Three companies dominate the target-date fund market — Vanguard, Fidelity and T. Rowe Price account for 71% of the industry’s TDF assets, according to Morningstar. However, off-the-shelf products aren’t right for everyone.

“One size fits some, and possibly many, but certainly not all,” says Russ Shipman, senior vice president and managing director of retirement strategy at Janus Capital Group. Many plan sponsors are embracing that mentality, which is leading to more customization, he says.

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