In today’s marketplace, it’s more the rule than the exception that a retirement plan adviser will have an individual wealth management division they’re working alongside with, or at least adjacent to in a parent firm.

While the decade before retirement is an obvious time when many participants start looking for more personalized wealth management, advisers say that other important life milestones, such as receiving an inheritance, expanding a family, or getting a divorce also often motivate such interest. Jason Gerber, managing partner at Prime Capital Investment Advisors in Little Rock, Arkansas, says that in addition to life milestones, market volatility also often drives more plan participants to inquire about wealth management services. He notes that this happened when the market tanked and the economy faced uncertainty in 2020.

“Some of these different market cycles demonstrate the need that people have for someone to help them make decisions about their money,” he says.