But despite reporting relatively high levels of satisfaction, nearly one quarter of sponsors said they are actively looking to change plan advisors, siting the need for advisors more expert in managing sponsors’ fiduciary responsibilities.

Related: Audits common, but not lawsuits, for retirement plans

For the first time in the study’s history, sponsors said managing their fiduciary responsibility was the top reason they use the services of a specialist plan advisor.

Nearly four in 10 sponsors said they are “concerned” about their fiduciary obligations under the Employee Retirement Income Security Act, an increase from the 24 percent of sponsors who said as much last year.

And 69 percent of sponsors ranked an advisor’s willingness to provide formal fiduciary services as important — more than at any other time in the survey’s history.

Another year of high-profile lawsuits against 401(k) plans sponsors, combined with media attention given to the U.S. Department of Labor’s finalized fiduciary rule, could explain some of sponsors’ growing awareness of their fiduciary obligations.

Plan advisor specialists should be motivated by this year’s data, implied Jordan Burgess, who oversees defined contribution investment only sales at Fidelity.

“While plan sponsors are more satisfied than ever, they are also starting to expect more from their advisors,” said Burgess in a statement.

“The DOL’s rule on investment advice gives specialist plan advisors the opportunity to raise the game. If they are successful at demonstrating their knowledge, these plan advisors could potentially expand their share of the market and become even more competitive,” said Burgess.

Satisfaction on the rise

Fidelity’s survey finds sponsor satisfaction with advisors has steadily increased since 2012.

Back then, 60 percent of sponsors reported satisfaction, compared to 72 percent in 2016.

That, however, is not an invitation for advisor complacency. The nearly one-quarter of sponsors that said they are actively looking for a new sponsors in 2016 is twice the number of sponsors that said they were looking to change advisors in 2013.

Fidelity cites 2015 data from consultancy McKinsey and Co., which said roughly $1.3 trillion in retirement plan assets will change providers by 2020.

This year, sponsors said the most common reason for making a change was the need for a more knowledgeable advisor, according to Fidelity’s report.

Sponsors are increasingly focused on improving plan performance, the report found, which could explain their pursuit of more knowledgeable advisors. Over the past two years, 87 percent of sponsors have made a change to their investment menus. Addressing plan performance and reducing fees were the top two reasons for making the changes.

And 86 percent of sponsors have made changes to plan design, including adding automatic enrollment and automatic deferral increases, Roth 401(k)s, and implementing or changing the employer match.

Advisors, more than recordkeepers, were the primary influencers of those changes, according to more than two-thirds of survey sponsors.

Participants delaying retirement at record levels

Nearly nine in 10 sponsors report having plan participants that are delaying retirement because of inadequate savings.

Often, that translates to higher labor costs and potential production issues for employers, realities that may also be encouraging sponsors’ investment in participant outcomes, and the crave for more knowledgeable advisors.

Despite the record number of sponsors that report having workers delaying retirement, the vast majority of plans have yet to implement established savings goals.

Only 32 percent of plan sponsors define savings or retirement income goals for participants, this year’s report found.