PLANADVISER - May/June 2020 - 3

Want to See
More Information
From This or
Other Surveys?
Online
We have more DCIO Survey data on planadviser.com in the Research
section (requires free registration). Our Research page is also home to
other surveys of interest to retirement plan advisers, including insight on
recordkeeper services and adviser practice management trends.
Excel Data
Even more data is available with the licensing of a Microsoft Excel file of
the full DCIO Survey dataset. Also available for other surveys.
Contact
Michelle.Judkins@issmediasolutions.com for pricing and data points
included in the Excel file and Adobe PDF reprints.
DCIO Assets ($b)
$8,350
$7,468
Total
DC
Assets
DCIO
Survey
Assets
$5,962
$3,290
$6,086
$3,995
$4,644
$4,482
$4,981
$7,119
2020 DCIO Top 10 Providers
Dec 2015
Dec 2016
Dec 2017
Dec 2018
Dec 2019
Methodology
The 2020 PLANADVISER
was conducted this May
questionnaire. Approxima
investment firms known or th
market to defined contributio
plans received the questionna
43 organizations listed in the pa
that follow were those that agree
complete the survey in its entirety.
information is for reference only and
not comprehensive of the entire DCIO
industry, as some major providers chos
not to participate. For more information
on data available for purchase, or to
take part in a future survey, please email
surveys@issmediasolutions.com.
Largest DCIO Asset Managers ($mm) as of 12/31/19
1 BlackRock Inc.
2 The Vanguard Group, Inc. (Vanguard)
3 Nuveen
4 State Street Global Advisors
5 T. Rowe Price
6 Capital Group/American Funds
7 J.P. Morgan Asset Management
8 Invesco
9 Fidelity Investments
10 Wells Fargo Asset Management
Largest Increase in DCIO Assets, 2019 vs. 2018
1 Fidelity Investments
2 Nuveen
3 MFS Investment Management
3 The Vanguard Group, Inc.
5 DoubleLine
6 Charles Schwab Investment Management, Inc.
7 Janus Henderson Investors
8 AllianceBernstein
8 Legg Mason Global Asset Management
10 T. Rowe Price
$1,081,247
$902,000
$521,000
$400,740
$400,535
$363,948
$216,715
$139,854
$123,423
$121,415
54.6%
32.8%
32.6%
32.6%
32.5%
30.4%
29.7%
29.4%
29.4%
28.9%
Largest DCIO Standalone Funds, by Assets ($mm) as of 3/31/20
1 S&P 500 (State Street Global Advisors)
2 Equity Index (BlackRock Inc.)
3 American Funds EuroPacific Growth Fund®
4 Vanguard Institutional Index Fund
5 Invesco Stable Value
6 PIMCO Total Return Fund
7 Wells Fargo Stable Return Fund
8 PGIM Total Return Bond/Core Plus
9 Dodge & Cox Stock Fund
10 T. Rowe Price Blue Chip Growth
$103,087
$73,501
$73,440
$66,553
$61,356
$29,899
$29,589
$26,867
$26,422
$21,140
Largest DCIO Target-Date Funds, by Assets ($mm) as of 3/31/20
1 LifePath Index (BlackRock Inc.)
2 T. Rowe Price Retirement Date Funds
3 JPMorgan SmartRetirement
4 Vanguard Institutional Target Date Fund Series
5 American Funds Target Date Retirement Series®
6 TDF CITs (State Street Global Advisors)
7 AB Custom Retirement Strategies (AllianceBernstein)
8 TIAA-CREF Lifecycle Active (Nuveen)
9 One Choice Portfolios (American Century)
10 Schwab Managed Retirement Trusts
$184,115
$135,679
$104,338
$104,252
$93,025
$53,293
$39,389
$28,100
$17,359
$11,099
planadviser.com May-June 2020 | 17
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cover story / 2020 PLANADVISER DCIO Survey
2020 PLANADVISER DCIO SURVEY
Y
ou don't need to be Charles Darwin to admire the
remarkable evolution in defined contribution (DC) plan
investment lineups. For example, the stable-value- and
insurance-based products common many decades ago now
compose only 10% of the market, and nearly two-thirds
(65%) of assets reside in asset-allocation- or equity-based
products. Such a transformation was fueled by the explosive
growth in access to mutual funds, which captured over
70% of DC plan assets earlier this decade before falling to
56% this year.
For the past nine years, the annual PLANADVISER
Defined Contribution Investment Only (DCIO) Survey has
Industry Snapshot
These providers account for ...
43
providers
responded
to our 2020
PLANADVISER
DCIO survey
60%
total DC assets
23 of the
top 25
largest U.S. asset managers
2,689
DCIO investment options
Products / Services for Financial Advisers
Due diligence meetings
Investment committee meetings
Practice management
Research
Conferences for advisers
Plan benchmarking
Training for DC plan sales / service
Target-date evaluation tools
Lead generation for 401(k) / qualified plans
Access to ERISA counsel
Sponsorship of designations / certifications
Compliance support
81%
74%
74%
72%
60%
58%
56%
47%
44%
23%
23%
19%
Types
Equity 49%
Fixed income 21%
Hybrid / Multi-asset 16%
Stable value 9%
Money market 1%
Other 4%
been chronicling changes such as these to point out the
natural selection occurring in plan investments. This
year's survey aggregates responses from a record 43 asset
managers, which collectively oversee more than $4 trillion
in DC assets. Most of these providers (83%) have over 75% of
DCIO assets in actively managed products, but the overall
market is more balanced, with only 57% of total assets in
active strategies, versus 43% in passive strategies. While
many expect that interest in passive will continue for the
near future, further evolution in the market may be driven
by disruptive events such as recent legislative changes or the
COVID-19 pandemic. Only time will tell. -Brian O'Keefe
DCIO Assets
Vehicles
Mutual funds 56%
Separate accounts 23%
Collectives 20%
Other 1%
By vehicle
By type
DCIO Sales
Number of adviser-focused salespeople per provider
39%
24%
7%
<3
3 - 6
7 - 10
11 - 25
20%
Number of recordkeeper selling agreements
33%
8%
<25
26 - 40
24%
41 - 60
16 | planadviser.com May-June 2020
16%
61 - 100
19%
>100
10%
>25
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PLANADVISER - May/June 2020

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