Today, more than 100 million Americans are covered by DC plans and industry retirement assets have eclipsed $9 trillion.1 Yet we still have much more to accomplish. We’ve learned that retirement savings are just one piece of a participant’s broader financial picture. Increasingly employees are looking to their employer-sponsored plans for customized advice and solutions that take a more comprehensive approach to financial well-being. And plans are responding, evidenced by the growing number of participants—71% at the end of 2020—offered managed account advice.
How America Saves tells us advice is here to stay. Demand is rising, costs are lowering, and technology is advancing to make advice core to the experience of planning for retirement—and beyond. Personally, I’m thrilled to see the industry fully embrace the power of high-quality, low-cost advice, which can help participants achieve better financial outcomes in every aspect of their lives.