Masters in Business Managing the Shift from Pensions to 401k with Zach Buchwald
13 snips
Jan 23, 2026 
Zach Buchwald, Chairman and CEO of Russell Investments and veteran of BlackRock and Morgan Stanley, discusses retirement’s shift from pensions to 401(k)s. He covers smart beta, OCIO strategies, how compounding can be taught with newborn accounts, and pragmatic uses of AI, private markets, and choice architecture to protect individual investors.
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Crisis Advisory Work At BlackRock
- In 2008 Zach moved to BlackRock to create an advisory practice helping the Fed and Treasury manage crisis portfolios.
- He describes building roadmaps to restore asset values and repay taxpayers over time.
Open Architecture Prioritizes Client Outcomes
- Russell's open-architecture approach builds portfolios using best-of-breed managers across the entire ecosystem.
- Zach Buchwald says this lets the firm focus on client outcomes rather than selling proprietary products.
Retirement Risk Shift To Individuals
- Retirement risk has shifted from employers to individuals as pensions give way to 401(k)s.
- Zach warns the current system leaves many unprepared for saving, investing, and decumulation choices.
