OPINION:
As a financial and retirement advisor in New Jersey, I’ve spent nearly 20 years guiding teachers, nurses, federal employees, and business owners through the retirement maze. My clients aren’t billionaire hedge fund managers; they’re hardworking people saving carefully and trying to build financial security. Their TSPs, 401(k)s, and 403(b)s, often their largest asset, are locked inside employer plans that often feel like fortresses: hard to reach, weighed down by obscure fees, and disconnected from the rest of their financial lives.
Digital tools are starting to change that. Banking-based platforms now let advisors securely view “held away” accounts and manage portfolios more effectively. But progress is uneven. Too many financial institutions still block or limit data access, and the lack of uniform standards leaves both families and advisors in the dark. A clear framework from the Securities and Exchange Commission could fix this, bringing consistency to personal financial data and giving families more control over their retirement savings.
Take a customer we’ll call “Sandy,” a 57-year-old teacher. Her 401(k) used to be a black box that forced me to chase paper statements or wrestle with outdated portals instead of focusing on her future. But with emerging digital tools—I use a platform called Pontera—oversight becomes easier. It helps me keep her costs low, better evaluate rollover decisions, and builds her confidence in her future.
Ordinary Americans are already using similar tools: Credit Karma tracks spending, Empower aggregates investments, Plaid powers secure app connections. They’re not reinventing finance; they’re making it work better for ordinary savers.
Yet some large legacy institutions are incentivized to resist these innovations. They try to block their customers from using software like Pontera, citing vague security or compliance concerns. But the effect is often to stifle consumer choice and limit progress. And because this space currently lacks strong federal guidance, the result is a patchwork of state-based regulators creating conflicting and inconsistent rules under intense lobbying pressure.
Some states deserve credit for modernizing consumer protections to keep pace with technology. Texas broke new ground this past July, issuing guidance that embraced secure data aggregation as good for consumers. But one state green-lighting innovation while another drags its feet only deepens confusion. Federal standards could resolve this.
The SEC now has an opening. The most important thing it could do is clarify that technology providers like Pontera, who support advisors like me with modeling, monitoring, or rebalancing, are not themselves “investment advisors” requiring registration. That would remove major uncertainty and affirm that this software is no different from any of the other software I use to help my clients, from Google or Microsoft or Intuit. Building on the CFPB’s work on data rights in banking, the SEC could extend those principles to retirement accounts, balancing innovation with investor protection.
Momentum is already bipartisan. Lawmakers across the aisle have backed the principle that Americans own their data, from Rep. Mike Flood of Nebraska, who pushed for stronger protections in 2024, to Democrats supporting the CFPB’s legal battles with banks. An SEC move here would reinforce that consensus and show leadership.
The greater risk is paralysis. America’s $12 trillion in workplace retirement plans represent the life savings of millions. Clear, consistent standards would let advisors use modern tools to deliver better outcomes and help more families retire with security. By acting now, the SEC can strengthen trust, boost transparency, and give every day Americans real control over their financial future.
Gregory Guenther is an award-winning financial and retirement advisor with GRANTvest Financial Group. He is based in Monmouth County, New Jersey and serves as a fiduciary; focusing on comprehensive financial planning and wealth management.
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