The size of the IRA market is expected to stand at $11.7 trillion in five years' time, while asset managers refine their products and strategies, creating an increasingly competitive marketplace, a report said.

Total IRA assets are expected to reach $11.7 trillion by 2020, according to the Boston, MA-based research firm Cerulli Associates.

“Even with heightened FINRA rollover scrutiny, individuals, especially Baby Boomers, will continue to roll over their defined contribution (DC) assets,” said Shaan Duggal, a research analyst.

“Rollover” is a term describing transfers of funds from a retirement account into IRAs.

“As the Baby Boomer generation ages, much of this rollover activity will be due to account consolidation as these individuals plan for their retirement income needs,” Duggal added. “Creating a positive relationship early and building on it as the individual progresses towards retirement is the ideal situation for many providers.”

Cerulli has previously noted that while asset values are climbing, so is the level of competition and noise surrounding rollovers. Duggal added that personalized communication during “opportune” life moments will help foster client loyalty when an individual decides to roll over their account.

“A greater number of Millennials are contributing to Roth 401(k)s, which will become a sizable rollover opportunity in time,” he said.