Michael Doshier’s role at T. Rowe Price is twofold. First, he shines a light on emerging retirement trends, shifting investor demographics, and the increasing impact of regulation. The research, insights, education, and experience that he and his colleagues analyze and share are all developed with their advisor, consultant, plan sponsor, and participant clients in mind. Secondly, he provides strategic direction to their internal teams focused on the ongoing management of their retirement business.

His national and global experience has provided a rich education in best practices and the value of a client-centric relationship. There is no substitute for putting clients first, and T. Rowe Price has successfully woven this value into the fabric of the organization over the last 85 years. He lives by the values he learned from an early age; be authentic and consistent, serve others, and earn their respect. Integrity is an essential component of a well-lived life, and he believes in the power of coaching and mentoring future generations.

In this episode, Eric and Michael Doshier discuss:

• Why CITs are becoming more preferred
• The transition to CIT structure
• The growing emphasis on implementing retirement income strategies
• The connection of financial wellness with satisfaction and retention

Key Takeaways:

• CITs (Collective Investment Trusts) gaining popularity due to lower costs and increasing transparency, facilitating the transition from mutual funds. Consultants and advisors overwhelmingly prefer the blend/hybrid Target Date Fund (TDF) approach over pure active or passive strategies, integrating cost-efficiency with potential alpha generation.
• The T. Rowe Price study referenced discovered that 49% of TDF assets in DC plans are now in CIT structures, with a significant shift expected in 2024. The study also highlights the strong preference for blend strategies (active and passive) in target date funds, with 97% of consultants and advisors favoring this approach.
• While large plans have been implementing retirement income strategies for years, smaller plans are just starting to consider them. The study reveals that 10-20% of consultants and advisors have a dedicated process for evaluating retirement income products, with many more working on it.
• Financial wellness programs are increasingly being seen as valuable for overall worker satisfaction and retention, with 90% of firms now able to measure their impact. There are three main categories of financial wellness offerings: traditional accumulation savings, near-term savings goals, and in-retirement mechanisms.

“Is financial wellness worth the investment? Is it worth the cost? I think the answer is coming back very loud and clear from these 35 firms: absolutely yes!” - Michael Doshier

Connect with Michael Doshier:

Website: https://www.troweprice.com/

LinkedIn: https://www.linkedin.com/in/michaelgdoshier/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com

LinkedIn: https://www.linkedin.com/in/401kguy/

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.