Defined contribution-investment only asset managers also highlighted the mid-sized DC plan market, and in particular, the boutique DC consultant, as offering the best opportunities to increase DC assets and revenue.

The data indicate that the boutique DC consultant, which Cerulli said was a relatively new category, is considered an important opportunity by nearly half of respondents (48 percent).

In fact, it’s actually ahead of broker-dealer-based advisors and national investment consultants, which the study said are both more traditional intermediary channels.

So how to define a boutique DC consultant?

There’s no strict categorization, Cerulli said, but such firms tend to have a legacy in benefits consulting, or are retirement specialist advisors that have evolved to focus almost solely on DC plans and are now attracting plans with significantly greater assets than the typical reach of a retirement specialist advisor.

Some firms, it said, are retirement-focused RIAs, while others are consultant practices that reside in a wirehouse. Classic examples of boutique DC consultants include CAPTRUST, SageView and Lockton.

The two biggest challenges for DCIO asset managers in 2015 continue to occupy their attention. Demand for passive products, regarded by 61 percent as a major challenge and 25 percent as somewhat of a challenge, and heightened competition for assets, regarded by 46 percent as a major challenge and 50 percent as somewhat of a challenge, are both market forces to be reckoned with.

Among other issues they face are these:

• pressure on investment management fees

• increasing contributions to target-date funds

• plan sponsor inertia

• investment performance/not meeting screening criteria

• plan sponsor fear of litigation

• pressure on administrative fees

• streamlining of investment menus