The 2020 DC Survey found that 78% of defined contribution plans now work with a retirement plan adviser or institutional consultant, up from 68% in 2016, and 54% report having worked with their adviser for over seven years. Sponsors use advisers for a wide range of services, but those involving investment selection and monitoring are among the most common. Many sponsors choose to have advisers serve as co-fiduciaries for their plan, but smaller plans appear more open to 3(38) fiduciary services, whereby sponsors delegate the day-to-day investment decision making to their adviser.
Plans Using a Retirement Plan Adviser/Consultant
Length of Relationship with Adviser
Plans Using Fiduciary Advisory Services