Looking for ways to give value-added service to your plan sponsor clients? Well, here’s what’s keeping them up at night ...
From large plans to small, the biggest challenge for plan sponsors, according to research from Voya Investment Management, is increasing employee participation and contribution levels.
Some 28% of sponsors of both small- and medium-sized plans polled said participation was their biggest challenge, while 27% of large plan sponsors agreed.
Their next biggest challenge?
Simply educating their employees about investment and retirement savings matters — an area where good financial advisors can stand out from the crowd — was listed as their second-biggest challenge.
Interestingly, according to the research, plan sponsors were utterly unworried by cybersecurity challenges, with virtually none of the sponsors polled listing it as an issue for them.