The defined contribution market once had fairly clear lanes. Retirement plan advisors served one part of the market, while institutional investment consultants largely stayed in another.
Those lanes are beginning to merge.
Consolidation, shrinking fees, technology, AI, and changing plan sponsor expectations are pushing firms beyond their traditional boundaries. Institutional consultants are looking for ways to reach smaller plans and participants, while RPAs are gaining the tools and capabilities to move further upmarket.
Meanwhile, retirement, wealth, financial wellness, and participant services are increasingly intersecting, creating a much larger playing field.
As the boundaries fade, the race is becoming less about where firms started and more about how broadly and effectively they can serve plan sponsors and participants.
Read the full article, “Lines Blurring Between RPAs and Institutional Investment Consultants,” for Fred Barstein’s look at the forces reshaping the market and why the convergence race is heating up.
