08.28.23

Retirement Plan Confusion Creating Advisor Opportunities

by: Gregg Greenberg

A new Fidelity Investments study found that plan sponsors are relying on advisor guidance more than ever, with only 6% not using an advisor or consultant. As a result, advisors will be able to demonstrate their knowledge base to plan sponsors in the market for their services. The study found that 76% of sponsors were extremely satisfied with their current plan advisor, while 22% reported they were actively looking to switch. Liz Pathe, head of defined contribution investment-only sales at Fidelity Institutional, said advisors have an opportunity to showcase their impact and service-centered mindset as a result of the evolution that's occurred in plan designs, investment lineups and benefit offerings. In terms of complexity, the study revealed that investment menu changes continue to be on the rise. Over the past two years, for example, the report showed an increase in the number of investment options and collective investment trusts.

Read the full article on InvestmentNews