Retirement plan advisors controlled 28 percent of the defined contribution market at the end of 2013, according to Cerulli Associates.
That figure is expected to grow if only because plan sponsors facing greater regulatory oversight are more frequently turning to advisors to manage plans.
"The market downturn highlighted the role of the DC plan and its replacement of defined benefit as the primary retirement savings vehicle for the vast majority of Americans," Bing Waldert, director at Cerulli, said. "Given the heightened scrutiny of retirement plans, a class of advisors and consultants who specialize in retirement plans and employee benefits has risen in prominence."
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