How retirement advisers can ride a tsunami of growth 

Over the next five to 10 years, an estimated 400,000 new retirement plans will be created in the U.S. — a scale of opportunity the adviser industry has never seen before. Yet for many benefit advisers and administrators, this moment may appear unremarkable at first glance.

What does a tsunami look like? That's a question I recently posed to an audience of benefit plan advisers. The answer is, not much — until it's right on top of you. 

For advisers, the wave is already forming. Despite the staggering growth ahead, the industry remains largely unprepared to ride it. By 2034, at current productivity levels, the advisory workforce is projected to shrink so significantly that there will be a shortage of nearly 100,000 advisers, even as employer demand and legislative inertia for workplace savings programs continues to accelerate. 

Compounding the challenge is that the industry has experienced more adviser retirements than new entrants for years, a trend that is showing no signs of slowing down. The result is a perfect storm of opportunity for those ready to take the plunge.

Three powerful forces are reshaping the adviser's role:

1. SECURE 2.0 introduced new provisions that broaden retirement savings opportunities, while state-mandated retirement programs are pushing employers that previously sat on the sidelines to establish plans. The legislative branch is already exploring SECURE 3.0, signaling a future of ongoing regulatory evolution.
2. Technology has also fundamentally changed what's possible. Modern platforms now enable advisers to deliver scalable, personalized guidance across multiple savings vehicles — capabilities that required massive infrastructure investments just a few years ago. These advances allow advisers to serve more clients without sacrificing quality, fundamentally changing how advice can be delivered at scale.
3. Finally, expectations are changing. Today's employers and employees want more than 401(k) administration. They want a modern, holistic workplace savings program that supports employee financial wellness and drives talent retention. Advisers are increasingly expected to act as strategic partners, helping organizations navigate a complex landscape of savings options and regulatory requirements.

Together, these forces are creating both complexity and opportunity. The adviser role is no longer about simply setting up plans and moving on. It's about providing holistic financial guidance that helps clients understand and navigate how multiple savings vehicles work together so they can make informed decisions about where to invest their next best dollar.

Beyond fees and funds

For decades, the adviser value proposition centered on two primary pillars: negotiating competitive fees and selecting optimal fund lineups. But this traditional model now carries diminishing returns. Passive index options and simplified target-date funds have commoditized fund selection. Collective investment trusts now offer expense ratios of one basis point or less. 

Advisers who will thrive in 2026 and beyond are those who can articulate a new and improved value proposition. They're leading with a holistic, next-best-dollar narrative, showing employers how modern savings programs improve employee retention and financial wellness outcomes. They're differentiating from product-driven peers by offering integrated guidance that considers the full spectrum of an individual's financial life – from emergency savings to retirement planning to wealth transfer considerations.

This shift requires advisers to think beyond the plan itself and consider how workplace savings intersects with their clients' broader financial goals. It represents a fundamental evolution from product provider to strategic financial partner.

Perhaps no trend better illustrates the changing adviser landscape than the massive wealth transfer currently underway. Generation X represents roughly 20% of the U.S. population, with approximately 65 million people born between 1965 and 1980. Over the next 20 years, they are projected to inherit approximately $1.5 trillion each year, an unprecedented transfer of wealth. 

What makes this opportunity particularly compelling for workplace savings advisers is that 72% of Generation X want financial wellness and advice at work where their company retirement plan and the majority of their wealth reside. Many in this generation have never worked with an individual financial adviser before. 

When inheritance events occur, these individuals will naturally turn to the adviser they already know and trust: the one associated with their workplace 401(k) plan. Advisers who have been proactive in building relationships with plan participants are positioning themselves to capture not just the workplace savings relationship, but the broader wealth-management opportunity that follows.

This is a significant shift in the traditional wealth-management model wherein advisers typically worked to pull assets out of workplace plans and into individual accounts. The new model recognizes that workplace savings programs are the anchor relationship, with additional services flowing from that foundation.

Looking ahead

Other emerging developments deserve attention as we move ahead. Expansion of ABLE (Achieving a Better Life Experience) accounts to cover six million more people with disabilities, which brings the total to about 14 million qualified Americans, opens new markets for specialized guidance. More states are adopting mandatory IRA programs, pushing previously reluctant employers to establish workplace retirement plans and creating new opportunities for advisers who can guide the transition effectively.

Throughout these changes, one reality remains constant: advisers play a central role in closing America's $50 trillion retirement savings gap. With only a small fraction of advisers currently specializing in workplace savings, those who adapt to regulatory, technological and employer-driven changes will emerge as the next wave of industry leaders.

The question every adviser should be asking now is, "How am I preparing to guide clients on where to invest their next best dollar?" The next era of advisory practice will belong to those who combine holistic guidance with integrated insights and actionable strategies.

The wave is coming. The only question is whether retirement plan advisers will be ready to ride it.