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CUSTOM RESEARCH

Institutional Consultants vs. Retirement Aggregators: Trends in DC Strategic Priorities

April 9, 2025

What are the top priorities for retirement aggregators (RAs) and institutional consultants (ICs), and what do they mean for plan sponsors? Understand how the retirement landscape is evolving in a post-pandemic environment and how RAs and ICs are adjusting their approach.

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This white paper, produced in partnership with PIMCO, examines the goals of key industry partners across four critical variables: expanding presence upmarket, enhancing OCIO capabilities, expanding investment research capabilities, and merging or acquiring other firms.

Key Takeaways

Expanding Presence Upmarket

DC consultants are primarily focused on the mid-sized market ($25 million—$250 million) but have increasingly focused on the large market ($250 million—$1 billion). Several factors drive this trend, including the greater revenue potential associated with larger plans, the demand for advanced expertise to manage complex investment strategies, and heightened fiduciary concerns and litigation risks.

Enhancing OCIO Capabilities

Cerulli's research finds a growing institutional emphasis among ICs and RAs. In 2021, 34% of ICs and 27% of RAs prioritized enhancing outsourced chief investment officer (OCIO) capabilities. By 2024, 68% of ICs and 67% of RAs affirmed this priority.

Expanding Investment Research Capabilities

ICs and RAs fluctuate when it comes to expanding research capabilities. Several key elements help explain this trend, including rising client expectations for more sophisticated and tailored investment advice, the evolving investment landscape that requires continuous research and adaptation, and a growing focus on retirement income solutions.

Merging or Acquiring Other Firms

There is a significant divergence between ICs and RAs regarding merging with or acquiring other firms. For ICs, this strategy has consistently been a low priority, while for RAs, mergers and acquisitions have consistently registered as a top-two priority.

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SUBJECT MATTER EXPERTS

Meet Our Research Team

Adam Barnett

Senior Analyst

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Adam Barnett

Senior Analyst

Adam 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, Adam was a business analyst at Fidelity Investments, where he was responsible for quality control and process improvement in the beneficiary qualification division. Throughout his tenure at Fidelity, Adam served in multiple roles, including participant services with large client 401(k)s and pensions, as well as product training in the defined benefit (DB) space.

Full biography here.

Elizabeth Chiffer

Research Analyst

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Elizabeth Chiffer

Research Analyst

As an analyst on the Retirement team, Elizabeth supports research on the defined contribution (DC) and individual retirement account (IRA) markets and provides quantitative support to Cerulli’s annual reports and Edge series.

Prior to joining Cerulli, Elizabeth was a research assistant at the Boston University School of Hospitality Administration, where she worked on papers pertaining to hospitality finance and technology.

Full biography here.

Mackenzey Santorella

Analyst

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Mackenzey Santorella

Analyst

As an analyst on the Retirement team, Mackenzey supports research on defined contribution and individual account markets and provides quantitative support to the annual reports and Cerulli Edge series.

Prior to joining Cerulli, Mackenzey interned at Hologic, Inc., and Wheel It Forward. She graduated summa cum laude from Fairfield University with a Bachelor of Science in Business Analytics and minors in Applied Statistics and Marketing.

Full biography here.