Total U.S. retirement assets reached $35.4 trillion as of March 31, up 3.5% from Dec. 31, according to the Investment Company Institute.
The first-quarter jump in retirement assets, which accounted for 31% of all household financial assets in the United States as of the end of March, is directly attributed to the 7.5% rise in the S&P 500 index during the first three months of 2023. Last year the S&P 500 index fell 20%.
Breaking the ICI’s Q1 report down further, assets in individual retirement accounts totaled $12.5 trillion at the end of the first quarter, an increase of 4.3% from the end of the fourth quarter. The ICI said 42% of IRA assets, or $5.2 trillion, was invested in mutual funds, primarily in equity funds ($2.9 trillion).
Meanwhile, the report showed defined-contribution plan assets totaled $9.8 trillion at the end of the first quarter, up 5% from the end of 2022, of which $6.9 trillion was held in 401(k) plans. Digging deeper, mutual funds managed $4.3 trillion, or 62%, of the assets held in 401(k) plans, with equity funds once again leading the pack with $2.5 trillion in assets.
As for public employees, government defined-benefit plans held $7.7 trillion in assets at the end of March, a 0.5% increase from the end of 2022, the ICI said. Total U.S. retirement entitlements were $41.8 trillion, including $35.4 trillion of retirement assets and an additional $6.4 trillion of unfunded liabilities, according to the ICI report.
The leadership changes coming in June, which also include wealth management and digital unit heads, come as the firm pushes to offer more comprehensive services.
Strategist sees relatively little risk of the university losing its tax-exempt status, which could pose opportunity for investors with a "longer time horizon."
As the next generation of investors take their turn, advisors have to strike a fine balance between embracing new technology and building human connections.
IFG works with 550 producing advisors and generates about $325 million in annual revenue, said Dave Fischer, the company's co-founder and chief marketing officer.
Five new RIAs are joining the industry coalition promoting firm-level impact across workforce, client, community and environmental goals.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
