U.S. Defined Contribution Distribution 2025
Challenges Facing Asset Managers in the Mid-Market and Strategies for Success
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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.
A Note from the Author
Competition Heats up Among Asset Managers to Address the ‘Sweet Spot’ in the Mid-Market Retirement Plan Segment
Chris Bailey
Director
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Chris Bailey
Director
Chris is a Director in Cerulli’s Retirement practice. He leads research and analysis that covers key aspects of the retirement industry, including defined contribution (DC) plan recordkeeping, DC plan investments, and the individual retirement account (IRA) market. His research examines market sizing, product adoption and utilization, the influence of advisors and consultants, participant behavior, and more. In this capacity, he regularly engages with key players in the retirement industry, including executives within recordkeepers and asset managers, investment consultants, and financial advisory firms. In addition, his team collects data and perspectives from plan sponsors and participants annually.
Full biography here.
Cerulli expects competition to intensify in the mid-market defined contribution (DC) plan market in the coming years as asset managers seek to gain a foothold in an attractive market. Mid-market DC plans (plans with $25 million to $250 million in assets) account for more than $1.2 trillion in assets, or approximately 15.6% of total 401(k)s as of year-end 2023. These plans are a ‘sweet spot’ with relatively large numbers of plans and assets for providers to pursue with scalable products and service models.
Asset managers are focused on the advisors and consultants working with these plans, namely independent DC specialist practices and the retirement aggregators that are acquiring specialist practices. With 85% of plan sponsors working with an advisor or consultant, building relationships with the retirement aggregators and retirement plan specialists serving them is necessary to capture and retain DC assets.
Understand how asset managers can prevail in the mid-market segment with The Cerulli Report—U.S. Defined Contribution Distribution 2025. This report includes Cerulli’s latest DC sizing, with detailed coverage of 401(k) asset segments, DC-focused investment strategies and vehicles, and DC intermediaries, and provides key strategic considerations for crafting and distributing retirement income products and solutions.
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