RESEARCH |

2023
PLANADVISER Adviser Value Survey

Plans with advisers receive value beyond advice.

Reported by PLANADVISER | Art by Valeria Petrone
Art by Valeria Petrone
SURVEY DATA
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SURVEY DATA

RESPONDENT PROFILE
Adviser Status
Without adviser23.0%
With 3(38) fiduciary adviser14.8%
With 3(21) fiduciary adviser30.7%
With nonfiduciary adviser7.1%
With adviser–unsure of type24.4%
LOAN FEATURES
Plan includes a loan provision
YesNoUnsure
Without adviser73.2%24.7%2.1%
With adviser82.6%15.7%1.7%
Number of simultaneous loans allowed
1234
Without adviser35.4%52.3%6.2%6.2%
With adviser50.5%40.9%4.3%4.3%
Plan has a policy to let separated employees make loan payments post-termination
Yes, or one will be implemented
Without adviser22.7%
With 3(38) fiduciary adviser25.9%
With 3(21) fiduciary adviser43.9%
With nonfiduciary adviser29.2%
With adviser–unsure of type19.8%
No, but one may be added in the future
Without adviser7.6%
With 3(38) fiduciary adviser3.7%
With 3(21) fiduciary adviser4.4%
With nonfiduciary adviser12.5%
With adviser–unsure of type4.9%
No policy to let separated employees make loan payments post-termination
Without adviser57.6%
With 3(38) fiduciary adviser66.7%
With 3(21) fiduciary adviser48.2%
With nonfiduciary adviser58.3%
With adviser–unsure of type55.6%
Unsure
Without adviser12.1%
With 3(38) fiduciary adviser3.7%
With 3(21) fiduciary adviser3.5%
With nonfiduciary adviser0.0%
With adviser–unsure of type19.8%
PLAN DESIGN
Allows in-plan Roth conversions
YesNoUnsure
Without adviser31.2%44.2%24.7%
With adviser36.9%44.1%19.0%
Offers an employer match contribution
YesNoUnsure
Without adviser69.8%29.2%1.0%
With adviser77.9%21.6%0.6%
INVESTMENT MENU OPTIONS
Plan offers indexed/passive investments
YesNo Unsure
Without adviser47.3%13.2%39.6%
With 3(38) fiduciary adviser62.1%12.1%25.8%
With 3(21) fiduciary adviser67.7%12.0%20.3%
With nonfiduciary adviser44.8%31.0%24.1%
With adviser–unsure of type31.3%9.4%59.4%
How often the plan’s investment options get formally reviewed
QuarterlyTwice per yearAnnually
Without adviser26.7%10.5%35.2%
With 3(38) fiduciary adviser43.7%16.9%32.4%
With 3(21) fiduciary adviser66.0%16.0%16.0%
With nonfiduciary adviser23.5%8.8%55.9%
With adviser–unsure of type29.2%17.7%43.4%
Mutual funds
Without adviser92.7%
With 3(38) fiduciary adviser89.2%
With 3(21) fiduciary adviser96.1%
With nonfiduciary adviser92.6%
With adviser–unsure of type89.9%
Separate accounts
Without adviser18.3%
With 3(38) fiduciary adviser16.9%
With 3(21) fiduciary adviser24.8%
With nonfiduciary adviser22.2%
With adviser–unsure of type21.5%
Collective investment trust
Without adviser15.9%
With 3(38) fiduciary adviser23.1%
With 3(21) fiduciary adviser27.9%
With nonfiduciary adviser3.7%
With adviser–unsure of type16.5%
Self-directed brokerage window
Without adviser24.4%
With 3(38) fiduciary adviser21.5%
With 3(21) fiduciary adviser30.2%
With nonfiduciary adviser25.9%
With adviser–unsure of type20.3%
DISTRIBUTION VEHICLES
Plan document allows for the following in-service distributions
Hardship withdrawals
Without adviser88.5%
With 3(38) fiduciary adviser87.1%
With 3(21) fiduciary adviser90.6%
With nonfiduciary adviser96.4%
With adviser–unsure of type91.4%
Distribution after attaining a specific age
Without adviser72.4%
With 3(38) fiduciary adviser83.9%
With 3(21) fiduciary adviser87.4%
With nonfiduciary adviser85.7%
With adviser–unsure of type79.6%
Distribution for active duty military personnel*
Without adviser37.9%
With 3(38) fiduciary adviser37.1%
With 3(21) fiduciary adviser44.1%
With nonfiduciary adviser25.0%
With adviser–unsure of type28.0%
Footnote: *As defined in the Heroes Earnings Assistance and Relief Tax, or HEART, Act.
