2022年退休行业概览报告（英文版）

HOULIHANLOKEY RetirementIndustryOverview SUMMER2022 RetirementMarketSummary Summer2022IndustryUpdatesandDrivers HoulihanLokey RetirementTeamSelectMarketDrivers Theretirementmarketismassive,exceedings37trillioninassets. Morethan10trillioninvestedindefinedcontribution(DC)plans,including$7trillionin401(k)plans. EricWeberChrisPedone ManagingDirectorManagingDirector MarketMacroeconomicandgeopoliticalmarketpressurescontinuetodisplacethemarket Overviewandrenewindividuals'desireforstabilityastheyfocusonretirementsavings. Businessesareexperiencingshiftingemploymentdynamicsduringthe"Great NewYorkNewYorkResignation."C-Suiteexecutivesunderstandthathealth,wealth,andbenefitswillbe EWeber@HL.comCPedone@HL.com keyinrecruitingmovingforward;wearelikelytoseetheemergenceofplatformsthat 646.645.1026 212.830.6166 canfocusonthisconvergenceandprovideholisticofferings M&Aactivitywithintheretirementspacecontinuestoincreaseasthereweremorethantwiceasmanydealsin2021(76)than2020(32). Retirementandwealthcontinuetoconverge;emergingmulti-functionalplatforms Robust(CAPTRUST,CreativePlanning,Hub,etc.)areshowingtheycanfullyservice Mergersandparticipantswhileofferingequallycapablewealthmanagementandfinancial AlexandraLebenthalAaronSolomonAcquisitionsplanning. SeniorAdvisorSeniorVicePresident NewYorkLosAngeles Activity ALebenthal@HL.comASolomon@HL.combackedserialacquirersareamongthemostactive. 646.259.7522310.789.5752 KeytransactionsincludethePEsaleofReverseVisionandsaleofPE-backedStadionMoneyManagement. OurdedicatedteamhasanextensiveSeveralnotabletrendshaveemergedintheretirementmarket: levelofexperienceintheretirementancassetmanagementsectors,specializing inM&Aforwealthmanagers,theirassets, AddressingtheSavingsGap:Sponsorsandregulatorsaretryingtoreducethe $4trillionretirementsavingsgap. andmanagercontracts.RetirementTechnology:Leveragingrecordkeeperdatatobetterunderstandparticipantsandcreatecustomizedsolutions. Wehavetransactedortransferredmore Trends than$145billioninAUMsince2015.Wellness:Reducingfinancialstressthroughincreasedplanning AlternativeFunding:Retirementincomeandalternatesourcesoffunding. DigitalAssets:Whethertheyareasuitableinvestmentoptionforretirement. Sources:SLFinancial,MeHOULIHANLOKRY U.S.RetirementMarket KeyTrendsPrevailingintheSpace Asparticipantsaremoreactiveinretirementplanningandawareoftheiroptions,retirementadvisorsandplanprovidersareseeingan increasedfocusonsavingstrends,technology,wellness,alternativefunding,anddigitalassets SelectMarketTrends TheCOViD-19pandemicjoltedawarenessabouttheneedforshort-andlong-termsavings;employersand regulatorsarehyper-focusedonclosingtheretirementsavingsgap,whichisestimatedat~s4trillion. AddressingtheSavingsGap ResearchshowsQDiAandauto-enrollmentarefeaturesthatcandramaticallyimpactsavings. ThoughDCplansshiftonustoparticipants,providersareinherentlybearingmoreresponsibilityasparticipants areseekinghelpwithsavingandadviceoninvesting. Providersareleveragingcommontechnologytoconnectretirementbenefitswithotheremployeebenefitstocreateaunifiedemployeebenefitsecosystem. CustomizationWithIncreasedfocusoncustomizationissheddinglightonpitfallsoftargetdatefunds(TDFs).Retireesneed Dataandcustomization,beyondage,toaddressfinancialneeds,spendingbehaviors,andrisktolerances.TDFsare Technology limitedcustomization. 78%ofemployeesrelyontheiremployersforadviceandsupportonhowtoachievelifetimefinancialgoals;53%indicatedthattheywanthelpspecificallywithsavingforretirement. Benefits,HealthEconomistshaveuncoveredpredictableandirrationalwayshumansmakedecisions,evidentinsavingand andWellnessinvestingbehavior.Withoutprogramstoovercomethesebehavioralissues,manywillnotbeabletocomfortablyretire,andemployerswillsuffer.Responsibleplansponsorsshouldconsiderthepowerful/positive impactsofbehavioral-basedprogramsthatautomatesavingsdecisions. Keyproducts:Refinancing,homeequitylineofcredit(HELOC),reversemortgage. AlternativeFundingSourcesin Arecord$7tillioninuntappedequityamongseniorswillprovetobeasourceoffundingtoclosethegap betweenincreasinghealthcarecostsandthefundsprovidedbySocialSecurityandretirementsavings RetirementThepost-pandemicenvironmenthasalsofueledthetrendtosafelyageinplace,makingreversemortgagesan increasinglyattractiveoption. 401(k)plans;theseannouncementshavebeenmetwithcautiousguidancefromtheDepartmentofLabor. DigitalAssetsin Retirementtopushbackonanynewrestrictivelegislation. Businessesmustdecidewhethertoofferdigitalassetsandcryptocurrencyinvestmenttotheiremployeesunderstandingtheinherentrisksandvolatilitybutfearingnewtalentmaybelostiftheydon'tprovidetheoption. Sources:IndustrynewsreportsandresearchHOULIHANLOKRY 3. 4. 5. CompetitorsandInnovation 21 ValuationTrends 42 Appendix 48 1.HoulihanLokeyTransactions Page 5 2.MarketTrends 11 Self-DirectedIRATrends 16 RecentRetirementandWealthTransactions HoulihanLokeyTransactionSpotlight TrainsactionPendTransacipr RetireUp AscotLloyd agedbsVISTRIA CARDALEIM ReVerseSstadion coimpanyofrfoliocompanyof ProjectTide Tegra118> OAKTREE Mergerofequalstoliston TAASSOCIAT