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Are Personalized TDFs the Future of QDIAs? By Strategic Retirement Partners. Twenty years ago, Congress transformed retirement investing by establishing a fiduciary safe harbor for qualified default investment alternatives. Now industry experts say the future belongs to personalized solutions and, potentially, new innovations. At the "QDIA Evolution" session at the 2026 PLANSPONSOR National Conference in Nashville, Tennessee, organized by PLANADVISER's sister publication this week, panelists from Vanguard, Capital Group and Strategic Retirement Partners agreed that the future of default investing will likely be more personalized. The speakers cautioned plan sponsors to resist change for its own sake and to remain focused on the participant outcomes they want their plans to achieve. The discussion centered on the evolution of QDIAs, which gained widespread adoption after the Pension Protection Act of 2006 created legal protections for plan sponsors using approved default investments such as target-date funds, balanced funds and managed accounts. The law helped accelerate a transition away from stable value and money market defaults toward diversified, age-based investment strategies. TDFs have since emerged as the dominant investment vehicle in DC plans. From TDFs to increased personalization. According to various reports, TDFs are estimated to comprise between 40% and 50% of defined contribution assets. "The whole concept behind target-date funds was to take a fairly complex decision - asset allocation - out of the hands of participants," said John Doyle, a senior retirement strategist at Capital Group. "It was built to work for the majority of participants in a plan." That simplicity remains one of the strongest arguments for TDFs, which continue to dominate the QDIA landscape. Technically, TDFs are professionally managed, meaning participants do not need to alter portfolios as they age to adjust their investment risk profiles. Yet panelists said pressure is building to tailor investments more closely to individuals' circumstances. When Phil Senderowitz, managing director of Strategic Retirement Partners, was asked if managed accounts or personalized TDFs would overtake traditional TDFs, he responded, "In the next five years, no. But over time, you're going to see a lot more personalization." Senderowitz argued that advances in technology are making personalization more practical and affordable than it was when QDIAs first emerged. Rather than placing all participants of the same age into identical portfolios, newer approaches can incorporate factors such as savings rates, account balances and other participant characteristics. Still, panelists repeatedly emphasized that personalization is not automatically superior. "There's this perception that when you use the word personalization, personalization must be better," Doyle said. "The right personalization is probably going to be better. But how much data are you using, where are you getting that data, and what aren't you getting that you might be missing?" Private markets? The panel also explored whether TDFs themselves are likely to change. From private market allocations to guaranteed retirement income products and even the addition of artificial intelligence tools, panelists said plan sponsors have plenty to consider in terms of modifications to TDFs. Brian Miller, a senior manager of multi-asset product management and strategy at Vanguard, predicted evolution, rather than disruption. "When I think about the QDIA space over the next five to 10 years, I really think of it more as refinement, rather than reinvention," Miller said. "Target-date funds, as they exist today, have done a really good job for investors." Miller said AI could eventually play a meaningful role in participant engagement and decisionmaking, but he warned against exaggerated claims of it immediately playing a major role. "I'd be a little wary of some of those claims until we really prove them out," he said. "It's not going to replace things like fiduciary oversight or sound investing principles." Though private-market assets have featured prominently in discussions at this year's conference, including the keynote address from Deputy Secretary of Labor Daniel Aronowitz, panelists warned plan sponsors about quickly jumping into adding allocations to alternative asset classes. "People are waiting for track records," Doyle said. "Don't make [your glide path] different [just] to make it different. Make it different to make it better." Each panelist said plan sponsors should - when considering alternative investments or their plans' QDIA - focus on outcomes, understand participant demographics and evaluate whether any investment is performing as intended. "Think about your QDIA as the core of your plan," Miller said. "For most of your participants, that's exactly what it is." Strategic Retirement Partners (SRP) is a leading national team of retirement plan-focused financial advisors. Let's talk about your company's retirement plan needs.

Vanguard deepens nationwide push to slash office space. By Katie Burke CoStar News The Vanguard Group is cutting ties with one of its Philadelphia-area offices, the latest move by the global investment adviser to trim its corporate real estate portfolio. The Malvern, Pennsylvania-based firm opted not to renew the lease on its nearly 88,000-square-foot space at 45 Liberty Blvd., one of several properties it occupies that comprise its headquarters. It is the latest in a string of cuts the company has made to consolidate its national office presence, echoing moves by other large tenants across the United States as they look to adjust to evolving post-pandemic needs. "Vanguard continuously evaluates the effective use of workspace in our leased and owned properties," a Vanguard representative said in a statement to CoStar News. "As part of this effort, we are exiting our leased space at 45 Liberty Blvd. to optimize our existing footprint." The firm's looming exit is expected to spike the 155,000-square-foot building's vacancy rate to about 65% after years of being fully occupied. Vanguard's current lease is set to expire later this month. The investment adviser's Malvern headquarters has long been spread across several properties in the Philadelphia suburb. The bulk of Vanguard's 20,000-person global workforce is based in the region, and despite its planned Liberty Boulevard exit, it still occupies just shy of 1.4 million square feet of office space there. Yet similar to a cohort of tenants elsewhere across the country, Vanguard's decision to cut ties with some of its Malvern space is ultimately a result of reevaluating spatial needs and eliminating anything that has since become extraneous. Vanguard is also letting go of one of its leases in Scottsdale, Arizona, where it is one of the region's largest employers. The firm had fully occupied the 123,340-square-foot building at 8501 E. Raintree Drive for the past two decades. In a sign of the national office market's strengthening recovery, the space is already set to be backfilled by mobile network provider Consumer Cellular. Back in Malvern, the owner of 45 Liberty Blvd., FLD Group, is in talks with a prospective tenant to fill about 65,000 square feet of Vanguard's looming vacancy, according to a CMBS loan report.

Vanguard hires BlackRock's Marchioni as multi-asset head. Ursula Marchioni will join the European leadership team and report to Jon Cleborne 26 May 2026 Vanguard has hired BlackRock's Ursula Marchioni as its head of multi-asset and adviser solutions. As part of the newly-created role, Marchioni - who previously spent more than 13 years at BlackRock - will oversee the firm's MPS and multi-asset teams. She will also oversee Vanguard's Advisory Research Centre (ARC), as well as the portfolio analytics and consulting team. The role will see Marchioni join the European leadership team. She will report to Jon Cleborne, head of Europe. Prior to joining Vanguard, Marchioni was managing director, and head of investment and portfolio solutions EMEA, at BlackRock. She has also worked as head of ETF sales strategy at Credit Suisse Asset Management, and has held roles at Société Générale and KPMG. Commenting on Marchioni's appointment, Cleborne said: "I extend a warm welcome to Ursula on joining Vanguard. Her appointment underscores its commitment to the continued evolution of its multi-asset capabilities. "Ursula will be instrumental in leading our experienced teams, who play a key role in helping European and international clients build better portfolios, address their challenges, and adapt to changing market conditions." Marchioni added she is "proud to join Vanguard at an exciting time", as the firm continues to "broaden [its] offer and strengthen how [it] supports and partners with advisers across Europe and beyond". MORE ARTICLES ON