Private Markets, A Year Later: Charlotte Hickey & Josh Anderson on What Has Changed and What Hasn’t

A year ago, Charlotte Hickey of BlackRock and Zachary Rosenoff of Marsh McLennan Agency joined Gray to Great for a conversation about private markets in defined contribution (DC) plans. In this follow-up episode, host Dan Dal Degan reconnects with Charlotte and welcomes a new voice to the conversation: Josh Anderson, AIF®, CEPA®, Vice President, Investments at the Workplace Retirement Group of Raymond James. In this follow-up episode, Josh and Charlotte revisit where the conversation stands today, from the initial wave of plan sponsor concern following the August 2025 executive order to the more constructive dialogue that has emerged since. They cover the DOL's proposed safe harbor framework for fiduciaries, the practical difference between 3(21) and 3(38) arrangements and how each affects adoption pace, why target date funds remain the most thoughtful entry point for most plans, and what advisors should be doing right now to stay ahead of this landscape. Charlotte's advice is direct: you do not have to be an expert in private markets, but your partners do. Chapters: 00:00 - Introducing Charlotte Hickey and Josh Anderson 01:40 - The Regulatory Climate Around Private Investments 05:31 - Balancing Risk and Opportunity as a Plan Advisor 09:08 - Understanding Private Market Allocations 12:29 - The Advisor's Role in an Evolving Landscape 14:52 - Communicating Complex Concepts to Plan Sponsors 17:36 - Career Reflections and Advice More About Our Guests: Charlotte Hickey is a Director of Defined Contribution National Accounts at BlackRock, based in Boston. With experience spanning roles at PIMCO and BlackRock, she brings deep expertise in DC plan strategy and the evolving conversation around private markets in retirement portfolios. Josh Anderson, AIF®, CEPA®, is a Vice President, Investments and partner of the Workplace Retirement Group at Raymond James, based in Newtown, Pennsylvania. With over two decades of experience in retirement plan consulting, Josh guides companies through the full spectrum of plan strategy including governance, plan design, fiduciary responsibility, and service provider evaluation. Want to hear more conversations like this one? Subscribe to the Gray to Great podcast wherever you listen.