Deals & People June 4, 2025

CAPTRUST Names New Head of M&A

Mike Wunderli joins CAPTRUST from boutique investment bank Echelon Partners.

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CAPTRUST Financial Advisors has appointed Mike Wunderli as head of mergers and acquisitions to lead the firm’s strategic inorganic growth initiatives.

Wunderli joins CAPTRUST from Echelon Partners, a boutique investment bank where he had served as a managing director since 2016, overseeing M&A activities across wealth and asset management. Prior to Echelon, Wunderli spent 12 years at Lehman Brothers and UBS.

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According to CAPTRUST, Wunderli has worked closely with entrepreneurs and business owners throughout his career and has collaborated with investment managers, private equity funds, family offices, trading desks and various capital providers. In his new role, he will use “his broad view of the marketplace to identify firms that align with the CAPTRUST vision.”

“I’ve been on the other side of the table for the last nine years, and I’ve seen how the industry’s top acquirers have evolved. CAPTRUST’s elite offering, coupled with its integration expertise and deep resources, distinguishes it among the nation’s top financial advisory firms,” said Wunderli in a statement. “In my view, a select group of elite firms will emerge as the clear leaders in the independent space, and CAPTRUST is uniquely positioned to elevate the industry to new levels of quality, integrity, and fiduciary stewardship.”

Wunderli joins CAPTRUST more than a year after its previous head of M&A, Rush Benton, left the firm—after 11 years and more than 40 wealth management-focused deals—to start his own business.

In a statement, CAPTRUST CEO Fielding Miller said, “The industry is at an inflection point. We wanted someone who was ready to face those challenges with energy and enthusiasm. Mike is ready. He fits CAPTRUST, and he fits our strategic ambitions for the future.”

Redondo Beach, California-based Wunderli holds a bachelor of arts degree from Brigham Young University and an MBA from the Wharton School at the University of Pennsylvania.

Data & Research June 4, 2025

PensionBee Says Safe Harbor IRAs Are ‘Cause for Concern’

Research from PensionBee founds more than 29 million “left-behind” 401(k)s currently exist in the U.S. retirement system, costing workers up to $90,000 per person in lost savings by retirement age.

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Millions of American workers who job-hop could be unknowingly sacrificing thousands in retirement savings by neglecting to roll over their old 401(k) accounts, according to an analysis from online retirement provider PensionBee.

Job-hopping is increasingly common—especially among younger generations—leaving many with small retirement accounts they have simply forgotten about. PensionBee’s research revealed that more than 29 million such “left-behind” 401(k)s currently exist in the U.S. retirement system, costing workers up to $90,000 per person in lost savings by retirement age.

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Safe harbor individual retirement accounts are also a cause for concern, according to PensionBee. When left- behind accounts have balances below $7,000, employers can automatically transfer them—without employee consent—into rollover IRAs, which may invest the funds in a low-return asset class.

“Safe harbor IRAs represent a critical blind spot in America’s retirement system,” said Romi Savova, CEO of PensionBee, in a statement. “The lack of transparency in these accounts is particularly troubling, as most assume that the money they put towards their retirement will remain theirs. The difference between investment defaults matters enormously.”

Helene O’Brien, PensionBee’s vice president of employer partnerships, wrote an opinion piece published Monday in sister publication PLANSPONSOR arguing that these accounts could be unknowingly putting plan sponsors at risk of ERISA litigation. 

Safe harbor IRAs are supposed to preserve assets, but in practice, they often undermine long-term growth, according to PensionBee:

  • A $4,500 account left in a safe harbor IRA earning 2% annually (minus $75 yearly fees) would grow to just $5,507 over 45 years.
  • If rolled into a traditional 401(k) earning 5% annually with standard fees, the same amount would grow to $25,856 over 45 years—a $20,000 difference from a single account.

Multiply that by as many as five job changes by a worker in their 20s, and the lost earnings could surpass $90,000—more than the median U.S. retirement savings, currently estimated at $87,000, PensionBee’s analysis found.

PensionBee identified a three-fold problem with safe harbor IRAs:

  1. Overly conservative investments: Federal rules require minimal-risk holdings, often earning less than inflation. Many providers invest in low-interest bank products offering as little as 0.5% return;
  2. Excessive fees: Monthly maintenance and withdrawal fees can eclipse earnings. One provider cited by PensionBee charges $5.67 per month, plus 0.5% annually. On a $3,500 account, that’s a 2.4% annual cost before additional withdrawal fees; and
  3. Interest skimming: Some providers pay significantly below-market interest and capture the difference as a “bank servicing fee,” quietly eroding account value.

“These seemingly small default decisions have profound long-term consequences for savers,” Savova said in the statement. “Greater transparency around default investment strategies would empower consumers to make informed choices about their financial future.”

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