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2025 U.S. Defined Contribution Consultant Study
Methodology at a glance
36
Participating U.S. DC consultant and advisor firms
$8.9T+
U.S. AUA represented by participating firms1
70%
of the $12.5T U.S. DC plan market2
Key Insights
Emphasis on diversification within fixed income
Nearly two-thirds (73%) of respondent firms —versus less than half (48%) in 2021—point to a“greater focus on fixed income diversification opportunities” as motivating their evaluation of fixed income investment options.
Target date solutions continue to evolve
There is strong support for increasing or adding exposure to nontraditional bonds in a target date solution, encompassing a wide range of strategies, including private credit. And both active and passive strategies are favored for cost-effective, balanced target date solutions.
Retirement income slowly gaining traction
Consultants and advisors report each year that more plans have a defined stance on retirement income. This year, one in four DC plans is considering or currently offering retirement income solutions, up from nearly one in five DC plans in 2021.
Managed accounts grow as opt-in option
Greater than one-third of respondent firms offer proprietary managed account solutions. These are more likely to be positioned as opt in and there is neutral to slightly positive support for use of a dynamic QDIA.
Industry alignment on financial wellness priorities
Plan sponsors, consultants, and advisors are generally aligned on which topics are most important—estimating retirement income needs, improving overall financial knowledge, and determining how much to save and measuring progress.
Growing role for artificial intelligence (AI)
Practical use cases are beginning to emerge to enhance business growth, client service, and scalability. Firms integrating AI are discovering efficiencies and innovative ways to differentiate themselves.
2025 Participating Firms
Aon | Callan LLC | Cambridge Associates | CAPTRUST | Cerity Partners | Clearstead | Commonwealth | Curcio Webb | Fiducient Advisors | Francis Investment Counsel | Goldman Sachs Asset Management | Gosselin Consulting Group | Higginbotham | Highland Associates | Highland Consulting Associates, Inc. | HUB RPW | Intellicents | LCG Associates, Inc. | Marquette Associates, Inc. | Marsh McLennan Agency | Meketa Investment Group | Mercer | MSWM/Graystone | NEPC, LLC | Newport Group, Inc. | NFP Retirement | OneDigital | PlanPILOT | Russell Investments | RVK, Inc. | SageView | Segal Marco Advisors | USI | Verus | Willis Towers Watson | Wilshire
Additional reading based on the insights above
Nov 2024
RETIREMENT
What if there were a better way to build target date solutions?
May 2025
In the Spotlight
A five-dimensional framework for retirement income needs and solutions
Sep 2025
In the Spotlight
What do retirement investors really want? Quantifying income preferences and trade-offs
All figures represented are in U.S. dollars.
1Assets under advisement figures are self-reported.
2Source: ICI, as of December 31, 2024.
Important Information
The principal value of target date funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire. These funds typically invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. In addition, the objectives of target date funds typically change over time to become more conservative.
This material is provided for general and educational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management; it is not individualized to the needs of any specific benefit plan or retirement investor, nor is it directed to any recipient in connection with a specific investment or investment management decision. The T. Rowe Price group of companies, including T. Rowe Price Associates, Inc., and/or its affiliates, receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation, or a solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.
All investments are subject to market risk, including the possible loss of principal. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
This material was prepared for use in the United States for U.S.-based plan sponsors, consultants, and advisors, and the material reflects the current retirement environment in the U.S. It is also available to Canadian-based plan sponsors, consultants and advisors for reference. There are many differences between the two nations’ retirement plan offerings and structures. Therefore, from a Canadian perspective, this material is offered for educational purposes only and does not constitute a solicitation or offer of any product or service.
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