高辊

在芝加哥北侧的475英亩的企业校园内，15,000人为毒品制造商雅培实验室工作。每年1,200岁的叶子遗址善良，要么是因为他们正在退休，也是因为他们正在改变工作。当他们离开时，他们带着401（k）余额平均为165,000美元。

在路上当地华美达酒店定期为雅培和其他当地雇主的工作人员定期财务规划研讨会。这些研讨会的赞助商中，来自Merrill Lynch＆Co.和摩根士丹利的经纪人 - 所有人都希望说服离开员工与他们的公司转向Rolever Iras的退休账户。在Putnam Investments的退休服务总监David Tyrie表示，管理雅培的退休计划，“当然，我们渴望将这些资产悬挂在雅培账户中。”然而，他估计，他的公司只占三美元的一笔。

The remaining two? Some go to rival mutual fund companies and insurers, and some go to brokerages in town. In downtown Chicago, Smith Barney broker William Easom reports, "My revenues are growing by 20 percent each year." His entire book of business -- $1 billion in assets under management -- comes from rollover accounts.

称之为翻转隆隆声。经纪人，共同基金公司和其他401（k）提供商正在争取他们管理的401（k）账户，并从竞争对手公司陷入群体账户 - 抓住退休人员的大量储蓄和较小但仍有吸引力的资产工作变化。

没有市场对金钱管理行业更重要。摩根士丹利股权分析师克里斯托弗·迈耶估计，20万亿美元将在2001年至2046年间迁出界定的贡献计划，在2025年的步伐中显着提升。“这是预计未来几年的最大的最大货币池，”他说。

目前，至少，经纪人正在获得鞋帮。今年，估计斯坦福德，康涅狄格州咨询公司智慧助理伙伴，退休人员和工作换改机将拉出3800亿美元的裁定计划。2001年，总计为2900亿美元。

所有这些资产会发生什么？落后3800亿美元，52％或1.980亿美元，将进入翻转IRA。大约30％的人将留在雇主的定义捐款计划中 - 许多公司允许退休人员在公司401（k）中保留其退休账户，直到参与者和幸存的配偶死亡 - 约20％将兑现或转换为年金。

Mutual fund companies have the most to gain or lose when that 401(k) money moves, because they dominate the $2.7 trillion defined contribution market, commanding a 44 percent market share, versus just 7 percent for broker-dealers. (Recordkeepers, insurers and banks share the rest.)

损失是痛苦的。根据智慧作业，平均提供商保留率 - 提供商在这些资产留下雇主的计划后，提供商继续管理的裁定缴费计划中的资产比例 - 从2001年的29％降至2004年底的21％。（在计算速率时，威智选项不计数雇主留在计划中留在计划中的资产，当雇主提供员工的选项。）

Changes in the IRA market strongly suggest that brokerages are gaining an edge over mutual fund providers in the rollover race. Between 1999 and the end of 2004, mutual fund firms' share of total IRA assets fell from 48 percent to 43 percent, while brokerages' share increased from 36 percent to 40 percent.

"With baby boomers in the early stages of transitioning from work life to their next phase, we've been focusing on the work site," says Abu Arif, vice president of marketing strategy and retail retirement at Ameriprise Financial, the financial adviser unit spun off from American Express in October.

“经纪人和财务顾问已经醒来，即汇总市场是在追踪的波士顿咨询公司达巴尔·哈维，创始人兼总裁，达尔巴尔·达巴尔（Boston）巡视公司的最佳地点之一经纪行业。

Acknowledging the importance of financial advisers, in part in retaining and snaring rollover assets, fund behemoth Fidelity Investments -- the country's largest 401(k) provider, with $424.6 billion in defined contribution assets under management-- increased its network of financial advisers from 1,400 at year-end 2004 to 1,600 in late October 2005.

The rollover market will only get bigger as contributions increase and market appreciation boosts the asset base.