Rollover assets once received from employee
Without adviser27.6%
With 3(38) fiduciary adviser40.3%
With 3(21) fiduciary adviser47.2%
With nonfiduciary adviser39.3%
With adviser–unsure of type22.6%
After-tax dollars
Without adviser11.5%
With 3(38) fiduciary adviser9.7%
With 3(21) fiduciary adviser23.6%
With nonfiduciary adviser7.1%
With adviser–unsure of type9.7%
None
Without adviser7.4%
With 3(38) fiduciary adviser7.5%
With 3(21) fiduciary adviser4.5%
With nonfiduciary adviser3.4%
With adviser–unsure of type11.4%
ADVICE & ADVISERS
How long have you been working with your current retirement plan adviser?
Less than 1 Year
With 3(38) fiduciary adviser1.4%
With 3(21) fiduciary adviser2.0%
With nonfiduciary adviser0.0%
With adviser–unsure of type1.8%
1-2 Years
With 3(38) fiduciary adviser4.2%
With 3(21) fiduciary adviser6.1%
With nonfiduciary adviser2.9%
With adviser–unsure of type3.6%
3-4 Years
With 3(38) fiduciary adviser11.3%
With 3(21) fiduciary adviser12.9%
With nonfiduciary adviser11.8%
With adviser–unsure of type13.5%
5-7 Years
With 3(38) fiduciary adviser23.9%
With 3(21) fiduciary adviser17.7%
With nonfiduciary adviser17.6%
With adviser–unsure of type20.7%
7 or more years
With 3(38) fiduciary adviser59.2%
With 3(21) fiduciary adviser60.5%
With nonfiduciary adviser64.7%
With adviser–unsure of type54.1%
Unsure
With 3(38) fiduciary adviser0.0%
With 3(21) fiduciary adviser0.7%
With nonfiduciary adviser2.9%
With adviser–unsure of type6.3%
Plan Adviser by Fiduciary Types
Adviser is a 3(38) fiduciary19.1%
Adviser is a 3(21) fiduciary39.6%
Use Separate Advisers for 3(38) and 3(21) fiduciary services 0.5%
Footnote: NOTE: A 3(21) fiduciary role under section 3(21)(A) (ii) relates to minimal fiduciary status,where advisers have no discretion over investment decisions -- 3(21) fiduciaries monitor and recommend changes as a co-fiduciaries but the plan sponsor ultimately selects investments. Conversely, the 3(38) fiduciary role under section 3(21)(A)(i) affords the adviser full discretion over investment decisions while acting as a co-fiduciary.
Adviser’s fee arrangement types
% of plan assets (bps)
With 3(38) fiduciary adviser69.6%
With 3(21) fiduciary adviser38.2%
With nonfiduciary adviser50.0%
With adviser–unsure of type50.0%
Per Participant
With 3(38) fiduciary adviser2.9%
With 3(21) fiduciary adviser2.8%
With nonfiduciary adviser9.4%
With adviser–unsure of type11.5%
Project based
With 3(38) fiduciary adviser4.3%
With 3(21) fiduciary adviser4.9%
With nonfiduciary adviser9.4%
With adviser–unsure of type0.0%
Monthly/annual retainer
With 3(38) fiduciary adviser23.2%
With 3(21) fiduciary adviser49.3%
With nonfiduciary adviser21.9%
With adviser–unsure of type24.0%
Performance: investments
With 3(38) fiduciary adviser4.3%
With 3(21) fiduciary adviser2.1%
With nonfiduciary adviser9.4%
With adviser–unsure of type1.9%
Performance: participation
With 3(38) fiduciary adviser1.4%
With 3(21) fiduciary adviser0.7%
With nonfiduciary adviser3.1%
With adviser–unsure of type3.8%
Other payment method
With 3(38) fiduciary adviser5.8%
With 3(21) fiduciary adviser9.7%
With nonfiduciary adviser6.3%
With adviser–unsure of type10.6%
What type(s) of services does the financial adviser or consultant provide?
