PLANADVISER - July/August 2022 - 4

data points //
An Adviser's Value
Most plan sponsors agree that a dedicated adviser delivers better outcomes
P
lan sponsors that work with a
dedicated financial adviser for
their workplace retirement plan
see these professionals as partners in
improving outcomes, according to a
recent study, " The Value of a Financial
Advisor, " from Morgan Stanley at Work.
The vast majority of the 350 survey
respondents said the adviser delivers
better
outcomes
(87%),
encourages
participation (86%), provides support
for answering employee questions
(92%) and is worth the cost (95%).
The survey's results also suggest
that plan sponsors value peace of
mind, with 28% saying oversight on
investment management was the main
reason they have an adviser serve
their 401(k) plan. Because sponsors
report that compliance and fiduciary
guidelines are critical concerns-75%
and 67%, respectively-it makes sense
they would welcome the oversight, the
study report observes.
For plans that currently use a dedicated
financial adviser, 85% reported
that most of their eligible employees
are on track for retirement, while plans
without such an adviser noted a lack
of insight into retirement readiness.
When it comes to employee participation,
44% of sponsors that provide a
dedicated financial adviser said 75% to
100% of eligible employees participate
in their 401(k) plan.
These outcomes coincide with data
from the 2021 PLANSPONSOR Defined
Contribution
Plan
Benchmarking
Survey indicating that 53.7% of plan
sponsor respondents have worked with
the same adviser for more than seven
years-suggesting a high level of satisfaction
with the service.
The Morgan Stanley survey found
that businesses of different sizes prioritized
different needs. Businesses with
over 3,000 employees cited needing
investment oversight (37%), and midsize
businesses with 20 to 100 employees
emphasized the need for guidance on
plan design (20%). -DJ Shaw
3.1% 6.4%
1-2 years
Value Propositions of an Adviser
n	Agree n	Disagree n	No opinion
Is worth the cost
95%
Provides peace of mind as to regulatory concerns
Helps in working with the recordkeeper or TPA
Provides support in addressing employees' questions
Helps the leadership make critical decisions
Helps with plan design as the company scales
Provides financial education and tools to employees
Delivers better plan outcomes for our company
Encourages eligible employee participation
93%
92%
92%
92%
91%
90%
87%
86%
Provides peace of mind as to participants' data security 86%
Results in more employees on track for retirement
Is a benefit that helps attract and retain talent
86%
85%
Source: " The Value of a Financial Advisor, " Morgan Stanley at Work
Time Plan Sponsors Worked With Their Adviser
53.7%
15.0% 18.5%
< 1 year
3-4 years
5-7 years
Source: 2022 PLANSPONSOR DC Plan Benchmarking Survey
>7 years
3.3%
Unsure/
don't know
4%
5%
7%
4%
7%
5%
7%
7%
7%
8%
7%
3% 2%
3%
3%
1%
4%
2%
5%
6%
6%
6%
6%
8%
4 | planadviser.com July-August 2022
http://www.planadviser.com

PLANADVISER - July/August 2022

Table of Contents for the Digital Edition of PLANADVISER - July/August 2022

Balancing Act
Greater Access
Previewing Plan Features
A Different Way to Save
Next-Level Options
New Territory for Income?
Compliance for Wealth Managers
If Caught Off Guard by A Failure
Larry E. Crocker
PLANADVISER - July/August 2022 - C1
PLANADVISER - July/August 2022 - FC1
PLANADVISER - July/August 2022 - FC2
PLANADVISER - July/August 2022 - C2
PLANADVISER - July/August 2022 - 1
PLANADVISER - July/August 2022 - 2
PLANADVISER - July/August 2022 - 3
PLANADVISER - July/August 2022 - 4
PLANADVISER - July/August 2022 - 5
PLANADVISER - July/August 2022 - 6
PLANADVISER - July/August 2022 - 7
PLANADVISER - July/August 2022 - 8
PLANADVISER - July/August 2022 - 9
PLANADVISER - July/August 2022 - 10
PLANADVISER - July/August 2022 - 11
PLANADVISER - July/August 2022 - 12
PLANADVISER - July/August 2022 - 13
PLANADVISER - July/August 2022 - 14
PLANADVISER - July/August 2022 - 15
PLANADVISER - July/August 2022 - Balancing Act
PLANADVISER - July/August 2022 - 17
PLANADVISER - July/August 2022 - 18
PLANADVISER - July/August 2022 - 19
PLANADVISER - July/August 2022 - Greater Access
PLANADVISER - July/August 2022 - 21
PLANADVISER - July/August 2022 - 22
PLANADVISER - July/August 2022 - 23
PLANADVISER - July/August 2022 - Previewing Plan Features
PLANADVISER - July/August 2022 - 25
PLANADVISER - July/August 2022 - 26
PLANADVISER - July/August 2022 - 27
PLANADVISER - July/August 2022 - A Different Way to Save
PLANADVISER - July/August 2022 - 29
PLANADVISER - July/August 2022 - 30
PLANADVISER - July/August 2022 - 31
PLANADVISER - July/August 2022 - Next-Level Options
PLANADVISER - July/August 2022 - 33
PLANADVISER - July/August 2022 - 34
PLANADVISER - July/August 2022 - 35
PLANADVISER - July/August 2022 - New Territory for Income?
PLANADVISER - July/August 2022 - 37
PLANADVISER - July/August 2022 - Compliance for Wealth Managers
PLANADVISER - July/August 2022 - If Caught Off Guard by A Failure
PLANADVISER - July/August 2022 - Larry E. Crocker
PLANADVISER - July/August 2022 - Cover3
PLANADVISER - July/August 2022 - Cover4
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
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