2020 PLANADVISER Practice Benchmarking Survey Concerns and Expectations What Is the Top Concern Facing Your Practice Today? 2019 Adding new clients Fee compression Client retention Competition/Practice differentiation Government regulation Participant communication/education Practice management Marketing Overall economy Staffing Technology Compliance/Fiduciary issues Profitability Plan sponsor communication/education Succession planning 2020 43% 58% 43% 34% 18% 32% 29% 32% 21% 24% 14% 18% 21% 16% 17% 15% 4% 13% 27% 11% 11% 10% 8% 17% 7% 7% 5% 3% 3% 3% What Do You Predict Will Be the Most Significant Growth Area/Strategy for Your Practice in the Next 12 Months? Winning plans from other retirement plan advisers Helping plan sponsors comply with fiduciary duties Managing plan fees and fee benchmarking Developing/Evaluating financial wellness programs Providing participants with one-on-one planning advice Providing investment committee education Improving the online participant experience Advising on technology to support participant outcomes Performing DC plan recordkeeper due diligence Helping companies start new retirement plans Helping select retirement income strategies Reviewing fund performance and fees Selecting target-date funds Helping select/monitor core investment menu Conducting employee enrollment meetings Managing employee communications 2020 59% 50% 44% 43% 41% 40% 27% 24% 22% 22% 22% 21% 21% 20% 19% 19% How Confident Are You That Most of Your Plan Sponsor Clients' Employees Will Achieve Their Retirement Income Goals by Age 65? Very confident Confident Somewhat confident Only a little confident Not at all confident Unsure 2019 10% 2020 6% 28% 24% 43% 45% 15% 20% 4% 1% 4% - COVID-19 Staffing/Travel Policies When Will Resume Client Visits in Person l Prior to this December 31 l Likely in Q1 2021 l Later in 2021 l Unsure 36% 22% 22% 20% When Staff Will Return to the Office l Prior to this December 31 l Likely in Q1 2021 l Later in 2021 l Unsure 49% 16% 12% 23% % of Staff in Work-From-Home Arrangements in 2021 l <25% of staff l 25% - 50% of staff l >50% of staff 59% 27% 14% Do you want to see more information from this or other surveys? Data from the Practice Benchmarking Survey is available in Excel format, as is the case with many other surveys from PLANADVISER and PLANSPONSOR. Contact Michelle.Judkins@issmediasolutions.com for information, pricing and sample files. 24 | planadviser.com November-December 2020http://www.planadviser.com