Morgan Stanley at Work conducted a study of plan sponsors working with various firms and asked their first-hand perception of Financial Advisor involvement and planning with their retirement solutions. What we found is overwhelming support from sponsors who find great value in leveraging Financial Advisors to oversee their plan.
The Value of a Financial Advisor to a 401(k) Plan
For many employers, offering a retirement plan to employees can seem intimidating; fiduciary and administrative responsibilities may seem overwhelming and feel difficult to manage. A dedicated Financial Advisor can help ease this pressure.
3 Key Survey Findings:
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1Financial Advisors can help deliver confidence to plan sponsors
Plan sponsors value the support Financial Advisors offer when helping them oversee investment management, fiduciary, and administrative responsibilities. Financial Advisors can give plan sponsors confidence in addressing the demands of providing a workplace retirement plan to their employees.
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2Retirement plans with Financial Advisors offer more robust features
Having access to a dedicated Financial Advisor to provide guidance may result in a retirement plan with more design options that a plan sponsor alone may not have previously considered.
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3Plan sponsors agree that companies may offer better outcomes to employees when Financial Advisors are involved in their workplace retirement plan
According to the survey, 87% of plan sponsors agree that their employees experience better retirement outcomes when a Financial Advisor is involved to oversee plan design implementation. A Financial Advisor can help make recommendations that a plan sponsor may not consider on their own, as well as perform needs assessments and provider searches, which can lead to increased engagement and participation in the plan.
Find out more in the full report
See how Financial Advisor support with retirement plans may result in better retirement solution outcomes for plan sponsors and their employees.
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1 Morgan Stanley at Work (2022). The State of Equity Plan Management Report, (page 10).
2 Morgan Stanley at Work (2022). The State of Equity Plan Management Report, (page 13).
3 Morgan Stanley at Work (2022). The State of Equity Plan Management Report, (page 10).
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