RESEARCH |
2018
PLANADVISER Micro Plan Survey
Reported by PLANADVISER
| Art by Claire Merchlinsky
Industry Data
Use of Advisers
Use of Advisers
Adviser Use Among Plans
| All Micro | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| Yes | 69% | 62% | 72% |
| No | 31% | 38% | 28% |
| Common Adviser Services | |||
|---|---|---|---|
| All Micro | <$1MM | $1MM–$5MM | |
| Review of fund performance | 91% | 87% | 92% |
| Plan investment selection guidance | 87% | 87% | 87% |
| Evaluating/Explaining provider fees | 71% | 63% | 73% |
| Group participant education | 70% | 71% | 69% |
| One-on-one participant education | 69% | 71% | 69% |
| Provider selection/due diligence | 61% | 60% | 61% |
| Benchmarking plan design | 54% | 48% | 55% |
| Plan compliance with laws and IPS4 | 52% | 45% | 54% |
| Creation/Monitoring of IPS | 52% | 44% | 53% |
| 4Investment policy statement | |||
| Financial Education Offered by Employers | |||
|---|---|---|---|
| All Micro | <$1MM | $1MM–$5MM | |
| Saving strategies/prioritization | 23% | 19% | 25% |
| Financial markets/Investing basics | 20% | 16% | 21% |
| Rolling over past balances into the plan | 19% | 13% | 22% |
| Rollover options for separating employees | 17% | 11% | 19% |
| Budgeting | 14% | 12% | 14% |
| Retirement health care costs/savings options | 11% | 11% | 11% |
| Social Security withdrawal options/strategies | 10% | 9% | 10% |
| Credit/Debt management | 9% | 9% | 8% |
| College saving | 8% | 8% | 7% |
Adviser Fiduciary Status
| All Micro | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| Yes – 3(38) fiduciary | 17% | 11% | 19% |
| Yes – 3(21) fiduciary | 20% | 17% | 21% |
| No | 15% | 13% | 16% |
| Unsure/Don’t know | 48% | 59% | 44% |
Does Your Plan Employ a Third Party5 as a 3(16) Fiduciary?
| All Micro | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| Yes, broad scope | 21% | 19% | 22% |
| Yes, limited scope | 30% | 24% | 32% |
| No | 34% | 37% | 33% |
| Unsure/Don’t know | 15% | 21% | 13% |
| 5Third-party administrator (TPA), recordkeeper, adviser, etc. | |||