1946年至1964年间出生的婴儿潮一代介于60％的参与者界定缴费计划，但它们拥有超过80％的资产。Julia Lynn Coronado（Julia Lynn Coronado）在咨询公司Watson Wyatt Watton Wyatt Wattson Wyatt Watson Wyatt的咨询公司Watton Wyatt的退休研究计划，每年将在2010年至2015年期间每年退休，每年都会退休。

Morgan Stanley的Meyer预测，2010年的罗拉伊拉斯将占17.3％的电线屋和区域经纪收入。目前，它们贡献了1.9％。

互助基金公司已越来越依赖401（k）资产。1994年，裁判计划账户占总资产的14.8％。到2004年，已经增长到19.5％。随着这些资产在未来几年来，互联网公司的命中可能是严重的。

“翻转威胁正在覆盖，”咨询公司新泽西州第2类资源首席执行官Peter Demmer Notes Peter Demmer。“旧的计划 - 具有灰色人口统计数据的人和较大的账户余额集中在现在退休的大型账桌 - 已经开始转向负现金流” - 即他们的资产已经开始缩小。“大问题是当50％或更多的计划将达到那个阶段 - 它会在2010年或2013年？”

But those assets are not disappearing into thin air.

LPL Financial Services, with 6,000 financial advisers, reeled in $7 billion in rollover assets during the 12 months ended August 2005, up from $5 billion in the preceding 12 months. "We expect that growth rate to continue, if not pick up steam," says Jonathan Eaton, LPL's senior vice president for product marketing.

在Putnam Investments，Tyrie说：“我们在2001年的保留率为40％。现在它恢复了大约30％。”在熊市期间，Tyrie认为，人们正在寻找更多关于他们的投资的个人建议 - 这是经纪人特别好的需要。

密歇根州大急流赛的第一届相互投资管理总裁德尼尼斯·乔普表示，他的公司在管理层下拥有1.6亿美元的资产，几乎所有来自翻转的资产。joppe解释说，这项业务在过去的五年中每年增长18％至22％。大多数资产来自退休时三到五年的人。

"The strongest link in our business is our dedication to meeting with our clients at least every six months, preferably once a quarter," says Joppe. He has noticed a slight step-up in mutual fund companies' efforts to keep the rollovers -- more service, more contact and increased automation -- in the past two years. "But my clients are choosing us over a mutual fund company thousands of miles away -- and a clerk to whom they might talk to once on the phone but wouldn't be able to find again," he says.

Dino Capitani heads a team of four Merrill Lynch brokers in the Chicago suburb of Oakbrook, Illinois. Capitani credits his relationships with four large local employers -- Abbott Laboratories, Borg Warner, Illinois Tool Works and William Wrigley Jr. Co. -- with generating most of his rollover business, which these days represents about 75 percent of his new inflows. "Among rollover accounts, about 90 percent are retirees and 10 percent are from layoffs or job switchers," he says.

当然，在翻转赛中并非所有经纪人都蓬勃发展，并非所有互联网公司都在挣扎。保真度，T. Rowe Price Group和Vanguard集团都是强大的球员;他们要求保留比行业平均水平的保留率，尽管它们更加衰落更具体。在经纪人中，其高管同样不愿意提供详细信息，美林林奇，摩根士丹利和花旗集团的史密斯巴尼以及爱德华·琼斯，麦当劳·斯科德和雷蒙德詹姆斯金融的强大区域公司都是主要的竞争对手。

"During the late 1990s, when the mutual fund firms were boosting their retention rates, they were capturing the low-hanging fruit," notes Ron Bush, managing director and co-founder of Brightwork. "Then the retail asset gatherers began to step up their efforts."

Among insurers, Des Moines, Iowabased Principal Financial Group, with $40.9 billion in defined contribution assets under management, reports that it retains 54 percent of the assets moving out of its clients' defined contribution plans. But unlike Brightwork, Principal counts assets that have been left in the plan as part of its retention rate.

嘉信理财& Co .),不计算资产that remain in plans toward its retention rate, says it holds on to between 40 and 45 percent of departing defined contribution assets. Patricia Cox, chief operating officer for the firm's retirement plan services unit, credits the company's open architecture and adviser network: "Most rollover business is driven by consultants or financial advisers who are part of the Schwab Advisor Network, with their assets custodied at Schwab."

