Employers who partner with a retirement plan advisor enjoy superior outcomes in respect to their retirement plans than those who don’t, new research reveals.
Retirement Advisor Council discloses this finding in a study of 400 employers that sponsor a 401(k) or 403(b) plan. The survey is based on responses to questionnaires administered to 407 plan sponsored in September 2013.
The report indicates that more than 40 percent of plans with a retirement plan advisor retain the advisor to meet one-on-one with employees to provide investment advice.
Among plans that partner with an advisor who works exclusively with retirement plans, 83 percent have experienced deferral rate increases in the last two years. And one-third of those have enjoyed a deferral rate increase of 6 percent or more.
“These compelling numbers testify to the participant outcome enhancement Professional Retirement Plan Advisors enable,” the report states. “We now have evidence at the macro level that the profession is making a difference on the population as a whole.