Navigating the ‘Retirement Planning to Wealth Management’ Move
In this brief interview conducted at the EXCEL 401(k) conference in Dallas, Texas, John Sullivan of 401(k) Specialist speaks with Rick Shoff from CAPTRUST about the growing industry trend of retirement advisory firms expanding into wealth management.
Shoff confirms that this transition is not only a strategic move for CAPTRUST but a widespread industry shift. Many retirement-focused advisory firms are actively exploring or entering the wealth management space. This evolution is driven by the natural progression of clients moving from the accumulation (retirement saving) phase to the decumulation (retirement spending and wealth management) phase.
Shoff explains that CAPTRUST has long operated in both the retirement and wealth management sectors, viewing them as complementary. He notes that most firms CAPTRUST considers acquiring are now involved in some form of wealth management. Due to sheer numbers, acquisitions tend to favor wealth management firms over purely retirement-focused ones.
The company employs what Shoff calls an “NFL strategy,” targeting top U.S. markets — often cities with NFL teams — for geographic expansion. In these markets, CAPTRUST aims to enter with a retirement acquisition and subsequently integrate wealth management services.
When asked whether pure-play retirement advisory firms will continue to exist, Shoff believes they will, but hybrid models will likely dominate the landscape. Many firms, he notes, already blend both services to some degree.
This short but insightful exchange highlights the evolving nature of financial advisory services and the industry’s response to changing client needs across life stages.
