T. ROWE PRICE STUDY REVEALS DC CONSULTANTS' EVOLVING VIEWS ON PRIVATE ASSETS, RETIREMENT INCOME, AND MANAGED ACCOUNTS
T. Rowe Price (NYSE:TROW) has released its 2025 Defined Contribution (DC) Consultant Study, gathering insights from 36 leading consultant and advisory firms. The study reveals significant trends in retirement planning, with 72% of respondents citing fees as a barrier to alternative investment implementation in DC plans.
The research highlights increasing interest in private assets within target date solutions, evolving retirement income strategies, and managed account services. Key findings show that 37% of respondents offer proprietary managed account solutions, while 85% anticipate increased implementation of in-plan student debt programs. The study also indicates renewed interest in capital preservation options, with money market fund yields currently outpacing stable value crediting rates.
Additionally, 73% of consultants are focusing on fixed income diversification, with strong preference for active management in specific sectors: 86% for bank loans, 85% for high yield, and 84% for emerging market debt.
T. Rowe Price (NYSE:TROW) ha pubblicato il suo 2025 Defined Contribution (DC) Consultant Study, raccogliendo le opinioni di 36 importanti società di consulenza e advisory. Lo studio mette in luce tendenze rilevanti nella pianificazione pensionistica: il 72% dei partecipanti indica le commissioni come ostacolo all'introduzione di investimenti alternativi nei piani DC.
La ricerca evidenzia un crescente interesse per le attività private nelle soluzioni a data target, l'evoluzione delle strategie di reddito per la pensione e i servizi di managed account. Tra i risultati principali: il 37% degli intervistati offre soluzioni proprietarie di managed account e il 85% prevede un aumento nell'implementazione di programmi per il debito studentesco all'interno dei piani. Lo studio segnala inoltre un rinnovato interesse per opzioni di preservazione del capitale, dato che i rendimenti dei fondi monetari superano attualmente i tassi di accredito degli stable value.
Infine, il 73% dei consulenti concentra l'attenzione sulla diversificazione del reddito fisso, preferendo la gestione attiva in settori specifici: 86% per i prestiti bancari, 85% per l'high yield e 84% per il debito dei mercati emergenti.
T. Rowe Price (NYSE:TROW) ha publicado su Estudio de Consultores sobre Contribuciones Definidas (DC) 2025, recogiendo percepciones de 36 firmas consultoras y asesoras líderes. El estudio revela tendencias clave en la planificación de la jubilación: el 72% de los encuestados cita las comisiones como barrera para implementar inversiones alternativas en planes DC.
La investigación destaca un interés creciente por los activos privados en las soluciones de fecha objetivo, la evolución de las estrategias de ingresos para la jubilación y los servicios de cuentas gestionadas. Hallazgos clave muestran que el 37% de los encuestados ofrece soluciones propietarias de cuentas gestionadas, mientras que el 85% espera un mayor despliegue de programas de deuda estudiantil dentro de los planes. El estudio también indica un renovado interés por opciones de preservación de capital, ya que los rendimientos de los fondos monetarios actualmente superan las tasas de crédito de los stable value.
Adicionalmente, el 73% de los consultores se enfoca en la diversificación de renta fija, con una fuerte preferencia por la gestión activa en sectores específicos: 86% para préstamos bancarios, 85% para high yield y 84% para deuda de mercados emergentes.
T. Rowe Price (NYSE:TROW)는 36개의 주요 컨설팅 및 자문사 의견을 수집한 2025년 확정기여(DC) 컨설턴트 조사를 발표했습니다. 조사 결과에 따르면 DC 플랜에 대체투자를 도입하는 데 있어 응답자의 72%가 수수료를 장벽으로 꼽았습니다.