Merrill Lynch similarly leverages its relations with its brokers. James McCarthy, Merrill's first vice president of retirement and education solutions, did a 15-month stint at Fidelity as a senior vice president focusing on retirement products before returning to Merrill in 2001 to oversee a reorganization of the firm's approach to the retirement market. Merrill now has a common wholesaling force for both its small defined contribution plans and its IRAs (both rollover and regular IRAs); in the past, 401(k)s had been handled by the institutional division and IRAs by the retail division. "In early 2003 the firm decided to make retirement services a centerpiece of our growth strategy, in terms of both staffing and other resources," notes McCarthy.

在咆哮的退休人员资产中最为成功的一些经纪人隶属于银行，主要是因为他们从银行的信托和遗产部门中受益。“看看花旗集团的史密斯巴尼和Wachovia最近购买了审慎的证券经纪人。两家商店都与翻转做得很好，”摩根士丹利的迈耶斯说明。“在接下来的几年里，由于翻转市场的推动力以及在地平线上的财富的代际转移，我们将看到传统的零售经纪公司希望获得信任和遗产规划能力。”

翻转是一个快速增长的市场，但一个零碎的市场。相比之下，定义的贡献市场有一个非常强大的第1号：保真度，它具有29％的份额。纯粹的职务人员，纯粹的职务人员，纯粹的录音机，股票股份，股东第3号股东索赔人数为8％。

“翻转是任何商业计划者的梦想，一个巨大和不统一的市场，”Paul Scibetta表示，为J.P. Morgan资产管理领导的界定捐款业务，报告了管理层管理层的裁定缴款资产200亿美元。

虽然婴儿潮一代是翻转市场最明显的象征，但工作转换器是越来越重要的力量。今年，约有610万人，约有4％的美国劳动力，预计将转换就业机会，而约有120万员工将退休。乔纳州的职位改变将从其定义的缴费计划中拉出1750亿美元，而退休人员则为20.5亿美元。

随着职业流动性在未来几年增加，更多的婴儿繁荣发作令退休，更多资产将退出界定的缴费计划。Watson Wyatt的Coronado预测，401（k）提供者将在2010年期间，在2010年的资产界定缴费计划的20％至25％之间 - 这是在毛额，而不是净，基础上的基础上的约10％。

To hold on to those valuable accounts, providers have a number of tools in their kits: They can educate plan participants about prudent retirement strategies; they can make sure that the institutional staffers who handle the 401(k) business work closely with the retail divisions that usually manage rollover IRAs; and, as many now do, they can use advertising to strengthen their identities as retirement brands, encouraging employees to choose them as their retirement managers.

但法律限制使当前的401（k）计划提供商特别艰难 - 无论是共同基金家庭，保险公司还是经纪人 - 保留他们管理的资产退休或改变工作后。与此同时，法律使竞争对手公司有机会陷入滚动滚子的机会。由于共同基金家庭控制大多数界定的贡献资产，经纪人尤其享受局外的优势。

法律限制日期为1974年，当大会通过Erisa时，其中，其中，其中限制了计划提供商可以与参与者沟通的程度。他们可以教育参与者有关退休的投资策略，但必须小心不要将一条线路划线到“自我交易”的领域。例如，提供商可能表明，62岁的62岁60％的滚动中的IRA转变为收入基金，但它不能宣布自己的债券基金。

最重要的是，未经计划赞助商的许可，提供者可能无法征求计划参与者。这是因为作为计划受托人的赞助商可以负责对投资经理的差的选择负责。一家不是计划提供商 - 一个外部经纪人，说 - 没有这样的责任。

除了作为外人的优势外，经纪人在重点关注高票退休人员和工作变化时特别有效。根据灯光的说法，每年6580万年度的年度滚动，9％或592,200人，占380亿美元的6.2％。

有些经纪人击中了具有定义贡献提供商的明确翻转销量。Raymond James和McDonald财务受益于与保险公司校长的一个这样的安排。依法，汇总协议不能以任何方式强制或强制执行。尽管如此，在Erisa的极限范围内，校长敦促其计划赞助客户鼓励员工考虑将他们的401（k）余额指向雷蒙德詹姆斯或麦当劳金融翻转IRA。

Why doesn't the insurer prefer that the employees open Principal rollover IRAs? It wants to make sure that the two brokerages, which deliver small and midsize 401(k)s to it for a fee, are not put at a disadvantage when plan participants exit an employer's 401(k). "You wouldn't want asset-retention efforts to be so aggressive that you are competing with the people who are bringing assets to you initially," explains Hugh O'Toole, Principal's vice president for work site solutions. In other words, Principal does not want to bite the hand that feeds it.

