Fidelity’s 2024 Plan Sponsor Survey: Evolving Advisor Roles & Expectations

Fidelity Investments’ 15th annual plan sponsor survey, conducted in January 2024, reveals significant trends and shifts in the retirement plan landscape, particularly in the role and expectations of advisors.  The survey, which included 1,174 plans with at least 25 participants and $3 million in assets, highlights a growing emphasis on the convergence of wealth, retirement, and benefits, with 50% of plans indicating the importance of HSA guidance and 26% planning to implement emergency savings plans.  Advisors are increasingly expected to provide value beyond traditional services, with 81% of plans allowing advisors to work with participants outside the plan.

Key findings also include the rising adoption of auto features and changes in investment menus, with 32% of plans intending to implement auto-escalation and 60% prioritizing target date fund performance over cost.  The survey reflects increased satisfaction with advisors, up to 81% from 63% in 2019, although ongoing concerns remain about the depth of due diligence performed by plan sponsors.  The report suggests that plan sponsors are becoming more aware of their responsibilities, likely leading to greater scrutiny and due diligence in advisor selection and retention, especially as the industry continues to evolve.

Read more insights in Fred Barstein’s WealthManagement.com article titled, “Fidelity Investments’ 15th Annual 401(k) Plan Sponsor Survey Details the Demand for Participant Services.

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