연구는 타깃데이트 솔루션 내 사모자산에 대한 관심 증가, 은퇴소득 전략의 진화, 매니지드 계정 서비스의 확대를 강조합니다. 주요 결과로는 응답자의 37%가 독자적인 매니지드 계정 솔루션을 제공하며, 85%는 플랜 내 학자금 부채 프로그램의 도입이 증가할 것으로 예상한다고 나타났습니다. 또한 머니마켓 펀드 수익률이 현재 스테이블 밸류의 크레딧 금리를 상회하면서 자본 보전 옵션에 대한 관심이 되살아나고 있습니다.
추가로 73%의 컨설턴트가 채권 포트폴리오 다각화에 주력하고 있으며, 특정 섹터에서는 액티브 운용을 선호합니다: 은행대출 86%, 하이일드 85%, 신흥시장 채권 84%.
T. Rowe Price (NYSE:TROW) a publié son 2025 Defined Contribution (DC) Consultant Study, recueillant les avis de 36 cabinets de conseil et d’advisory de premier plan. L’étude met en évidence des tendances majeures en matière de planification de la retraite : 72% des répondants citent les frais comme un frein à l’intégration d’investissements alternatifs dans les plans DC.
La recherche souligne un intérêt croissant pour les actifs privés dans les solutions à date cible, l’évolution des stratégies de revenu de retraite et les services de comptes gérés. Principaux constats : 37% des répondants proposent des solutions propriétaires de comptes gérés, tandis que 85% prévoient une augmentation de la mise en place de programmes de dette étudiante au sein des plans. L’étude indique également un regain d’intérêt pour des options de préservation du capital, les rendements des fonds monétaires dépassant actuellement les taux de crédit des stable value.
Enfin, 73% des consultants se concentrent sur la diversification des obligations, avec une forte préférence pour la gestion active dans des secteurs spécifiques : 86% pour les prêts bancaires, 85% pour le high yield et 84% pour la dette des marchés émergents.
T. Rowe Price (NYSE:TROW) hat seine 2025 Defined Contribution (DC) Consultant Study veröffentlicht und die Einsichten von 36 führenden Beratungs- und Advisory-Firmen zusammengetragen. Die Studie zeigt wichtige Trends in der Altersvorsorge: 72% der Befragten nennen Gebühren als Hürde für die Implementierung alternativer Investments in DC-Plänen.
Die Untersuchung hebt ein wachsendes Interesse an Private Assets in Target-Date-Lösungen, sich entwickelnde Strategien für Renteneinkommen und Managed-Account-Services hervor. Zentrale Erkenntnisse: 37% der Befragten bieten proprietäre Managed-Account-Lösungen an, und 85% erwarten eine verstärkte Einführung von In-Plan-Programmen für Studienkredite. Außerdem gibt es erneutes Interesse an kapitalerhaltenden Optionen, da die Geldmarktrenditen derzeit die Gutschriften bei Stable-Value-Produkten übertreffen.
Zusätzlich konzentriert sich 73% der Berater auf die Diversifikation im Festzinsbereich, mit starker Präferenz für aktive Verwaltung in bestimmten Sektoren: 86% bei Bankkrediten, 85% bei High Yield und 84% bei Schwellenländeranleihen.
- Strong consultant support for blended target date solutions combining active and passive strategies
- 85% of respondents expect growth in in-plan student debt programs
- High preference for active management in specialized fixed income sectors (84-86% across categories)
- Increased interest in private credit and private equity implementation in DC plans
- 72% cite fees as a barrier to alternative investment implementation
- 44% express liquidity concerns for alternative investments
- 39% note operational complexity challenges in alternative investments
- Money market fund yields outpacing stable value crediting rates, creating potential investment challenges
Annual Defined Contribution Consultant Study captures viewpoints on key retirement trends and investment themes from 36 of the nation's leading consultant and advisory firms
As the retirement industry contemplates a potential role for alternative assets in DC plans, survey results show consultants and advisors expect target date solutions—custom or off-the-shelf—to be the primary vehicle for implementation. Furthermore, respondents anticipate little support for offering alternative investment strategies as stand-alone options in a plan. When asked to indicate which alternatives are most likely to be incorporated into DC plans over the next 12–24 months, data revealed a noteworthy year-over-year increase in average expectations for implementation of private credit and private equity. Fees were identified by
Retirement income services and products continue to slowly gain traction, while the landscape has become increasingly complex. Respondents indicated a significantly lower percentage of their DC plan clients do not have an opinion on retirement income, compared to four years ago. Consultants and advisors identify a systematic withdrawal as the preferred feature for delivering income to retired DC plan participants, garnering an average rating of 3.2 on scale of 1-4, 4 representing most appealing. From there, respondents assigned the highest average rating to target date solutions that incorporate retirement income, like partial annuitization or a managed payout capability.
