PLANADVISER - November/December 2018 - 30
2018 PLANADVISER Practice Benchmarking Survey
TAKING A
MEASURE
How
advisers
were
building
their
practices
this year
T
he responsibilities of retirement plan professionals extend beyond assisting with, or
acting as a fiduciary with respect to, the fund lineup; educating participants; and
establishing a sophisticated, robust plan design. Fee compression, adding new clients,
and practice management also reign among top concerns for advisers, according to
the 2018 PLANADVISER Practice Benchmarking Survey.
This year's findings, in some respects, mirrored those from 2017, with, for example, only
slight changes in the two " top concern " numbers. Among the advisers surveyed, 39% cited
fee compression as their top worry-just 1 percentage point less than the 40% who selected
it last year-highlighting advisers' continued apprehension about fees and getting paid.
Practice management was the second largest concern-29% of advisers cited it as such, in
line with the 30% who did so last year.
Somewhat interestingly, while concerns remained high over fees, worries about profitability
saw the largest decline in the category-a 10-percentage-point decrease from 21%
last year to 11% this year. Other leading worries included adding new clients (cited by 28%),
competition/practice differentiation (25%), staffing (25%), government regulation (23%) and
compliance/fiduciary issues (22%).
The degree of change within other response categories was mixed. 2017's figures were
consistent with previous survey results, yet, while some 2018 numbers lined up with them,
others saw a sizable shift.
For instance, regarding the strategy or area advisers predicted would yield the most
growth for their firm in the coming year, 51% cited 401(k)s-a 2-percentage-point decline
from 53% in 2017; however, 10% fewer advisers cited referrals than in 2017-30% vs. 40%,
respectively. Expecting fiduciary services to produce the most growth declined 6 percentage
points, with 34% of advisers calling it their most promising area for development next year.
As the adviser firm mergers and acquisitions (M&As) kept increasing, many respondents
yet to make the move seemed drawn to the possibility. Thirty-six percent said strategic
partnerships will be their main growth strategy in 2019, up from 32% last year.
30 | planadviser.com November-December 2018 Art by Katherine Streeter
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PLANADVISER - November/December 2018
Table of Contents for the Digital Edition of PLANADVISER - November/December 2018
Weathering Audits
Protection for Your Practice
The Case for Roths
SEC on Rollovers
ERISA Section 409(b)
403(b) Litigation Update
PLANADVISER - November/December 2018 - C1
PLANADVISER - November/December 2018 - FC1
PLANADVISER - November/December 2018 - FC2
PLANADVISER - November/December 2018 - C2
PLANADVISER - November/December 2018 - 1
PLANADVISER - November/December 2018 - 2
PLANADVISER - November/December 2018 - 3
PLANADVISER - November/December 2018 - 4
PLANADVISER - November/December 2018 - 5
PLANADVISER - November/December 2018 - 6
PLANADVISER - November/December 2018 - 7
PLANADVISER - November/December 2018 - 8
PLANADVISER - November/December 2018 - 9
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PLANADVISER - November/December 2018 - 11
PLANADVISER - November/December 2018 - 12
PLANADVISER - November/December 2018 - 13
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PLANADVISER - November/December 2018 - 15
PLANADVISER - November/December 2018 - 16
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PLANADVISER - November/December 2018 - 18
PLANADVISER - November/December 2018 - 19
PLANADVISER - November/December 2018 - 20
PLANADVISER - November/December 2018 - 21
PLANADVISER - November/December 2018 - 22
PLANADVISER - November/December 2018 - 23
PLANADVISER - November/December 2018 - 24
PLANADVISER - November/December 2018 - 25
PLANADVISER - November/December 2018 - 26
PLANADVISER - November/December 2018 - 27
PLANADVISER - November/December 2018 - 28
PLANADVISER - November/December 2018 - 29
PLANADVISER - November/December 2018 - 30
PLANADVISER - November/December 2018 - 31
PLANADVISER - November/December 2018 - 32
PLANADVISER - November/December 2018 - 33
PLANADVISER - November/December 2018 - 34
PLANADVISER - November/December 2018 - 35
PLANADVISER - November/December 2018 - 36
PLANADVISER - November/December 2018 - 37
PLANADVISER - November/December 2018 - Weathering Audits
PLANADVISER - November/December 2018 - 39
PLANADVISER - November/December 2018 - 40
PLANADVISER - November/December 2018 - 41
PLANADVISER - November/December 2018 - Protection for Your Practice
PLANADVISER - November/December 2018 - 43
PLANADVISER - November/December 2018 - The Case for Roths
PLANADVISER - November/December 2018 - 45
PLANADVISER - November/December 2018 - SEC on Rollovers
PLANADVISER - November/December 2018 - ERISA Section 409(b)
PLANADVISER - November/December 2018 - 403(b) Litigation Update
PLANADVISER - November/December 2018 - C3
PLANADVISER - November/December 2018 - C4
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