Retirement advisors rate high among plan sponsors

"Fully three-quarters of plan sponsors partnering with [an advisor] estimate 50 percent or more of their participants are on track to achieve a successful retirement," the study adds.

The report notes also that more than 95 percent of plan sponsors who partner with an advisor dedicated exclusively to retirement plans report that partnering is either "very beneficial" or "a necessity." More than a third qualify the relationship as a "necessity."

Most clients either agree (34 percent) or strongly agree (60 percent) that the amount of time they spend on their plan is "reasonable." And 53 percent of clients of professional advisors who work exclusively with retirement plans say their advisor does an "outstanding job" assisting them with the implementation of the fiduciary process.

"Plan sponsors who retain their services of a Professional Retirement Plan Advisor entirely dedicated to the business reap tremendous benefits from the partnership," the report states. "Most salient is the enhanced participant retirement readiness that stems from repeated measurements, participant reporting, plan design changes, participant guidance and advice."