BlackRock is accelerating its efforts to help retirement plan advisers.
In a bid to help them build their retirement plan business, BlackRock launched a new digital hub that will provide them with tools and resources, the asset manager announced in a news release Jan. 30.
The digital hub is free to advisers.
BlackRock cited Cerulli Associates data showing that almost 2 in 3 retirement plan advisers (62%) reported wanting more support in building their defined contribution retirement business and that 39% valued support in growing their wealth business.
"As the DC adviser landscape evolves, BlackRock is at the forefront — committed to anticipating and addressing the needs of this important channel," said Anne Ackerley, managing director and head of BlackRock's retirement group, in the news release.
The formation of the digital hub, which BlackRock dubbed the Defined Contribution Practice Management Program, comes as advisers increase their presence in the retirement plan business. These specialist advisers increased the DC assets they manage by 14% between 2018 and 2022, outpacing the 6% growth rate for the overall adviser market, BlackRock said, citing Cerulli data.
In addition to forming the digital hub, BlackRock appointed Carrie Schroen, a national sales manager within BlackRock's U.S. wealth advisory team, to a newly created role as head of the U.S. DC intermediary business.
Schroen will lead the growth of BlackRock's business with retirement plan advisers in what BlackRock describes as "an evolving landscape, where the role of intermediaries is expanding, large national firms are consolidating and demand for personalized investment solutions is increasing."
Schroen started her new position Jan. 15.