Is Your Advisor Not Making the Cut?
“The percentage of sponsors looking to switch advisors is at an all-time high.”
You are not alone if you are considering a new plan advisor. A Fidelity survey tracking plan sponsor attitudes for the past 13 years concluded that “The percentage of sponsors looking to switch advisors is at an all-time high.” Forty-seven percent of the 1,285 plan sponsors polled in the 2022 Plan Sponsor Attitudes Survey reported that they are considering a new advisor.
There is a growing demand for advisors who offer advanced servicing and recordkeeping, comprehensive educational plans and workplace communication, and greater investment expertise. That’s according to a 401(k) Specialist Magazine’s review of the Fidelity survey.
Although 76% said they were satisfied with their advisor, 47% said they were actively considering a new one. Many of the employers polled are looking for investment expertise that offers better outcomes and more effective service with recordkeepers.
The survey also noted the overwhelming recognition of how guidance and expertise from compensation advisors helps with attracting and retaining key talent. 401(k) Specialist magazine’s review of the survey reported that of those polled, 91% said advisors “help promote their retirement plan to current and prospective employees.”
Plan sponsors apparently are also looking for advisors who are experts on 401(k) planning, assisting with fiduciary governance and providing value through educational resources and better investing options. And they are considering changes to their retirement plans to include better communication with employees.
Understanding the advantage well-informed employees bring to workplace culture, Newcleus Retirement Advisors began offering 401(k) training for employees of all levels, teaching employees the benefits of participating in retirement plans and how to take advantage of those benefits offered as part of their compensation packages.
Newcleus now provides fully comprehensive planning with the expansion of its 401(k) expertise. Partnering with Newcleus Compensation Advisors and Non-Qualified divisions, Newcleus Qualified Plan Advisors are positioned to offer pre- and post-retirement compensation consulting for an organization’s entire workforce, from tailored executive plans to traditional employee benefits.
For more information about Newcleus’ Qualified and Non-Qualified Compensation and Retirement advisors, contact us for a free review of your compensation plans and how our advisors can offer you a complete and comprehensive plan for your entire organization.