Record keepers are the biggest inhibitors.

The AI-powered employee financial wellness platform is meant to help small- to mid-sized advisors gain traction in the retirement plan market.

Potential failures range from cyber theft to fee inflation to document mismanagement.

This follows a July partnership announcement with Silver Lake Waterman and a C round in 2021.

Cerulli data shows what would entice wealth advisors to manage defined contribution retirement plans.

Who will be the winners, losers and new entrants as the convergence of wealth, retirement and benefits at work will revolutionize 401(k) plans?

This is the held-away asset management platform's second capital raise since pivoting and changing its name from FeeX in February 2022.