U.S. Defined Contribution Distribution 2023
Adapting to Fiduciary Trends in the Advisor-Sold Market
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Maeve Flanagan
Associate Director, Account Management
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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
CITs Surpass Mutual Funds as the Top Investment Vehicle by DCIO Assets
Shawn O'Brien, CFA
Director
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Shawn O'Brien, CFA
Director
Shawn oversees the Retirement practice at Cerulli Associates. In this role, Shawn oversees and mentors a team of analysts responsible for publishing research on the trends in defined contribution (DC) and IRA markets. Additionally, Shawn provides strategic oversight to Cerulli’s consulting projects focused on opportunities in the retirement space. Shawn frequently speaks at industry summits and conferences. Shawn is also responsible for overseeing the firm’s Data Analytics team.
Prior to joining Cerulli Associates, Shawn was a researcher at Harvard Business School where he co-authored case studies alongside professors Adi Sunderam and Luis M. Viceira focused on investment management for individual and institutional investors. Shawn started his career in investment operations at SSgA where he covered the firm’s equity collective investment trusts and institutional separate accounts.
Full biography here.
Idin Eftekhari
Senior Analyst
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Idin Eftekhari
Senior Analyst
Idin is a member of Cerulli’s Retirement research practice, which specializes in the defined contribution (DC) and individual retirement account (IRA) markets.
Prior to joining Cerulli, Idin was a senior member of the Portfolio Evaluation Group at Fisher Investments, where he was responsible for providing asset allocation and benchmark recommendations for high-net-worth clients in the US, Canada and the UK. During his 15+ year tenure at Fisher Investments, Idin served in multiple roles supporting the firm’s Private Client Group and Institutional Group.
Full biography here.
According to our latest research, collective investment trust (CIT) assets stand at $4.63 trillion. Despite a 15.7% contraction from the prior year, defined contribution investment-only (DCIO) asset managers remain optimistic about the vehicle’s adoption—especially at the larger end of the 401(k) mid-market ($100 million to $250 million) as 401(k) plan providers seek greater cost efficiency and customization.
While CITs are dominating the DC spotlight, mutual funds still remain in the picture as the preferred investment vehicle for asset managers operating in the small and mid-sized plan asset segments, specifically non-revenue-share class of mutual funds.What does the future look like for product development and adoption as retirement providers seek solutions for retirement accumulation and decumulation? Where can managers add value? Our latest report, U.S. Defined Contribution Distribution 2023: Adapting to Fiduciary Trends in the Advisor-Sold Market addresses these questions and more.
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