As workplace retirement plans experience one of the fastest growth cycles in decades, advisors are uniquely positioned to help employers and employees navigate a rapidly evolving market. Michael Doshier, Head of Retirement at LPL Financial, leads the firm’s strategic retirement initiatives and supports more than 32,000 advisors serving approximately eight million clients nationwide. 

With more than 400,000 new 401(k) plans projected to enter the market in the coming years, Doshier sees significant opportunity for advisors to expand their value proposition—through education, credentials, and holistic financial guidance. 

Doshier discusses the forces driving workplace plan growth, the evolving needs of participants, and how advisors can stay ahead of regulatory and market changes as 2026 approaches. 

CM: The 401(k) and workplace retirement plan market is on the verge of major expansion. What are the main catalysts behind this surge, and how can advisors best position themselves to benefit? 

MD: The significant expansion in the 401(k) and workplace retirement plan market is primarily driven by a concerted, long-standing effort to close the coverage gap. This initiative reflects the proven success of 401(k)s in helping Americans save for retirement and aims to extend access to all workers. 

Several key catalysts are fueling this surge: 

• Product Innovation: Providers in the retirement ecosystem are continuously developing more accessible and efficient plan solutions. 

• Legislative Action: Federal and state initiatives are encouraging plan adoption through positive reinforcements, such as tax incentives, and negative reinforcements, like mandates and penalties. 

• Focus on Small Businesses: Small businesses are a major growth area—owners have complex financial needs, creating a highly lucrative client segment for advisors. 

According to Cerulli, hundreds of thousands of new plans are expected in the next five years, creating a significant growth opportunity for advisors ready to engage in this expanding market. To best position themselves, advisors should: 

• Commit to Education: Deepen their understanding of the evolving regulatory landscape and plan structures. 

• Form Strategic Relationships: Cultivate alliances both within their practice and across the broader retirement ecosystem. 

By engaging in these areas, advisors can lead this growth and meet the increasing demand for workplace retirement solutions. 

CM: How is LPL supporting its advisors in identifying opportunities within this growing segment, particularly among small and mid-sized businesses that are new to offering retirement plans? 

MD: At LPL Financial, we understand that advisors need practical, actionable support to navigate this expanding market. Our approach is built on simplicity, intuitive experiences, and operational clarity, focusing on three proven pillars to empower our advisors: 

• Education: Through programs like our Retirement Plan Academy, we deliver targeted ERISA training. This equips advisors with the confidence and knowledge to efficiently onboard new plans. 

• Mentorship: We help connect advisors and experienced peers. Mentors provide invaluable guidance through the initial plan setup process, reducing friction, and accelerating success. 

• Strategic Relationships: We offer templated paperwork and collaborative models that streamline the process for advisors to partner with specialists. This ensures plans are launched smoothly, minimizing operational hurdles. 

LPL Financial complements these pillars with advanced prospecting tools and robust content support, enabling advisors to quickly identify and engage with small and mid-sized businesses as retirement plan adoption surges. 

CM: There’s growing interest in expanding access to alternative investments within 401(k) plans. What potential advantages—and risks—does this bring for plan participants and sponsors? 

MD: We view alternative investments in defined contribution (DC) plans as an inevitable and significant growth trend. Historically, defined benefit (DB) plans have outperformed DC plans, due to their professional portfolio management and broader investment menus. Integrating these elements into DC plans is a clear opportunity to enhance participant outcomes. 

Potential Advantages for Participants and Sponsors: 

• Enhanced Diversification: Alternatives offer exposure to asset classes with low correlation to traditional stocks and bonds, potentially reducing overall portfolio volatility. 

•  Improved risk-adjusted returns and democratized access: By leveraging strategies traditionally reserved for institutional investors, participants gain the potential for higher returns at a given risk level while accessing sophisticated investment approaches previously out of reach for individuals.   

Today, most DC assets are managed within target-date funds and, increasingly, managed accounts. We anticipate alternatives will primarily appear as allocations within these professionally managed vehicles, rather than as standalone options in the core lineup. 

Key Risks for Participants and Sponsors: 

• Complexity: Alternative investments can be intricate and difficult for the average participant to understand, requiring robust education. 

• Liquidity Constraints: Many alternatives are illiquid, meaning they cannot be easily bought or sold. 

• Fiduciary Considerations: Plan sponsors face heightened fiduciary responsibilities to ensure these investments are prudent, diversified, and offered at a reasonable cost. 

• Valuation Challenges: Valuing certain alternative assets is complex and less transparent than publicly traded securities. 

Proper education, rigorous due diligence, and careful alignment with participant needs and plan objectives will be critical to ensuring alternatives add value without introducing unintended challenges. 

CM: What differences do you see between small business retirement adoption and large-plan growth trends? 

