The Defined Contribution Market is Booming and Asset Managers are Hiring
If you're looking for a job, think about retirement.
BlackRock Inc. expects U.S. defined contribution market to exceed $6 trillion by 2014. Although job listings have pulled back this year, there are still plenty of postings in the industry that is poised to take center stage as a primary retirement resource.
Defined contribution plans are going global. Allianz has found that "the shift towards defined contribution (DC) schemes has not been impeded by the financial crisis - if anything it has been accelerated," according to a survey of leading pension experts conducted by Allianz Global Investors after the 2008 financial meltdown.
Leveraging Your Talent
There are several ways to bring your talent to the DC table. You can design plans, sell them, administer them or advocate for their necessity in light of the lessons learned from the retirement crises that looms as Baby Boomers enter their golden years broke.
BlackRock Inc. is expanding its financial-advisor-sold defined contribution business. Last March, the giant asset management firm has hired Robert L. Francis, former chief operating officer at broker-dealer National Retirement Partners Inc., as its managing director in the DC group, a new position.
Please Come to Boston
Boston-based Fidelity is looking for a defined contribution product manager and defined benefits implementation program manager. The asset manager's Fidelity Workplace Investing is a leading provider of 401(k) plans and administrator of pensions, health and welfare, stock plan services and health savings accounts. It is looking for a number of specialists in a variety of locations.
Putnam Investments is making a major push into the 401k space, launching a new Web site that makes it easier for investors to see how their choices affect their retirement paycheck and moving all of the record keeping onto the cloud instead of mainframes like rivals, which could prove faster and more secure way to store information that may be held for decades or even generations, a feature that facilitates passing an Individual Retirement Account to a grandchild. It is currently looking for a DC regulatory services consultant to prepare and negotiate service agreements. It also needs sales personnel to develop and maintain relationships with financial advisors as well as to find new 401K/Defined Contribution customers.
AllianceBernstein, Prudential, Milliman, Inc., Lincoln Financial Group, JPMorgan Chase, The Hartford, Transamerica and ING are all looking for people who can help build out their defined contribution businesses.
Companies Servicing 401(k)s Seeking Plan Administrators
You can also look at companies that service 401(k)s. For instance, R.J.L. Pension Services, Inc., a third party administration firm in Trinity, Fl., provides recordkeeping services to over 350 plans throughout the country looking for entry level to senior plan administrators.
Stephen H. Rosen and Associates, Inc., a United Retirement Company, is looking for a defined benefit plan administrator. The actuarial and pension consulting firm continually accepts resumes from qualified individuals experienced in retirement plan consulting, defined contribution plan administration, defined benefit plan administration and plan document preparation.
There are also jobs at companies that use defined contribution plans. Jet Propulsion Laboratory (JPL), Directors Guild of America, DIRECTV and Catholic Health Partners are looking to hire experienced defined contribution specialists.