- Providing fiduciary support: According to Fidelity’s 2016 Plan Sponsor Attitudes study, the No. 1 reason plan sponsors hire an adviser is a concern about their fiduciary responsibilities. To address this need, advisers should consider a proactive approach in helping plan sponsors understand their fiduciary responsibilities.
- Improving plan design: Advisers must also consider working with plan sponsors on maximizing participation among employees. One of the ways to do this is to make design changes to the plan, including using features such as auto-enrollment and employer match. Advisers can also foster a strong three-way partnership with the plan sponsor and recordkeeper that helps to simplify plan administration.