MD: Generally, large plans set the precedent for innovation in the retirement space. Their scale, dedicated resources, and specialized expertise allow them to fund and implement new solutions in plan design, technology, and participant experience. These advancements then cascade to smaller markets. 

But with the evolution of aggregation models and improved technological service capabilities, this trickle-down effect is happening faster than ever. What once took years to reach smaller plans is being adopted much faster. 

A significant distinction emerges in the micro-market segment. Here, retirement plans can be highly individualized, sometimes serving as single-participant vehicles designed to maximize tax efficiency and personal savings for the business owner. Creative wealth managers can tailor sophisticated strategies for these situations, utilizing solutions like: 

• Defined Benefit Cash Balance Plans: Offering substantial tax-deferred savings and predictable retirement income. 

• Solo 401(k)s: Providing high contribution limits for self-employed individuals. 

These micro-market opportunities require a nuanced, consultative approach, but can have a big impact for the business owner’s financial well-being and the advisor’s broader practice. 

CM: What are some common missteps advisors make when entering the workplace retirement space, and how can they avoid them? 

MD: Advisors entering the workplace retirement space often encounter two primary missteps, which can be avoided with intentional planning and a strategic mindset. 

     Lack of a Clear Strategy and Underestimating Complexity: Many advisors jump into the market without fully defining their service model or understanding the inherent complexities of retirement plans. They may fail to articulate what role they want to play — whether it’s plan-level consulting, participant education, or integrated wealth management. 

Remember: Success begins with intentionality. Advisors must clearly outline their desired service model, identify the resources and relationships required, and build a team capable of consistent delivery. This ensures they are prepared for the regulatory, administrative, and advisory demands of the space. 

    Treating Retirement Plans as a Siloed Offering: Advisors who effectively combine their financial planning expertise with retirement plan solutions create a powerful, holistic value proposition. This convergence of retirement and wealth management allows them to serve both business owners and their employees more comprehensively, fostering deeper relationships and significant differentiation in the market. 

By proactively addressing these areas, advisors can build a robust and sustainable practice in the workplace retirement arena. 

CM: As we approach 2026, what do you view as the single biggest opportunity for advisors in the workplace retirement market? 

MD: The biggest opportunity for advisors in the workplace retirement market lies in embracing convergence and scale. This means making retirement plans a core part of the practice, not a standalone offering. 

For wealth advisors who haven’t traditionally specialized in retirement plans, the opportunity is to leverage existing high-net-worth client relationships, particularly with business owners. These clients can become the source of new workplace retirement plans, which, over time, evolve into a consistent and cost-effective pipeline for acquiring new wealth management clients. At LPL Financial, we refer to this powerful dynamic as the convergence flywheel: retirement plans feeding wealth relationships and wealth relationships driving deeper plan engagement. 

For retirement plan specialists, the opportunity is to expand beyond the plan itself, delivering more comprehensive financial wellness solutions. This includes addressing critical areas like financial planning, student debt management, and robust retirement income strategies. As workplace benefits evolve into holistic financial ecosystems, advisors who position themselves as architects of this transformation, seeing retirement planning not just as a product but as a platform for lifelong financial relationships, will lead the market. 

CM: Finally, how should advisors think about the future of retirement planning—what skills, tools, or perspectives will define success in the next era of the retirement ecosystem? 

MD: Advisors must look beyond today’s conventional playbook and prepare for a retirement ecosystem defined by deeper integration, hyper-personalization, and enhanced resilience. Three critical imperatives will define success in this next era: 

    Master the Shift from Accumulation to Income: The future of retirement planning is evolving from growing assets to strategically engineering dependable, sustainable income streams. Advisors need to develop flexible frameworks that blend guaranteed and non-guaranteed solutions, shifting the conversation from product-centric sales to holistic income strategy design. This requires a deep understanding of distribution planning, longevity risk, and various income generation vehicles. 

     Lead with Financial Wellness and Behavioral Insight: Success will increasingly come from addressing the full spectrum of a client’s financial life, not just their 401(k) balance. Advisors who offer financial wellness programs, address savings gaps, and apply behavioral finance will drive deeper participant engagement and cultivate long-term loyalty. This means understanding the psychological aspects of saving and spending and designing solutions that encourage positive financial behaviors. 

     Navigate Complexity with Convergence Thinking: The traditional silos between wealth management and retirement planning are dissolving. Advisors who can orchestrate both – leveraging advanced technology, data analytics, and operational know-how – will deliver the integrated, comprehensive advice that clients are demanding. This requires a holistic perspective, connecting workplace benefits to personal financial goals and leveraging digital tools to create a unified experience. 

Ultimately, the next era will reward advisors who combine sharp regulatory insight, profound financial wellness expertise, and a nuanced approach to retirement income planning. Those who can articulate a clear philosophy on income solutions, while leveraging technology and data to personalize strategies, will undoubtedly lead in this rapidly evolving ecosystem. 

This material has been created and designed for licensed financial professionals.  

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.