Hello. We just wrapped up a research study with 32 of the nation’s largest retirement consulting and advisory firms.
We hope that our findings can help clients take their businesses – and retirement plans – to the next level. Let’s take a look at four key trends we found here.
First, the industry is evolving. Many firms are improving profitability and growth by:
- broadening and/or standardizing service offerings,
- upgrading technology, and
- streamlining operations.
Many still are embracing legislative change that opened the door to offer pooled employer plans, or PEPs. In fact over 20% of the firms we spoke with either offer, or are developing, a PEP. The second trend we saw was a focus on retirement income.
Many plans today not only help workers accumulate assets, but also serve retired participants who are increasingly keeping assets in-plan – a major business opportunity for financial professionals who can offer guidance.
Third, asset trends. With respect to plan sponsor and financial professional selectivity, we’re seeing lot of interest in:
- incorporating active investment strategies in some capacity;
- environmental, social, and corporate governance, or ESG strategies;
- diversity, equity, and inclusion, or DE&I;
- and stable value offerings – especially as an alternative to money market strategies.
The fourth major trend was financial wellness. In response to the “great resignation,” employers are more aware of the need for financial wellness. But they may need your help in evaluating and implementing these programs.
We’ve only scratched the surface of this study. For more, visit our website or reach out to your T. Rowe Price consultant. Thanks and have a great day.
- We just wrapped up a research study with 32 of the nation’s largest retirement consulting and advisory firms.
- Four key opportunities stood out–evolving plan dynamics, legislative change, asset trends, and financial wellness.
- We hope that financial professionals can utilize the insights we’ve gained around these topics to better serve their clients.
This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.
The views contained herein are those of the authors as of February 2022 and are subject to change without notice; these views may differ from those of other T. Rowe Price associates.
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