IMPORTANT: DO NOT read this if you work for a wirehouse. This is intended for truly independent advisers only!
The 12.4 TRILLION Dollar Opportunity: Why Independent Advisors Shouldn’t Ignore Held Away Assets
There’s a massive, largely untapped opportunity sitting in plain sight for independent investment advisors—$12.4 trillion in held away accounts[i], dispersed over 115 million Americans[ii] who could potentially benefit from your unique advice.
Yet, most of the largest firms—wirehouses and RIAs alike—are steering clear.
Why?
What Are Held Away Assets?
A held away asset is any account outside your custody or control.
While we commonly refer to 401(k)s, it can also include 403(b)s, HSAs, and other employer-sponsored retirement plans. These are often accounts that clients can’t move under your management right now.
[i] Investment Company Institute (ICI) “Retirement Assets Total $44.1 Trillion in Fourth Quarter 2024” – March 20, 2025
[ii] Congressional Research Service “Defined Contribution Retirement Plans: Automatic Enrollment” – September 5, 2024
At Plan Confidence, we’re on a mission to make working with held away assets just as easy—and compliant—as managing IRAs or brokerage accounts!
Why the Big Firms Won’t Touch Them
Despite the clear value in giving 401(k) advice, major firms avoid it due to the scaling issues and the ERISA fiduciary responsibilities it can trigger.
Providing fee-based advice, or discretionary management, on an ERISA-covered account (like a 401(k) can make you an “ERISA Fiduciary” - a designation the courts describe as “the highest duty known to law.”[i]
Being an ERISA Fiduciary means:
You invite another regulator, the Department of Labor (DOL), into your practice.
You're subject to stricter rules around conflicts of interest, documentation, and give your clients access to the federal court system.
If something goes wrong, you can be held personally liable for losses.
These Risks Create Opportunities — for You!
The largest firms haven’t been able to scale ERISA-compliant processes across tens of thousands of advisors.
But independent advisors like you?
You can!
Especially if you have the right tools and workflows.
Let’s break it down:
$12.4 trillion in held away assets.
74% of 401(k) participants want professional advice and 77% of those are willing to pay for the advice![ii]
That’s 65 million Americans willing to pay for someone (like you) to help manage their retirement account!
So, the question becomes:
How many of those 65 million do you want as clients?
[i] Donovan v. Bierwirth, 680 F.2d 263 (2d Cir. 1982)
[ii] 401(K) Literacy Survey, Pontera 2024
What It Takes to Be Compliant
The DOL requires advisors working with ERISA-covered accounts to have a written, prudent process. The written process must detail:
How you collect full fund lineups
How you review every investment option—not just a few
How you match your investment strategy to your client’s available investment options
How you deliver and implement advice
And most importantly: how you document everything
That documentation must be retained for six years.
The documentation is your first line of defense in case of a lawsuit and the most important necessity in the event of a DOL or SEC audit.
(There is an old axiom in the court system, “if it isn’t documented, it didn’t happen”!)
This is why Plan Confidence exists—we’ve automated this entire process to make it scalable, efficient, and fully compliant.
This has never been done before!!
The Plan Confidence Solution:
Plan Confidence can be used in parts as Software as a Service (SaaS) or as the first TAMP (Turnkey Asset Management Platform) for held away assets.
We’ve built a platform that:
Starts with a written, prudent process
Collects and scores employer plan fund lineups
Aligns advice with your existing strategies—or provides model portfolios you can use
Delivers advice to your clients or directly to you (you decide)
Generates trade files so your client can trade their account
Generates trades files so you (or our firm) can trade their account (which work really well with partners like Pontera and Future Capital)
Documents everything—research, advice delivery, trades, ensuring ERISA/Reg BI compliance — for full audit protection
Whether you're managing one account or 10,000 accounts, our platform keeps you compliant, efficient, and profitable at scale!
You Have the Edge
The big firms won’t go near this, (yet).
That gives you the chance to become the go-to expert in your community.
You’ll offer services the your biggest competitors don’t!
You’ll even get paid for helping with accounts they ignore.
“You’ll be the Held Away Hero your clients never knew they needed.”
If you’re ready to scale your practice, serve more clients, and unlock a $12.4 trillion market, Plan Confidence is here to help you do it—with compliance and scalability built-in.
💡 Ready to Become a Held Away Hero?
Want to learn how to de-risk your practice, scale your advice, and serve your clients better—without adding hours to your day?
Join us for our weekly webinar titled, “Held Away Heroes” we host every Thursday at 1pm EST.
It’s about 34 minutes of our CEO (Kevin T Clark, RF™) covering how we help advisers and 10 minutes of questions.