Consultants and advisors are also focused on managed accounts and their ability to offer a more personalized investment experience. Results showed more than one-third (
Respondent firms expect renewed interest in revisiting plans' existing capital preservation investment options, reigniting the debate between stable value and money market funds. This is primarily motivated by today's evolving interest rate environment, which has created an atypical situation where money market fund yields are outpacing stable value crediting rates—a dynamic that has only occurred two other times over the past 29 years1. Furthermore, the data reflects some interest in how best to use capital preservation products like stable value in other investment options, such as target date solutions, managed accounts, and retirement income products.
"Results from the 2025 DC Consultant Study depict an industry poised for change. We see this reflected in consultants' and advisors' evolving views on private assets in DC plans, to their consideration of target date solutions that can support participants in both the savings and spending phase, and to exploring the role of managed accounts and advice," said Jessica Sclafani, Global Retirement Strategist T. Rowe Price. "Our findings show that consultants and advisors stand ready to expand their product and service offerings to support plan sponsors in navigating an increasingly complex landscape – both from investment and regulatory perspectives."
Additional key findings include:
- More than two-thirds (
73% ) of respondents pointed to a "greater focus on fixed income diversification opportunities" driving their evaluation of the asset class. - Respondents were more likely to prefer active management in credit-oriented fixed income sectors, including bank loans and floating rate (
86% ), high yield (85% ), and emerging market debt (84% ). - There is strong support from consultants and advisors for blended target date solutions, constructed with both active and passive investment strategies.
- Around
85% of respondents believe the implementation of in-plan student debt programs may increase, while70% believe the same for in-plan emergency savings solutions. - Close to half (
44% ) of respondents are still evaluating AI use cases, as tools like chatbots, investment education, and real-time Q&A are gaining traction.
More details on the findings are included in the executive summary, which can be found here.
"At T. Rowe Price, our research is driven by a spirit of curiosity and a commitment to uncovering deeper insights," said Michael Davis, Head of Global Retirement Strategy at T. Rowe Price. "Our annual DC Consultant Study helps us keep a pulse on where we are and where the industry is headed. By capturing the perspectives of leading consultants and advisors, we are better equipped to anticipate emerging trends and empower our clients to make more informed decisions and confidently adapt to an ever-changing landscape."
ABOUT THE DEFINED CONTRIBUTION CONSULTANT STUDY
The 2025 Defined Contribution (DC) Consultant Study captures the latest perspectives from DC consultants and advisors on target date solutions, retirement income, managed accounts, fixed income and capital preservation investments, and financial wellness programs. New this year, the study explores expectations for implementation of private assets, the expanding scope of student debt and emergency savings programs, and adoption of artificial intelligence (AI) tools as they pertain to employer-sponsored retirement plans. The population of the study includes 36 DC consulting and advisory firms (
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing US
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1 Sources: Lipper Inc. and Morningstar, Inc.
2 Respondent firms are asked to self-identify their firm type.
3 Assets under advisement figures are self-reported.
4 Source: ICI, as of December 31, 2024.
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SOURCE T. Rowe Price Group
FAQ
What are the main barriers to implementing alternative investments in DC plans according to T. Rowe Price's 2025 study?
How many T. Rowe Price consultant firms offer proprietary managed account solutions?
What percentage of T. Rowe Price consultants expect growth in student debt programs?
What is driving fixed income evaluation according to T. Rowe Price's consultant study?
How do T. Rowe Price consultants view active management in fixed income sectors?
