Retirement plan advisory firms that fail to adapt to the practices of top performers may find themselves falling further behind, according to new research from BlackRock. The 2026 BlackRock Read on Retirement Plan Advisor Survey, released October 27, 2026, reveals a stark divide between the industry's highest-growth defined contribution (DC) practices and the rest of the market—a gap driven not by market performance but by operational choices.
The survey, fielded by Escalent between August 6 and August 24, 2026, polled more than 300 retirement plan advisors across five channels—bank broker-dealers, independent broker-dealers, RIAs, regional broker-dealers, and wirehouses—each managing at least $10 million in DC plan assets. BlackRock's new DC Practice Index segments respondents into high-growth (HG) cohorts based on three-year DC AUM growth, revenue growth, new plan acquisition rates, and client retention.
Growth from within, not just new plans
High-growth practices posted 121% DC AUM growth from 2023 to 2025, compared with 28% for the rest of the market, according to the survey. Revenue growth among the HG cohort reached 138%, versus 32% for peers. Client retention averaged 90% for top performers, against 86% for the broader market—a gap that compounds over time.
One of the clearest findings is where growth originates. High-growth practices derive a 36% greater share of their expansion from existing clients rather than relying on market appreciation. They allocate 28% more time to business development and report participant-to-wealth conversion rates above 20% at a rate 68% higher than the rest of the market. Rather than treating the retirement plan as a closed product relationship, top-performing advisors use it as a gateway to broader financial planning engagements with participants and business owners. Three in five high-growth practices report that plan relationships often or very often lead to managing the business owner's personal investable assets—a rate 60% higher than peers.
The mid-market—plans with assets between $100 million and $1 billion—was identified as the greatest growth opportunity by 31% of high-growth practices, compared with 16% of the rest of the market. That segment combines meaningful plan assets with genuine demand for sophisticated advice and more accessible economics than the large-plan market.
Retirement income moves from conversation to differentiator
Nearly eight in 10 plan advisors across the full survey sample are already discussing retirement income with clients, the BlackRock research found. But high-growth practices are using it as a competitive weapon. They are 91% more likely to view income consulting as a major five-year growth opportunity and 65% more likely to cite it as a competitive differentiator. They are more than twice as likely to discuss guaranteed income within qualified default investment alternatives (QDIAs) compared with the broader market.
When selecting QDIAs, high-growth practices are 51% more likely to base the decision on client circumstances rather than a preferred investment strategy. They favor a combination of mutual funds and collective investment trusts based on plan needs, and are 44% more likely to use both vehicles than peers.
AI is growth infrastructure, not a back-office tool
Perhaps the starkest finding involves artificial intelligence. Among high-growth practices, 92% are already using AI, compared with 78% of the rest of the market. More notably, 70% of high-growth advisors identify AI as a top operational investment for the next three years, versus 55% for their peers. The applications go well beyond note-taking: top practices are deploying AI for client communications, data analysis, proposal generation, prospecting, and participant education.
High-growth practices expect AI to automate approximately 34% of administrative work, compared with 28% for the rest of the market. They are also 27% more likely to identify AI as a top operational investment, 69% more likely to use it for proposal generation, and 73% more likely to use it for prospecting—two commercially sensitive activities that directly feed revenue.
Smarter segmentation, not just more clients
On practice management, the differentiators are intentional rather than instinctive. High-growth advisors are 54% more likely to segment clients by future growth potential rather than current asset levels alone. They are 40% more likely to use tiered service models and 51% more likely to track client profitability as a performance metric. The result is a business built around forward-looking economics, directing resources to relationships with the most runway.
The broader backdrop adds urgency. BlackRock's companion participant research, also released in 2026, found that projected workplace savings may generate only 50% to 60% of the retirement income participants expect from their plans. That gap represents both a challenge and a sizable opportunity for advisors prepared to deepen their engagement and expand their service models beyond plan consulting alone. For more on retirement system challenges, see the U.S. retirement grade. Advisors may also consider how taxable accounts are outpacing retirement savings in shaping client conversations.
