The retirement market is a massive industry, with assets exceeding $32 trillion. The majority of investments are in defined contribution plans, including 401(k) plans. The SECURE 2.0 Act has recently passed, bringing changes to the retirement system, including automatic enrollment in 401(k) plans and emergency savings accounts. M&A activity within the retirement space has slowed down, but remains strong with total deal volume 50% higher than 2020. Retirement and wealth are converging, and emerging multifunctional platforms are offering participants fully serviceable wealth management and financial planning. The current economic environment has led to decreased savings rates, and holistic planning is becoming more important as the workforce has a growing number of both young and older workers. The desire for downside protection and collaboration between sponsor and advisor is also trending as participants seek expert advice to navigate turbulent markets and economic uncertainty.
