Study Released on How Plan Sponsors View Retirement Advisors
SPRINGFIELD, MA, May 22, 2007 -- MassMutual Retirement Services has published a white paper entitled, "The Successful Retirement Advisor: Quantitative Research Analyzing Plan Sponsors' Needs and Experiences." Research for the report was commissioned by MassMutual and conducted by Brightwork Partners, LLC. The research sought to identify the needs and satisfaction levels of plan sponsors and how advisors can bridge the gaps as they strive to build a more successful retirement services practice. More than 350 plan sponsors of 401k plans with assets between $10 million and $300 million participated in the study, which was designed to answer questions such as:
- What advisory services are sponsors looking for?
- How satisfied are sponsors with their current advisors?
- Why are certain sponsors not using an advisor? Would those same sponsors consider using an advisor and, if so, for what types of services?
"This is the first published quantitative study that identifies what plan sponsors value most in their retirement plan advisors as well as where their needs are ... or are not ... being met. MassMutual's report arms advisors with specific findings that will help them gain greater insight about the vital role they can play - and the valuable services they can provide - in today's increasingly competitive retirement marketplace," says Merl Baker, principal, Brightwork Partners, LLC.
Some of the most compelling findings of the research include:
- 83% of plan sponsors who use an advisor are "very satisfied"
- Smaller plans are less well-served by advisors
- 42% of plan sponsors do not report a current relationship with a third-party advisor of any type
The findings of the study indicate that there is a significant population of retirement plan sponsors who could benefit from an advisor relationship. MassMutual's report identifies the "most important services an advisor can provide" as defined by the plan sponsor, and includes a scientifically-based profile of today's most successful and influential advisor. It also identifies specific opportunities for advisors in the retirement plan marketplace.
"This report clearly shows that retirement plan advisors play a critical and highly valued role in the eyes of the plan sponsor. But it also shows that there are untapped opportunities for advisors to establish new relationships and solidify existing ones," says William O'Grady, senior vice president of distribution, MassMutual Retirement Services Division, co-author of the white paper with Steven LaValley, second vice president, MassMutual. "Advisors must clearly define and reinforce their value on an ongoing basis, and MassMutual is committed to providing the tools and resources to help them. This report is just one of those tools," adds O'Grady.
To request a free copy of MassMutual's "The Successful Retirement Advisor" white paper, please call MassMutual's advisor support team at 1.888.626.4911. The report is also available by logging in to MassMutual's website for financial professionals, http://www.massmutual.com/powertogrow.
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