Read on Retirement: A new generation of retirement plan consultants

Read on Retirement 2025: A (hyper) growth-focused new era

The retirement landscape is evolving rapidly, and the 2025 BlackRock Read on Retirement® survey shines a spotlight on the dynamic community of consultants who are driving this change. Innovative and laser-focused on growth, they are redefining what it means to serve clients and participants today, indicating a broader shift in the industry, where choice has emerged as a key pillar of effective client strategy.

While client service and participant support remain their North Stars, the strategies and priorities for achieving growth are shifting—reflecting a wide range of perspectives and experience. It’s an evolving outlook on retirement that is shaping the future of investment and financial planning.

The top of the to-do list: New features and funnels

Prospecting for new defined contribution (DC) business remains at the top of every consultant’s to-do list – and adding client services is key. In the next 12-24 months, they plan to add investment selection capabilities, plan sponsor educational capabilities, plan design services and participant communications. Workplace savers would second that strategy: 80% say it would be helpful to receive specific education around the investment options available to them.

Additionally, high-net-worth (HNW) business owners are emerging as a key avenue for practice growth. Retirement and wealth planning continue to converge: The majority of DC consultants generate at least 25% of their wealth revenue from plan business¹, and for wealth advisors, retirement plans can be an entry point—helping business owners set up a retirement plan opens the door to their personal financial world.

Doubling down on (strategic) differentiators

Consultants are increasingly leveraging AI to help with client service and business development – and adoption is likely to soar: While 14% of consultants say they are currently using AI, 57% say they are likely to star in the next 12 months. This strategic embrace of technology is helping consultants differentiate their practices and deliver more value and solutions to clients.

Another key way consultants continue to differentiate their business is with participant and education offerings. Among those offering wellness programs, the most commonly offered features have not changed year over year, but their rankings have.

In 2025, education about market volatility and inflation tops the list, followed by access to a financial advisor or coach. These two offerings were ranked lower in 2024, which reinforces what we’ve heard from participants: When markets shake, so does retirement confidence - and savers are increasingly looking to their employers for help.

Leveraging powerful solutions

Today’s savers face a tough road: economic uncertainty, rising longevity and portfolios that aren’t keeping pace. Plan consultants can play a critical part by leveraging the powerful solutions at their fingertips—active management, guaranteed income solutions and private market options that could help boost retirement outcomes.

1) Confidence in active management continues as investors prioritize strategies that deliver stronger, net-of-fee outcomes. We know that savers are stretched thin — the median savings rate has decreased to 10% from 12% a few years ago — and that they are looking for ways to make their money work harder: 80% say they would be interested in using an actively managed fund for their retirement savings.²

2) Consultants are actively discussing how to best address retirement income with clients, but could use more education as new options come to market. Sponsors are on the same page – 100% feel responsible for helping participants generate and manage retirement income.

3) Private market assets are gaining momentum in DC plans. 27% plan to include them in the next 12-24 months and they see the potential benefits, which tells us that interest is healthy but adoption will take time. What we need to do now is help address the learning curve: 68% of consultants don’t think they have a high level of knowledge about private markets.

Leading the way forward 

This year’s survey findings reveal that choice is critical to growth. Where consultants go from here will require thoughtful innovation and bold ambition, providing access to more choices that help savers invest better to retire better.

The path forward is clear: to discover it, download the full report.