Survey of the Retirement Landscape
What do sponsors want from DC specialists that service their plans? And how does that differ from DC specialists’ perception of what their clients are looking for? Voya Investment Management identifies unmet needs and emerging opportunities by exploring disconnects between the perceptions of plan sponsors and DC specialists.
Two years ago, DC specialists were far less sanguine than sponsors about plan participants’ retirement readiness. Those views have begun to converge, with DC specialists less pessimistic and sponsors less optimistic. Both DC specialists and sponsors see the need to improve retirement outcomes for plan participants:
- In tandem with evolving views of retirement readiness, sponsors are beginning to see participant education as an aspect of financial wellness
- Sponsors are looking for expert guidance on a broader range of issues than two years ago, including alternative plan structures, cybersecurity, financial wellness and special needs caregivers
- Sponsors still are behind the curve in using risk-assessment tools to gauge investments most appropriate for clients. They will need DC specialists to fill this gap
- Sponsors do not always recognize the services DC specialists provide, potentially leading to confusion about what sponsors get for the fees they pay. DC specialists need to communicate their added value more effectively
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