另一个原因是经纪人正在获得地面：第三方管理员的逐步增长，例如休伊特协会和CITISTRETER，该请求401（k）记录，但没有投资管理。他们的市场份额为401（k）计划资产在过去十年中增加，1995年的15％从2005年的15％到20％。根据定义的第三方管理人员不能接受滚动账户，其中许多离境参与者正在迁至经纪人。

笔记Ellen Breslow，Smith Barney的财富和退休计划董事总经理，“我们与第三方管理人员进行了合同协议，明确表示我们的财务顾问是与计划赞助商关系的业主。”它的工作方式如下：当史密斯巴尼财务顾问签署401（k）计划并将其带到第三方管理员时，顾问在“积累”阶段期间收集计划的佣金，而参与者仍然活跃工作场所。当参与者退休时，他们被称为史密斯巴尼顾问。

如果原始转介经纪人只与机构客户合作 - 计划赞助商 - 而不是个人，退休参与者被提及到不同的史密斯巴尼经纪人。在某些经纪人，当制定此类推荐时，机构经纪人在索赔 - 每年索赔25％ - 关于零售转介三年产生的收入流。

的一个共同基金公司给brokerages a run for their money, Vanguard does especially well with its higher-income participants. Although he won't provide details, James Norris, head of Vanguard's institutional group, says that his firm holds on to more than the industry average of 21 percent of 401(k) assets. Among Vanguard's participants with 401(k) balances that exceed $100,000, some 20 percent have a retail relationship with Vanguard. Vanguard can approach high-balance 401(k) account holders who have a retail relationship with the firm, since ERISA constraints don't apply in this case. Within that subgroup, notes Norris, "our retention rate is virtually 100 percent."

当然，小型定义贡献账户通常是计划提供商的损失贷款主张。但由于小账户是最有可能兑现的人，当从计划中撤回时最有可能兑现 - 雇主可以将资金保留在公司计划或现金账户中，当离开参与者没有选择 - 国会强制改变2005年3月的效果。作为2001年经济增长和税收救济和解法案颁布的规则之一，如果参与者没有选择另一种选择，国会必须将401（k）雇主将401（k）款为1,000美元的账目转移到IRA中。雇主将资金转变为传统的IRA，当前的计划提供商称为“安全港”提供商。

对于大多数计划提供商来说，大或小的，定义的贡献账户从未特别有利可图。Sterling Resources估计，全方位服务提供商的运营利润率已恢复到16％（来自2003年的侵略性5％）。但除了金钱管理行业的整体边距，这仍然很薄。Sterling Demmer表示，资产少于10亿美元的全方位服务计划提供商面临特别艰难的挑战。“你必须真的灵活，以便在资产上不到100亿美元的利润。这很罕见，”他说。

The smaller players are thus at high risk from an outflow of rollover assets. "This will only accelerate the industry consolidation that we've been watching for years," contends Demmer.

每一件银衬里都有云

好消息？这些公司排名为领先的401（k）金钱经理。坏消息？这意味着它们最多的增益 - 但也是失去最多的 - 当员工退休或改变工作岗位和开放翻转IRA时。

401（k）资产

根据管理层*

金钱经理

($ billions)

1保险费投资

$424.70

2 Vanguard集团

144.4

3 T. Rowe Price Group

84.1 **

4审慎退休金

62.5

5 ING Group

57.2 †

6美国国际集团

45.1

7个主要金融集团

40.9 †

8 ameriprise金融

34.6

Merrill Lynch的9条退休组

32.0 †

10 Putnam Investments

22.1

* As of June 30.

**包括管理层的资产，其中T. Rowe价格保留其他公司记录的记录和资产。

† As of December 31, 2004.

Source: Money managers.