Ep #10: Insights into T. Rowe Price’s 2020 Defined Contribution Consultant Study with Michael Doshier

Michael Doshier is a Senior Defined Contribution Advisor Strategist for T. Rowe Price where he helps further the firm’s position as a thought leader in the retirement arena.

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12/14/2020 - 82 minutes


Episode Summary

My guest today is Michael Doshier who is a Senior Defined Contribution Advisor Strategist for T. Rowe Price where he is primarily responsible for driving the increased visibility of T. Rowe Price’s investment brand, furthering the firm’s position as a thought leader in the retirement arena. He’s been in the retirement industry for 30 years and previously held executive positions at Fidelity, MassMutual and Franklin Templeton Investments.


On today’s episode, Michael shares his insights from T. Rowe Price’s 2020 Defined Contribution Consultant Study which included survey responses from 21 consulting firms that work with over 5,500 plan sponsor clients and nearly $4 trillion in assets under advisement. We discuss emerging trends facing retirement advisors like improving and aligning communication with plan sponsor clients, the growing trends towards delegated investment solutions like OCIO and 3(38) engagements, expanded participant solutions such as financial wellness, student debt, and HSA offerings, and a framework for advisors and plan sponsors to evaluate longevity risk and architect tiered retirement income solutions, spanning areas like distribution methods, in-plan investments, retirement income solutions, and individualized strategies. 


And be sure to listen to the end where Michael shares his single most important piece of advice for retirement advisors which is to evaluate and understand the inherent biases that may exist with existing business models as the industry transitions from a focus on accumulation to decumulation and post-retirement solutions. 


What You'll Learn

  • Insights from T. Rowe Price’s 2020 Defined Contribution Consultant Study.
  • Emerging trends facing retirement advisors.
  • The growing trend toward delegated investment solutions like OCIO and 3(38).
  • Why advisors need to improve and align communication with clients to get credit for the work being done.
  • How advisors and plan sponsors should think about longevity risk.
  • How to architect tiered retirement income solutions spanning areas like distribution methods, in-plan investments and individualized strategies.
  • Michael’s advice for retirement advisors as the industry transitions from a focus on accumulation to decumulation and post-retirement solutions.


Links to Resources


Ideas Worth Sharing

  1. “There’s only so many billion-dollar plus plans, and in order to keep the revenue stream up and the shareholders happy of those large consulting firms, you just had to come down market.” - Michael Doshier
  2. “The more we can simplify and give updated communication, the better off our client sponsored plans will be.” - Michael Doshier
  3. “At the end of the day, a better educated client will probably be a longer-term client.”- Michael Doshier
  4. "So large market plan sponsors, 50% of them said they would prefer that their participants remain in plan with their balance post-retirement." - Michael Doshier