BlackRock today launched its Defined Contribution Practice Management Program, a digital hub aimed towards serving defined contribution (DC) plan advisors.
The mega asset manager points to the convergence of retirement planning and wealth management as a top motive for launching the program. According to past research from Cerulli Associates, 62% of advisors want better support in building their DC business and 39% would value support in growing their wealth business.
The new platform also comes amid growing interest in wealth management services. Past studies have forecasted a rising trend in wealth management, as diverse clients enter the space and retirement plan advisors expand their features towards holistic offerings.
The program will include digital resources for both seasoned and new retirement plan advisors “of all sizes,” as “the role of intermediaries is expanding, large national firms are consolidating, and demand for personalized investment solutions is increasing,” BlackRock noted in its announcement. These offerings include guides to expand fiduciary expertise, growth strategies to build advisory practices, and access to DC plan consultants.
“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,” said Schroen. “BlackRock reduces the complexity, partnering with advisors to deliver best-in-class investment solutions. 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.”
BlackRock appoints DC intermediary head
The news comes as BlackRock appoints Carrie Schroen to lead its newly created role as head of U.S. DC Intermediary Business practice.
Schroen brings over 20 years of experience working with financial advisors and most recently served as a national sales manager within BlackRock’s U.S. Wealth Advisory team. She started her career out as a financial advisor with Morgan Stanley Smith Barney, now Morgan Stanley Wealth Management, and has also held roles at Merrill Lynch and New York Life.
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