Fund performance review & monitoring
With 3(38) fiduciary adviser95.9%
With 3(21) fiduciary adviser95.9%
With nonfiduciary adviser88.9%
With adviser–unsure of type88.8%
Investment menu design / fund selection
With 3(38) fiduciary adviser93.2%
With 3(21) fiduciary adviser90.5%
With nonfiduciary adviser75.0%
With adviser–unsure of type73.3%
Plan provider selection and due diligence
With 3(38) fiduciary adviser75.3%
With 3(21) fiduciary adviser62.8%
With nonfiduciary adviser55.6%
With adviser–unsure of type48.3%
Investment Policy Statement (IPS) creation/monitoring
With 3(38) fiduciary adviser82.2%
With 3(21) fiduciary adviser74.3%
With nonfiduciary adviser36.1%
With adviser–unsure of type45.7%
Fee evaluation & benchmarking
With 3(38) fiduciary adviser63.0%
With 3(21) fiduciary adviser63.5%
With nonfiduciary adviser30.6%
With adviser–unsure of type50.9%
Plan design benchmarking (vs. similar plans)
With 3(38) fiduciary adviser74.0%
With 3(21) fiduciary adviser65.5%
With nonfiduciary adviser58.3%
With adviser–unsure of type50.0%
Education program(s) design/assessment (i.e., ensuring it is in line with objectives/goals)
With 3(38) fiduciary adviser49.3%
With 3(21) fiduciary adviser31.8%
With nonfiduciary adviser22.2%
With adviser–unsure of type35.3%
One-on-one meetings with participants (to provide education/advice)
With 3(38) fiduciary adviser72.6%
With 3(21) fiduciary adviser50.0%
With nonfiduciary adviser66.7%
With adviser–unsure of type59.5%
Group meeting(s) with participants (to provide education/advice)
With 3(38) fiduciary adviser74.0%
With 3(21) fiduciary adviser45.3%
With nonfiduciary adviser63.9%
With adviser–unsure of type56.9%
Presenting to plan commitees on performance (i.e., fund review, etc.)
With 3(38) fiduciary adviser80.8%
With 3(21) fiduciary adviser87.8%
With nonfiduciary adviser38.9%
With adviser–unsure of type58.6%
Developing/Delivering fiduciary training to plan committees
With 3(38) fiduciary adviser52.1%
With 3(21) fiduciary adviser52.0%
With nonfiduciary adviser25.0%
With adviser–unsure of type27.6%
Technical help with corporate transactions impacting the plan
With 3(38) fiduciary adviser49.3%
With 3(21) fiduciary adviser34.5%
With nonfiduciary adviser27.8%
With adviser–unsure of type26.7%
Legal/Regulatory/Compliance tracking (i.e., does plan comply with appicable law, regulations, etc.)
With 3(38) fiduciary adviser45.2%
With 3(21) fiduciary adviser33.1%
With nonfiduciary adviser16.7%
With adviser–unsure of type25.0%
Plan-specific cybersecurity expertise
With 3(38) fiduciary adviser26.0%
With 3(21) fiduciary adviser12.2%
With nonfiduciary adviser11.1%
With adviser–unsure of type7.8%
Other Services
With 3(38) fiduciary adviser0.0%
With 3(21) fiduciary adviser1.4%
With nonfiduciary adviser0.0%
With adviser–unsure of type0.9%
FINANCIAL WELLNESS
Types of Financial/investment Advice Offered to DC Plan Participants
Through one-on-one onsite meetings with a financial planner/adviser outside of the plan
Without adviser26.0%
With 3(38) fiduciary adviser74.6%
With 3(21) fiduciary adviser51.9%
With nonfiduciary adviser50.0%
With adviser–unsure of type65.4%
Using a 3rd party (i.e., Financial Engines, Morningstar, etc.) independent of our recordkeeper
Without adviser11.5%
With 3(38) fiduciary adviser32.8%
With 3(21) fiduciary adviser27.1%
With nonfiduciary adviser23.3%
With adviser–unsure of type22.1%
Using proprietary services/tools offered through our DC provider's website/call center/etc.
