Consultants are increasingly constructing custom target-date funds that are designed to fit the specific needs of retirement plan participants.

Researchers at Cerulli Associates, Inc., Boston, predict that trend will be a fundamental game-changer within the world of target-date funds.

The conclusion is part of a Cerulli report on changes in the asset management market.

Another trend covered is a move by some advisors to consider going independent as a result of catastrophic markets and firm mishaps. This is happening even though wirehouses are offering advisors many valid reasons to stay, the researchers write.

But readers should not expect to see major changes in the wirehouse firms that were acquired, the researchers caution, noting that the firms were acquired for their strengths, not their weaknesses.