PLANADVISER - November/December 2020 - 20

2020 PLANADVISER Practice Benchmarking Survey
his firm gave webinars to inform clients about the markets'
reactions to COVID-19, as well as to explain to them the
Paycheck Protection Program (PPP) and to help with decisions
about suspending their retirement plan match. " We tried to
think holistically about their businesses, not just their plan, "
he said. Not only did he retain clients, but he won new business
with this approach, he said.
The survey found a smaller percentage of advisers offering
individual advice or wealth services-74% after that number
had increased to 80% from 62% over the prior two years.
Advice does look different during the pandemic. Tristan
Talley, vice president, wealth management, Bukaty Companies
Financial Services, a DigitalOne company, in Kansas City,
Missouri, speaking on the same panel, said six individuals
on his team would go out daily for on-site visits at sponsor
companies, but they moved to virtual meetings in March.
" We also have weekly Zoom meetings for participants and
plan sponsors, " Talley noted. " We used to do webinars all the
time, but they were usually presentations without participant
interaction. Zoom changed that. We get to see participants,
and they interact [with us]. " When participants get involved,
he says, it produces better outcomes.
While Zoom fatigue has begun to set in for some, the
popularity of videoconferencing has generally taken off in the
Respondent Profile
Total Retirement Plan Assets Under Advisement
Avg # of Office Locations
1 or 2
<$300mm
$300mm - $500mm
>$500mm - $1b
>$1b - $2b
>$2b - $3b
>$3b - $5b
>$5b - $15b
>$15b
3-5
6+
13% 92% 4% 4%
advising community. Of six technology solutions commonly
used by advisers, that tool was used by 98%.
" Our quarterly meetings with clients have gone really
well, " said Long. " In fact, many have said we can continue for
each quarterly meeting. "
To indicate how important technology/information
technology (IT) support has become, 78% of broker/dealers
(B/Ds) considered it a primary benefit this year, up from
68%. For many advisers who have had to adapt their practices
to manage remote teams and clients, that support, in
2020, may have been a game-changer. -PA
METHODOLOGY. This past October, PLANADVISER invited advisers
to respond to a survey pertaining to their qualified retirement plan
practice. The questionnaire explored the strategies they use to
manage their retirement business and was part of a larger effort
to understand advisers' attitudes and preferences, including
their assessments of investment managers, mutual funds and
defined contribution (DC) plan providers. That effort was published
separately, in our September-October issue. By the survey's close,
PLANADVISER had received responses from 195 teams/practices,
which
collectively advise
over
40,000 employer-sponsored
retirement plans and represent $1.64 trillion in retirement assets. For
more information and for additional research available, please
contact surveys@issmediasolutions.com.
1 or 2
Avg # of Advisers in Practice
3-5
6-10
Types of Plans
11+
81% 11% 4% 4%
15% 96% 4% - 61% 36% - 3%
401(k) 403(b)
457 NQDC Other
81% 9% 2% 1% 7%
77% 4% 2% 1% 16%
13% 81% 11% 8% 38% 38% 12% 12% 78% 7% 3% 2% 10%
16% 81% 16% 3% 52% 35% 13% - 73% 4% 2% 3% 18%
13% 84% 12% 4% 28% 28% 36% 8%
9% 72% 22% 6%
73% 7% 3% 3% 14%
17% 44% 28% 11% 83% 5% 2% 2% 8%
13% 60% 24% 16% 12% 28% 40% 20% 82% 7% 3% 3% 5%
8% 40% 20% 40%
Adviser Firm Affiliation
l Registered investment adviser
l Wirehouse broker/dealer
l Hybrid/Dually registered*
l Independent broker/dealer
l Other
*Registered investment adviser (RIA) and broker/dealer (B/D)
2019
39%
25%
22%
9%
5%
2020
39%
26%
22%
11%
2%
2020
2019
- 13% 20% 67% 55% 15% 5% 7% 18%
20 | planadviser.com November-December 2020
http://www.planadviser.com
PLANADVISER - November/December 2020

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