Without adviser42.7%
With 3(38) fiduciary adviser52.2%
With 3(21) fiduciary adviser54.9%
With nonfiduciary adviser50.0%
With adviser–unsure of type31.7%
Other Advice
Without adviser4.2%
With 3(38) fiduciary adviser4.5%
With 3(21) fiduciary adviser3.8%
With nonfiduciary adviser0.0%
With adviser–unsure of type1.0%
Advice is not currently offered to participants
Without adviser30.2%
With 3(38) fiduciary adviser0.0%
With 3(21) fiduciary adviser8.3%
With nonfiduciary adviser6.7%
With adviser–unsure of type11.5%
Does your organization provide formal financial education/guidance to participants on these topics?
Saving strategies/prioritization
Without adviser66.7%
With 3(38) fiduciary adviser78.2%
With 3(21) fiduciary adviser84.8%
With nonfiduciary adviser68.0%
With adviser–unsure of type75.9%
Budgeting tools
Without adviser60.9%
With 3(38) fiduciary adviser63.6%
With 3(21) fiduciary adviser67.2%
With nonfiduciary adviser52.0%
With adviser–unsure of type60.8%
Financial markets and investing basics
Without adviser52.2%
With 3(38) fiduciary adviser76.4%
With 3(21) fiduciary adviser81.6%
With nonfiduciary adviser76.0%
With adviser–unsure of type59.5%
Credit/Debt management (excluding student loans/debt)
Without adviser30.4%
With 3(38) fiduciary adviser43.6%
With 3(21) fiduciary adviser46.4%
With nonfiduciary adviser36.0%
With adviser–unsure of type25.3%
Student loan/debt
Without adviser18.8%
With 3(38) fiduciary adviser34.5%
With 3(21) fiduciary adviser40.0%
With nonfiduciary adviser24.0%
With adviser–unsure of type17.7%
Home buying
Without adviser23.2%
With 3(38) fiduciary adviser20.0%
With 3(21) fiduciary adviser21.6%
With nonfiduciary adviser16.0%
With adviser–unsure of type12.7%
College Saving
Without adviser23.2%
With 3(38) fiduciary adviser40.0%
With 3(21) fiduciary adviser43.2%
With nonfiduciary adviser28.0%
With adviser–unsure of type25.3%
Tax/Estate planning
Without adviser30.4%
With 3(38) fiduciary adviser34.5%
With 3(21) fiduciary adviser44.8%
With nonfiduciary adviser24.0%
With adviser–unsure of type26.6%
Retirement health care costs/savings options
Without adviser47.8%
With 3(38) fiduciary adviser58.2%
With 3(21) fiduciary adviser52.8%
With nonfiduciary adviser44.0%
With adviser–unsure of type38.0%
Social Security withdrawal options/strategies
Without adviser21.7%
With 3(38) fiduciary adviser43.6%
With 3(21) fiduciary adviser40.0%
With nonfiduciary adviser28.0%
With adviser–unsure of type17.7%
Rolling over past balances into the plan (for newly hired employees)
Without adviser50.7%
With 3(38) fiduciary adviser61.8%
With 3(21) fiduciary adviser60.0%
With nonfiduciary adviser60.0%
With adviser–unsure of type49.4%
Rollover options for terminated/separating employees
Without adviser46.4%
With 3(38) fiduciary adviser61.8%
With 3(21) fiduciary adviser54.4%
With nonfiduciary adviser52.0%
With adviser–unsure of type40.5%
None - plan does not currently offer any education targeted on these topics
Without adviser36.7%
With 3(38) fiduciary adviser23.6%
With 3(21) fiduciary adviser15.0%
With nonfiduciary adviser28.6%
With adviser–unsure of type30.7%
In the past 12 months, which of the following channels have your organization used to support formal education and communication campaigns?
