Financial advisers have a lot of pull when it comes to helping employers select a defined contribution plan provider.
Research by Cogent Reports found that defined contribution plan advisers are reducing the number of providers they recommend to clients. The average is just 2.2 plan providers, but 39% of the 508 plan advisers surveyed said they only recommend one plan provider. That is up from 32% in 2015. To participate in the survey, advisers had to be actively managing DC plans and had to be established, with at least $10 million in assets under management.
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