Press release
T. ROWE PRICE RELEASES LATEST DEFINED CONTRIBUTION CONSULTANT RESEARCH STUDY
New Research Representing Defined Contribution and Retirement Viewpoints from 32 of the Nation's Leading Consulting and Advisory Firms Addresses Retirement
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"New Research Representing Defined Contribution and Retirement Viewpoints from 32 of the Nation's Leading Consulting and Advisory Firms Addresses Retirement Trends and Key Investment Themes\nBALTIMORE, Sept. 6, 2023 /PRNewswire/ -- T. Rowe Price today released findings from its latest Defined Contribution Consultant Research Study. T. Rowe Price surveyed 32 defined contribution (DC) consultants and advisory firms—with a collective $6.7 trillion in assets under advisement—to explore factors driving plan sponsor decisions as they relate to target date solutions, retirement income, investment trends, and financial wellness programs.\nSeveral key themes emerged from the findings, including:\nSupport for greater diversification opportunities within target date strategies, specifically within the fixed income allocation (e.g., adding exposure to nontraditional bonds);Plan sponsors adopting a more decision-oriented posture on retirement income solutions;Shaper focus on fixed income options due to the current interest rate environment;Support for both active and passive investment options, with high conviction in return-seeking fixed income strategies; andContinued motivation to invest in financial wellness programs to improve overall worker satisfaction and retention.QUOTES\nMichael Davis, Head of Defined Contribution plan specialists, T. Rowe Price, and former Deputy Assistant Secretary of the U.S. Department of Labor\n\"Ongoing market volatility and economic uncertainty are driving changes in the retirement landscape, creating obstacles for the intermediary community, but also evolutionary opportunities for DC plans and consultant and advisory practices. This study helps us to better understand that evolution, especially as we compare the 2021 results to the 2023 findings. Fixed income markets are a perfect example – with tightening monetary conditions, higher interest rates, and inflation, it is not surprising that 62% of consultants and advisors surveyed agree with the statement, 'fixed income oversight for DC plans now requires more consideration than it did in prior years.'\"\nJessica Sclafani, Defined Contribution Specialist, T. Rowe Price\n\"Data from this survey helps us put our fingertips on the pulse of what is important for our DC plan clients and their trusted consultants and advisors. An important learning from this year's...