Email
Without adviser86.5%
With 3(38) fiduciary adviser97.0%
With 3(21) fiduciary adviser90.6%
With nonfiduciary adviser75.9%
With adviser–unsure of type87.8%
Postal Mail
Without adviser36.0%
With 3(38) fiduciary adviser27.3%
With 3(21) fiduciary adviser43.2%
With nonfiduciary adviser34.5%
With adviser–unsure of type35.6%
Recordkeeper's website
Without adviser44.9%
With 3(38) fiduciary adviser56.1%
With 3(21) fiduciary adviser66.9%
With nonfiduciary adviser55.2%
With adviser–unsure of type55.6%
Corporate intranet / employee website
Without adviser36.0%
With 3(38) fiduciary adviser40.9%
With 3(21) fiduciary adviser54.0%
With nonfiduciary adviser41.4%
With adviser–unsure of type35.6%
Mobile Apps
Without adviser22.5%
With 3(38) fiduciary adviser28.8%
With 3(21) fiduciary adviser28.1%
With nonfiduciary adviser24.1%
With adviser–unsure of type18.9%
Onsite group meetings
Without adviser22.5%
With 3(38) fiduciary adviser37.9%
With 3(21) fiduciary adviser30.9%
With nonfiduciary adviser31.0%
With adviser–unsure of type45.6%
Webinars (i.e., interactive virtual meetings)
Without adviser27.0%
With 3(38) fiduciary adviser42.4%
With 3(21) fiduciary adviser48.2%
With nonfiduciary adviser31.0%
With adviser–unsure of type30.0%
Videos (i.e., static, pre-produced content)
Without adviser15.7%
With 3(38) fiduciary adviser24.2%
With 3(21) fiduciary adviser25.2%
With nonfiduciary adviser17.2%
With adviser–unsure of type20.0%
Digital media (i.e., social media, podcasts, etc.)
Without adviser3.4%
With 3(38) fiduciary adviser3.0%
With 3(21) fiduciary adviser5.0%
With nonfiduciary adviser3.4%
With adviser–unsure of type4.4%
Indirect channels (i.e., in-office posters, etc.)
Without adviser9.0%
With 3(38) fiduciary adviser10.6%
With 3(21) fiduciary adviser14.4%
With nonfiduciary adviser20.7%
With adviser–unsure of type13.3%
None - we did not complete formal education/communication campaigns in the past 12 months
Without adviser17.6%
With 3(38) fiduciary adviser7.0%
With 3(21) fiduciary adviser4.8%
With nonfiduciary adviser12.1%
With adviser–unsure of type20.4%
PLAN OVERSIGHT & ADMINISTRATION
Does your organization have an investment committee for the DC plan?
Committee includes only INTERNAL employees
Without adviser46.7%
With 3(38) fiduciary adviser35.2%
With 3(21) fiduciary adviser54.6%
With nonfiduciary adviser30.3%
With adviser–unsure of type26.5%
Committee includes only people EXTERNAL to our company
Without adviser1.0%
With 3(38) fiduciary adviser4.2%
With 3(21) fiduciary adviser5.7%
With nonfiduciary adviser3.0%
With adviser–unsure of type5.3%
Committee includes a MIX OF INTERNAL AND EXTERNAL people
Without adviser13.3%
With 3(38) fiduciary adviser42.3%
With 3(21) fiduciary adviser33.3%
With nonfiduciary adviser30.3%
With adviser–unsure of type34.5%
Yes, but unsure of composition of investment committee
Without adviser2.9%
With 3(38) fiduciary adviser1.4%
With 3(21) fiduciary adviser0.0%
With nonfiduciary adviser6.1%
With adviser–unsure of type1.8%
Plan does not have an investment committee
Without adviser30.5%
With 3(38) fiduciary adviser16.9%
With 3(21) fiduciary adviser6.4%
With nonfiduciary adviser30.3%
With adviser–unsure of type23.0%
Unsure
Without adviser5.7%
With 3(38) fiduciary adviser0.0%
With 3(21) fiduciary adviser0.0%
With nonfiduciary adviser0.0%
With adviser–unsure of type8.8%
Have you or your retirement plan committee members received or participated in any formal fiduciary training within the past 2 years (since 2020)?
