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Fidelity: Retirement Readiness a Growing Concern for Plan Sponsors

Fidelity’s fifth annual Plan Sponsor Attitudes survey, released Nov. 20, found for the first time in the history of the survey that “preparing employees for retirement” was the No. 1 goal of plan sponsors. The study surveyed sponsors of plans ranging in size from 25 to 10,000 participants that use a wide variety of record keepers. 

The survey also found that plan sponsors reported higher levels of satisfaction with their advisors, but they have higher expectations as well: Almost half of those surveyed said the need for more retirement plan expertise was the primary reason behind a switch in advisors. In addition, plan sponsors are approached for plan business five times a year, on average, so it’s important for advisors to know what plan sponsors want out of the relationship.

This year’s survey marked the first time Fidelity looked at what advisors can do to improve satisfaction among plan sponsors. It recommended three actions that advisors can take to retain clients:

  • help plan sponsors measure progress toward retirement goals;
  • take a holistic approach to investments; and ?
  • provide regular progress reports.

For information on Fidelity Financial Advisor Services’ value-adds for advisors, visit their NAPA Firm Partner page.

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