Defined contribution plan advisors gathered for the third annual Defined Contribution Advisor Summit in New York, where they talked about the trends shaping the future of retirement.
In addition to attending sessions with titles such as "Improving Participant Outcomes through Innovative Plan Change"; "Fiduciary Misperceptions: Reality, Responsibility and Mitigating Risk"; and "Navigating the Ever-Changing Health Care Landscape: Implications for Employer Sponsored Retirement Benefits," attendees responded to a poll conducted at the summit, hosted by J.P. Morgan., which revealed a number of current beliefs and concerns.
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When it comes to active management, 93 percent of respondents felt that the "death of active management" has been greatly exaggerated, and that there's room for both active and passive investments in DC plans.
Seventy-two percent of respondents also said that the biggest concern for plan sponsors is that participants aren't saving enough.
Asked about the biggest challenges in trying to get clients to implement plan changes, 52 percent cited trying to get consensus among committee members, while 39 percent pointed to participant backlash.
Just over half of participants — 51 percent — said that clients are just beginning to ask them about integrating health and retirement offerings or about viewing the benefits package holistically, while the other 49 percent said plan sponsors were not yet talking about that.
But if clients aren't yet talking about a holistic approach, they're apparently looking for advisors who can do so; 89 percent of respondents said that plan sponsors are looking for advisors who can provide advice on all parts of a plan and provide a holistic approach to its overall effects.
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