U.S. Defined Contribution Distribution 2022
Tailoring Solutions to the Consultant-Intermediated Fiduciary Landscape
Interpret, Innovate, Expand
- Understand the intersection of wealth management and retirement planning
- Evaluate in-plan guaranteed income products
- Learn about environmental, social, and governance (ESG) adoption under a new Department of Labor (DOL) regime
- Explore consultant/aggregator trends and perspectives
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Summary
This annual report focuses on product development and distribution opportunities for asset managers and other providers in the defined contribution (DC) market. The report also features detailed 401(k) plan sizing and coverage of retirement plan intermediaries (advisors and consultants), along with sizing of the advisor-sold DC market.
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A Note from the Author
Meet the Newest Addition to the Target-Date Landscape: Annuities
Shawn O'Brien, CFA
Director
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Shawn O'Brien, CFA
Director
Shawn leads the U.S. Retirement research practice, which focuses on the defined contribution (DC) and individual retirement account (IRA) markets. He also leads and supports strategic consulting projects for asset managers on their DC-related market entry and product distribution strategies.
Prior to joining Cerulli Associates, Shawn worked as a Research Associate at Harvard Business School, where he co-authored case studies on investment management for professional and personal investors and managing and innovating in financial services. Prior to that, he worked in the Currency Management group at State Street Global Markets, employing currency overlay strategies for large asset managers and asset owners.
Full biography here.
In the 36 months following the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act—which includes well-documented lifetime income provisions intended to remove barriers to offering lifetime income products in DC plans—several asset managers have come to market with new guaranteed income, and non-guaranteed, retirement income products for the defined contribution (DC) market. In fact, according to our research, one in four target-date managers offers a target-date fund with an annuitization component.
The rise in product development comes as retirement income becomes the most top-of-mind issue in the defined contribution investment-only (DCIO) asset manager community. 88% of DCIO asset managers relay that conversations with plan sponsors, advisors, and consultants related to in-plan retirement income have increased in the past 12 months.
While some guaranteed income (and non-guaranteed) products and solutions released following the SECURE Act are a step in the right direction, there is plenty of room for innovation. Explore our views on this topic, receive complete and updated defined contribution market sizing, and evaluate DC-focused investment strategies and vehicles and DC intermediaries with this report.
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