1.4.2.3Vertical
Retirement Plan Consulting
Advisors providing fiduciary consulting for 401(k) and pension plans.
Market snapshot
These figures describe Benefits Consulting & Brokerage (1.4.2), the segment that Retirement Plan Consulting sits within. They are not figures for Retirement Plan Consulting on its own.
FragmentationConsolidatingEstimate
Sized within insurance brokerage. Benefits brokers fall under NAICS 524210 (Insurance Agencies & Brokerages), tracked in the Insurance industry (Insurance Brokerage & Distribution), not separately here.
Business model & economics
Revenue model
Commissions and advisory fees on placed coverage
Key economics
- Recurring revenue
- High
- EBITDA margin
- 20–30%
- Capex intensity
- Low
annual plan renewals with strong retention
Characteristics
- Recurring commission revenue and high retention underpin the roll-up thesis.
- Annual renewals make books predictable and sticky.
- Scale improves carrier leverage and cross-sell.
M&A deal context
Deal activityHigh
Who’s acquiring
- Insurance-brokerage consolidators
- PE-backed benefits platforms
- National & regional broker acquirers
What’s driving deals
- A decade-long roll-up of regional employee-benefits brokers.
- Recurring commissions and high retention attracting capital.
- Scale advantages in carrier leverage and cross-sell.
Find Retirement Plan Consulting acquisition targets
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