The State of DCIO Distribution: 2025

Key Benchmarks, Developing Trends, Winners and Outlook

Sway's annual in-depth study of DCIO distribution finds DCIOs increasingly targeting home offices to earn placements in plan menus and to develop custom priced, and oftentimes, exclusive products. Based on surveys and interviews of DCIO sales leaders and DC plan-focused advisors, this research is designed to provide DCIO sales leaders key business benchmarks—assets, gross and net sales, headcounts, spending, etc.—and insights to enhance the development of investment products while informing distribution and marketing strategy.

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Quarterly DCIO Sales and Asset Surveys

Following the end of each calendar quarter, Sway surveys DCIO sales executives to establish fresh benchmarks for asset growth, gross and net sales levels. Firms that participate receive a complimentary PowerPoint deck of the findings. Please contact if you would like to participate.

Download a recent quarterly DCIO Sales Survey.

DCIO Consulting and Management Presentations

Sway founder, Chris J. Brown, authored the first in-depth research study of Defined Contribution Investment-Only (DCIO) market in 2004, and has published an annual report on the evolution of this space each year since. Throughout the past decade, he has worked with numerous asset managers on DCIO initiatives, from complete start-ups to restructurings of dedicated DCIO sales and marketing units. Sway's annual The State of DCIO Distribution study provide benchmarks for asset management executives to measure their dedicated DCIO sales and marketing efforts versus peers, as well as feedback from defined contribution recordkeepers and plan intermediaries on developing trends and the attributes they desire in DCIO partners and products. Some of the areas covered in Sway’s custom projects/presentations include the following:

Sales & Assets

  • Gross sales and AUM

  • Annual sales goals

  • No. of focus platforms and % of sales

  • Share of firm-wide gross and net sales

  • Share of sales tracked to a rep

Product

  • Gross sales by investment vehicle

  • Top-selling asset classes

  • R-share assets by 12b-1 fee, objective and category

  • Market share passive vs. active

  • Sub T/A payments to DC platforms

Spending and Margins

  • Annual sales and marketing spend and allocations

  • Resources leveraged form other areas

  • Spending relative to gross sales

  • Margins earned on DCIO vs. retail business

  • Priorities for investment

Staff

  • Headcounts for sales and marketing

  • Productivity measures and goals

  • AUM/sales per FTE

  • Compensation averages and components

  • Coverage models and time allocations

Plan Intermediaries

  • Menu construction plans and policies

  • Preferred managers in DC plan menus

  • Preferred Target-Date funds and plan providers

  • Key attributes of DCIO managers and products

  • Preferred value adds and events

  • Best-in-class managers – staff, value-ad and website

  • Revenue mix by fee structure

  • AUM by QDIA type

  • 3(21) and 3(38) Fiduciary Status

  • Staff and firm structure

  • Key needs and support services