The wealth management and retirement plan industries are becoming more connected as advisory firms, recordkeepers, and asset managers look for new ways to serve both plan sponsors and participants. Instead of focusing only on 401(k) plan support, more firms are expanding their services to include broader financial wellness, retirement readiness, and wealth management opportunities through the workplace.
This shift is being driven by a combination of growth potential, consolidation, technology, and changing participant needs. Workplace retirement plans give advisors access to business owners, retirement committee members, and millions of employees who may need more personalized financial guidance over time. Tools like AI, managed accounts, and digital advice platforms are also making it easier to deliver advice at scale.
As retirement and wealth continue to converge, firms that can combine retirement plan expertise with wealth management capabilities may have a major advantage. Those that embrace this shift can deepen client relationships, reach participants earlier, and create new growth opportunities, while firms that ignore it may risk falling behind.
Read more insights in Fred Barstein’s latest Wealth Management article, “Why Convergence of Wealth and Retirement Is Heating Up Now.“
