Are you passing up opportunities within the $725 billion (and growing) 403(b) market? If so, a new survey of 403(b) plan sponsors might help you change your tune. 

According to the sixth annual Plan Sponsor Council of America's 2014 403(b) Plan Survey, sponsored by the Principal Financial Group, an increasing number of 403(b) plan sponsors are bringing investment advisors on board. The survey revealed that more than half (51.3 percent) of sponsors said they've retained independent investment advisors to help with fiduciary responsibilities. That's compared to 46 percent in 2012. 

This growing awareness of fiduciary responsibilities is prompting sponsors of 403(b) plans to make other changes as well. The study showed that today's 403(b) plans feature:

• Simplified investment platforms: Sponsors of 403(b) plans offered an average of 26 investment options in 2013 (down from 31 in 2012), edging closer to the average of 19 investment options in 401(k) plans. Sponsors whose 403(b)s had the highest average participation rate (72.2 percent) are those with between 15 and 20 investment options.
• More target date options: Three quarters of 403(b) plans now offer target date investment options. This represents a steady increase since 2009, when they were included in just over half of plans.
• More personalized and interactive education: Sponsors' use of webinars, one-on-one meetings, mobile apps and individually targeted communications all increased significantly since 2012.
• Automatic savings on the rise: Sixteen percent now automatically enroll employees (up from 14.6 percent in 2012), and more of those plans included automatic annual increases.

Your biggest 403(b) opportunities may be in health care and private higher education. These segments of the 403(b) market had the biggest increases in the use of investment advisors. They also had some of the biggest increases in the use of automatic enrollment. Clearly, these plan sponsors want to work with financial professionals and are open to making changes.