Employee education and advice from plan advisers is universally valued by plan sponsors, according to a MassMutual survey.
Explaining the retirement plan benefits and options available to employees is a preferred topic for plan adviser education by 87% of plan sponsors that work with an adviser and 80% of those that do not. Seventy-three percent of both groups want advisers to educate employees about the importance of contributing to the retirement plan.
Three-quarters (76%) of plan sponsors that work with advisers want personalized advice for employees to determine whether they are on track for a successful retirements, as do two-thirds of those that do not work with and adviser. Specific help with employees who are approaching retirement is desired by 65% of sponsors that work with an adviser and 53% of those that do not.
However, advisers say they need better cooperation from plan sponsors in order to provide education and advice to participants. Advisers find it difficult to motivate sponsors to schedule a time where they can come in and conduct group or one-on-one meetings. Advisers also would like help from the plan provider with educating participants about their plan.
The MassMutual Winning Combination Study polled 565 employers that sponsor retirement plans, including 449 that worked with an adviser and 116 that did not, with retirement plan recordkeeping assets from less than $1 million to as much as $75 million. NEXT: Sponsors who work with advisers find them valuable