advisors, client satisfaction isn’t a goal; it’s the foundation of our business. We’ve built a scalable, team-based service model where every client receives dedicated support from a lead adviser, operations contact and participant specialist. This structure allows us to grow without compromising our high-touch service. We monitor service delivery closely, hold ourselves to measurable KPIs and continuously seek client feedback. Growth happens when you deliver consistent, proactive value, and our clients’ loyalty and referrals are proof that our approach works. Our commitment to advocating for every client is how we grow responsibly and sustainably.

PLANADVISER: How do you foresee the retirement plan industry evolving in the coming decade? Will your practice look much the same in 10 years, or do you see significant evolution coming?

Blankenship: The retirement plan industry is on the verge of major transformation. In the next decade, we expect a rise in pooled solutions, smarter use of plan data and closer integration between retirement plans and overall employee financial wellness. At Advo(k)ate Advisors, we’re already preparing for that future by expanding our capabilities, embracing new technologies and evolving our services to include executive comp, financial coaching and more integrated benefit solutions. While our core mission—to be a true advocate for employers and their employees—will stay the same, our practice will continue to evolve to meet the changing needs of the workforce.

PLANADVISER: For those plan sponsors looking for a new plan adviser, describe what makes your firm stand out.

Blankenship: Advo(k)ate Advisors isn’t a generalist wealth firm; we focus 100% on employer-sponsored retirement plans. That focus allows us to deliver more value, more insight and more protection for our clients. We serve as fiduciary co-advisers, negotiate aggressively with vendors and design plans that support both the business and the employees. We’re proud to hold preferred status with the largest recordkeepers, unlocking solutions and pricing others simply can’t access. What makes us stand out is our mindset: we don’t just manage plans; we advocate for them. That means always acting in the best interest of the client, with “No (k)ompromises.”

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