Survey of the Retirement Landscape: Insights from Current Research
The second edition of Voya Investment Management’s survey of retirement plan sponsors and plan advisors, released in 2019, updates the first survey released in 2017. The aim of the update is to better understand the current service needs of sponsors, to help DC-focused advisors align their offerings and priorities to meet those needs. Since the release of the initial survey, perceptions have evolved on certain issues and several new issues have arisen. We present key findings of the 2019 study in this series of insights.
Priorities for the Next Two Years
Top priorities for the next two years have not changed since the first survey: sponsors and advisors continue to agree that compliance with regulations remains the pre-eminent concern. The second key challenge sponsors cite is reducing plan fees and expenses. The third-ranked concern remains ensuring plan participants are appropriately invested. Taking fourth and fifth place, respectively, are increasing plan participation and helping participants transition into retirement.
Source: Voya Investment Management
An emerging concern, helping participants with financial wellness, ranked among the top priorities for both sponsors and advisors. On all metrics, however, more advisors than sponsors say the issue is important. In some cases, the differences between sponsor and advisor priorities are dramatic; e.g., “increase plan participation,” pointing to ongoing challenges for advisors to educate their clients. For all the research results, read Survey of the Retirement Landscape: Challenges and Opportunities for Advisors.
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