Advisors believe plan sponsors need help understanding fiduciary responsibilities, are overwhelmed by compliance burdens, demand more services and expertise from advisors. Sponsors are less likely to say they need such support, though their views have evolved since 2016. The graph below illustrates the percentage-point changes among key metrics in 2018 compared to 2016. (Metrics are shown from highest to lowest importance in the 2018 survey.) For example, in 2016, 91% of sponsors preferred to work with an advisor who specializes in retirement plans; in 2018, that figure rose to 94%. Demand for “more service/expertise from advisor” rose from 55% to 63%.
Sponsor attitudes show only slight shifts since last survey1
Source: Voya Investment Management
On the other hand, sponsors now care less about fiduciary responsibilities, re-enrollment and participant outcomes. Large plans are more likely to agree they need help understanding their fiduciary role and have a growing need for advisor support.
Survey of the Retirement Landscape: Insights from Current Research
Voya Investment Management recently released the second edition of its survey of retirement plan sponsors and plan advisors, to identify and better understand the current service needs of sponsors and help DC-focused advisors better align their offerings and priorities to meet those needs. Though some perceptions have changed since the initial survey in 2016, views on a few key issues have evolved and several new issues have arisen. We present key findings of the study in this series of insights. For all the research results, read Survey of the Retirement Landscape: Challenges and Opportunities for Advisors.
1 Sponsors: Please rate your agreement with the following statements regarding your retirement plan. Advisors: Please rate your agreement with the following statements regarding working with retirement plans.
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