A record number of plan sponsors are actively looking to switch their plan advisors: 38%, up from 30% last year, according to Fidelity Investments' eighth annual Plan Sponsor Attitudes survey.
However, the survey does find that the majority of plan sponsors (65%) are highly satisfied with their plan advisors.
"This is not a time for plan advisors to rest on their laurels. While most plan sponsors remain satisfied with their advisors, they are raising their expectations," said Jordan Burgess, head of specialist field sales overseeing defined contribution investment only (DCIO) sales at Fidelity Institutional Asset Management. "For some advisors, this could put their business at risk. For others, this could be an opportunity to win new clients."
The survey, which is based on responses from 1,106 employers who offer retirement plans that use a wide variety of recordkeepers and have at least 25 participants and $10 million in plan assets, finds that reducing business costs related to having a plan is the top concern for plan sponsors (31%).
Other important themes for plan sponsors include managing their fiduciary responsibility (23%), preparing employees for retirement (22%) and the risk of litigation and liability (18%).
The research also highlighted the competing priorities employers face when allocating time, budget and resources to providing benefits to their employees.
