BlackRock survey finds 401(k) growth from existing clients

High-growth 401(k) advisers attributed 29% of their historical growth to expanding existing client relationships, compared with 21% for other advisers, according to BlackRock's 2026 Read on Retirement Plan Advisor Survey. PLANADVISER reported the findings.

Between 2023 and 2025, the high-growth cohort reported 121% growth in defined contribution assets under management, against 28% for the rest of the market, and revenue growth of 139%, against 33%. BlackRock sorted respondents into the cohort and the rest of the adviser market using four business-performance measures: defined contribution assets under management growth, DC revenue growth, new-plan acquisition and client retention.

High-growth practices were 54% more likely to have a formal process for identifying participant wealth-management opportunities, and 68% more likely to convert more than one in five participant interactions into ongoing financial-planning or wealth-management relationships.

For advisers running plans, the practical benchmark is a formal participant-outreach process and a higher likelihood of converting more than one in five interactions into planning relationships.

New-plan acquisition and retention were also stronger. High-growth firms reported average growth in new-plan acquisition of 40%, against 14% for other respondents, and 90% kept at least 90% of their clients, compared with 86% of the broader market.

Stated priorities were closer than outcomes. Twenty-nine percent of the high-growth cohort named expanding existing client relationships as its largest opportunity, versus 21% of other advisers, while 26% named pursuing new clients, versus 24%.