YesNoUnsure
Without adviser33.7%54.5%11.9%
With 3(38) fiduciary adviser46.5%42.3%11.3%
With 3(21) fiduciary adviser65.3%27.1%7.6%
With nonfiduciary adviser38.2%41.2%20.6%
With adviser–unsure of type31.8%43.9%24.3%
Do you have a written investment policy statement (IPS)* for your DC plan?
YesNoUnsure
Without adviser48.1%22.2%29.6%
With 3(38) fiduciary adviser75.7%10.0%14.3%
With 3(21) fiduciary adviser85.5%9.7%4.8%
With nonfiduciary adviser47.1%32.4%20.6%
With adviser–unsure of type47.8%15.9%36.3%
Footnote: *An IPS is a separate document from the Summary Plan Description and outlines procedures for evaluating investment options.
Does your plan employ a 3rd party (TPA, adviser, recordkeeper, etc.) as a 3(16) fiduciary?
Yes – and the 3rd party has broad scope acceptance of the administrator role, to include being named as the plan administrator in the plan document
Without adviser17.9%
With 3(38) fiduciary adviser35.2%
With 3(21) fiduciary adviser23.8%
With nonfiduciary adviser8.8%
With adviser–unsure of type29.8%
Yes – but the 3rd party has only has limited scope acceptance of some of the administrative functions; actions outside of scope is retained by plan officials
Without adviser20.8%
With 3(38) fiduciary adviser49.3%
With 3(21) fiduciary adviser39.2%
With nonfiduciary adviser29.4%
With adviser–unsure of type35.1%
No
Without adviser48.1%
With 3(38) fiduciary adviser14.1%
With 3(21) fiduciary adviser32.9%
With nonfiduciary adviser61.8%
With adviser–unsure of type21.1%
Unsure
Without adviser13.2%
With 3(38) fiduciary adviser1.4%
With 3(21) fiduciary adviser4.2%
With nonfiduciary adviser0.0%
With adviser–unsure of type14.0%
PLAN RESULTS
Please indicate your level of agreement with each of the following statements (Note: Values reflect the percent that "strongly agree" or "moderately agree" with each statement; 6-point Likert scale, no middle value.):
Most of our employees will achieve their retirement goals by age 65
Without adviser36.2%
With 3(38) fiduciary adviser47.1%
With 3(21) fiduciary adviser40.0%
With nonfiduciary adviser39.4%
With adviser–unsure of type29.6%
It is important that our plan offers participants a means to guarantee some level of retirement income
Without adviser62.9%
With 3(38) fiduciary adviser64.7%
With 3(21) fiduciary adviser61.0%
With nonfiduciary adviser81.3%
With adviser–unsure of type76.1%
Our company has a responsibility to improve the "financial wellness" of our employees
Without adviser50.0%
With 3(38) fiduciary adviser61.8%
With 3(21) fiduciary adviser60.3%
With nonfiduciary adviser60.6%
With adviser–unsure of type52.8%
When offered, financial wellness programs are very useful to employees/participants
Without adviser54.3%
With 3(38) fiduciary adviser67.6%
With 3(21) fiduciary adviser70.9%
With nonfiduciary adviser51.5%
With adviser–unsure of type56.5%
The value of financial wellness programs to our organization is clear and easy to measure
Without adviser28.6%
With 3(38) fiduciary adviser35.3%
With 3(21) fiduciary adviser29.1%
With nonfiduciary adviser36.4%
With adviser–unsure of type25.5%
I am confident that sensitive participant data on our provider's recordkeeping system is safe/secure from cyber threats
Without adviser86.8%
With 3(38) fiduciary adviser88.4%
With 3(21) fiduciary adviser92.3%
With nonfiduciary adviser93.9%
With adviser–unsure of type93.6%
Which of the following measures, if any, do you use to gauge the success of your plan?
