T. Rowe Price Finds DC Consultants Shifting from AI Exploration to Execution
T. Rowe Price's sixth annual Defined Contribution Consultant Study reveals that consultants and advisors are rapidly moving artificial intelligence (AI) adoption from evaluation to execution, with a focus on improving operational efficiency and client outreach. The study also highlights growing interest in private assets within DC plans and an increasing emphasis on personalized retirement advice as participant needs become more complex. The survey involved 36 leading consultant firms representing over $10 trillion in DC plan assets. AI usage is expanding, particularly for streamlining operations (78%) and client preparation (67%), though adoption remains low in areas requiring human expertise like plan design or engagement strategies. Firms with formal AI governance are using the technology about 50% more frequently across functions. Private credit and private equity show rising likelihood of inclusion in DC plans, while cryptocurrencies are expected to be offered mainly through self-directed brokerage windows rather than core investment options.
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Topics: AI adoption consultant insights private assets in DC plans retirement trends