The U.S. retirement market has over $24 trillion of assets and generates $183 billion of annual revenue for financial services firms, according to Novarica, the research division of Novantas LLC.

Despite the retirement market's size, "few have a clear picture of the total value chain and who captures most of the revenues," Novarica said in a report issued Monday.

The report, based on proprietary research by several Novantas managing directors, found that distribution, not manufacturing, is capturing the lion's share of the revenue in the U.S. retirement market, and that most of the available assets are already in the system.

Novarica provides information, insights and perspective on markets, operations and technology to financial services and insurance executives.

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