Participation rate(s)
Without adviser94.6%
With 3(38) fiduciary adviser98.6%
With 3(21) fiduciary adviser93.5%
With nonfiduciary adviser96.8%
With adviser–unsure of type89.1%
Average deferral rate(s)
Without adviser60.9%
With 3(38) fiduciary adviser76.1%
With 3(21) fiduciary adviser82.0%
With nonfiduciary adviser61.3%
With adviser–unsure of type63.0%
Average account balance
Without adviser45.7%
With 3(38) fiduciary adviser59.2%
With 3(21) fiduciary adviser51.1%
With nonfiduciary adviser61.3%
With adviser–unsure of type40.2%
% of Participants meeting projected monthly retirement income goals (i.e., $X per month in retirement)
Without adviser15.2%
With 3(38) fiduciary adviser19.7%
With 3(21) fiduciary adviser18.7%
With nonfiduciary adviser16.1%
With adviser–unsure of type17.4%
% of Participants meeting retirement income replacement ratio goals (i.e., will replace Y% of income in retirement)
Without adviser13.0%
With 3(38) fiduciary adviser16.9%
With 3(21) fiduciary adviser23.0%
With nonfiduciary adviser6.5%
With adviser–unsure of type13.0%
% of Participants saving to match
Without adviser41.3%
With 3(38) fiduciary adviser57.7%
With 3(21) fiduciary adviser64.0%
With nonfiduciary adviser54.8%
With adviser–unsure of type40.2%
% of Participants with "appropriate" asset allocations (i.e., close to target-date glide path, etc.)
Without adviser9.8%
With 3(38) fiduciary adviser12.7%
With 3(21) fiduciary adviser20.9%
With nonfiduciary adviser6.5%
With adviser–unsure of type7.6%
% of Participants accessing account online within past year (or other period)
Without adviser20.7%
With 3(38) fiduciary adviser26.8%
With 3(21) fiduciary adviser24.5%
With nonfiduciary adviser29.0%
With adviser–unsure of type18.5%
External/Competitive benchmarking of Plan
Without adviser27.2%
With 3(38) fiduciary adviser43.7%
With 3(21) fiduciary adviser56.1%
With nonfiduciary adviser38.7%
With adviser–unsure of type34.8%
% of Participants who increased deferral rates in the prior 12 months (or other period)
Without adviser29.3%
With 3(38) fiduciary adviser31.0%
With 3(21) fiduciary adviser28.8%
With nonfiduciary adviser41.9%
With adviser–unsure of type17.4%
% of Participants who re-balanced account in prior year (or other period)
Without adviser5.4%
With 3(38) fiduciary adviser8.5%
With 3(21) fiduciary adviser10.8%
With nonfiduciary adviser19.4%
With adviser–unsure of type3.3%
% of Participants using advice tools/seminars offered through the Plan
Without adviser17.4%
With 3(38) fiduciary adviser31.0%
With 3(21) fiduciary adviser32.4%
With nonfiduciary adviser22.6%
With adviser–unsure of type14.1%
Employee satisfaction with plan (through survey)
Without adviser37.0%
With 3(38) fiduciary adviser38.0%
With 3(21) fiduciary adviser26.6%
With nonfiduciary adviser45.2%
With adviser–unsure of type38.0%
Other measures
Without adviser0.0%
With 3(38) fiduciary adviser2.8%
With 3(21) fiduciary adviser0.0%
With nonfiduciary adviser9.7%
With adviser–unsure of type1.1%
None - plan has no formal plan success measures
Without adviser10.7%
With 3(38) fiduciary adviser0.0%
With 3(21) fiduciary adviser2.8%
With nonfiduciary adviser6.1%
With adviser–unsure of type14.8%