If most potential clients walking through your door nowadays don't hold target-date funds in their 401(k) plans, that's likely to change in the next few years. The management consulting firm Casey Quirk estimates that such portfolios will account for about 48% of 401(k) assets in 2020, up from just 13% today.

Do target-date funds complicate an advisor's job? Should you recommend that clients adopt the target-date structure? Should you consider other packaged options that don't rely on date-specific portfolios? "For some clients, target-date portfolios make a lot of sense," says Bruce Bills, a planner in Henderson, Nev. "For others, not so much."

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