Two major developments supporting the growth and advancement of defined contribution (DC) advisors were announced by the firm on Jan. 30.
First, in recognizing the convergence of wealth and DC plans as a “new frontier” for the DC Advisor channel, BlackRock announced the launch of the Defined Contribution Practice Management Program, providing tools and resources for retirement plan advisors of all sizes.
The firm notes that it is the latest addition to BlackRock’s growing value-add program, developed to meet the needs of the 62% of retirement specialist advisors who want more support in building their DC business and the 39% of plan advisors who would value support growing their wealth business.[1]
Second, the firm announced that it has appointed Carrie Schroen as Head of US DC Intermediary Business—a newly created role, effective Jan. 15. Schroen most recently served as a national sales manager within BlackRock’s U.S. Wealth Advisory team and brings more than 20 years of experience working with financial advisors, including starting her career as an advisor herself.
BlackRock points to Schroen’s track record and expertise as positioning her to lead the growth of the firm’s business with retirement plan advisors in an evolving landscape, where the role of intermediaries is expanding, large national firms are consolidating, and demand for personalized investment solutions is increasing.
“As the DC Advisor landscape evolves, BlackRock is at the forefront—committed to anticipating and addressing the needs of this important channel,” stated Anne Ackerley, Head of BlackRock’s Retirement Group. “Through new tools and new leadership, we will help strengthen relationships and position BlackRock as the best partner to our clients.”
These announcements come at a time when advisors are playing an increasingly important role in helping individuals plan for a more secure retirement. The amount of corporate DC assets managed by retirement plan advisors grew by a CAGR of 14% between 2018 and 2022 versus 6% for the market overall, according to data by Cerulli.
“In an increasingly competitive environment, advisors are solving complex workplace and wealth needs for more sophisticated investors, as market and demographic dynamics lead clients to consider active and retirement income solutions,” stated Schroen. “With our new practice management hub, we are arming advisors with turnkey resources for plans and participants so they can spend more time building relationships that drive business growth.”
At launch, the program includes digital resources for both seasoned retirement plan advisors as well as those who are newer to the DC space. The firm also plans to spearhead additional research, content, initiatives, and technology solutions to support advisors, according to the announcement.
Advisors can access the Defined Contribution Practice Management Program here.
[1] Data from Cerulli’s 2023 U.S. Defined Contribution Distribution report.
