Survey of the Retirement Landscape: Insights from Current Research

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.

Sponsor priorities remain consistent but include rising issues

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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This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management (“Voya IM”) considers reliable; Voya IM does not represent that such information is accurate or complete. Certain statements contained herein may constitute "projections," "forecasts" and other "forward-looking statements" which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events may differ materially from those in such statements. Any opinions, projections, forecasts and forward-looking statements presented herein are valid only as of the date of this document and are subject to change. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Voya IM assumes no obligation to update any forward-looking information.