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Retirement income solutions, managed accounts and financial wellness programs are DC plan consultants’ top focus, according to a survey by T. Rowe Price. The “2020 DC Consultant Study—Retirement Environment,” released in November, found retirement income solutions are expected to more than triple. Currently, over 21% of respondents offer these tools, and nearly 79% expect those services to increase. Utilization of managed accounts is expected to grow from 34.6% to almost 58%.

T. Rowe surveyed 20 defined contribution consultants that together represent over 5,500 plan sponsors and $3.9 trillion in assets under advisement. The survey was conducted in two phases: from Jan. 7 to Feb. 13, and from April 8 to April 21.

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Danielle Andrus

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