麦肯锡-美国退休行业正处于十字路口（英）-2025.4_12页_1mb

U.S. Retirement Industry at a Crossroads

The U.S. retirement industry is facing a significant transformation due to demographic shifts, fee compression, and increased competition. Originally thriving on strong revenue growth from defined contribution (DC) plans, the sector is now shifting as baby boomers enter decumulation—the phase of withdrawing retirement funds—leading to potential net outflows. Fee compression has squeezed administrative fees for retirement recordkeepers, who increasingly rely on ancillary products and services like wealth management, brokerage accounts, and financial advice to sustain profitability.

Key trends include the convergence of retirement and wealth management, with providers expanding into retail wealth to drive revenue growth. While DC plan assets under administration have grown significantly, the underlying economics have changed, with revenues from administration and investment products rising largely due to market appreciation but fees declining. Ancillary revenues, particularly from retail wealth management and IRAs, have surged.

Challenges involve rising costs from inflation, technology, and support functions, as well as intense competition from other financial services providers. Providers have responded through consolidation and efficiency measures like digitization and AI integration to optimize costs and unit economics.

Opportunities lie in capturing more rollover and crossover assets, enhancing customer experiences with digital tools, and offering decumulation solutions. To thrive, providers must focus on participant relationships, personalize offerings, and innovate in product development. The industry's evolution creates a need for innovative strategies to maintain competitiveness and profitability in a rapidly changing market.

Retirement solutions providers are urged to balance core recordkeeping with new revenue streams, ensuring they navigate the transition effectively while supporting long-term retirement readiness.