Sponsors Appreciate Advisors Who Help Employees

Advisors who expand their role increase their value

Plan sponsors see the greatest value in advisors who have shifted from solely an investment-centric approach to one which includes a focus on helping employees. With the increased stress and uncertainty brought on by the pandemic, employees have been looking to their employers for support in improving their financial health and retirement readiness. In turn, plan sponsors recognize a need for greater advisor engagement with their employees, and appreciate advisors who provide communication and guidance that can help improve employee satisfaction and future outcomes.

What you should know

The top 3 responses to a recent survey¹ that asked the question, “What do plan sponsors value most about their advisors?” were:

Helps improve employee outcomes
Helps improve employee satisfaction
Provides financial advice or guidance to employees

The number of plan sponsors that reported they are looking to change advisors more than doubled in the past year—from 16% in 2020 to 34% in 2021¹. The primary reason for wanting to change plan advisors was a desire for better employee communication and education¹.

Many employees are unable to save adequately for retirement because they face more immediate financial challenges or responsibilities. Advisors who are able to provide access to general financial wellness tools and resources can help employees become better able to save for retirement.

An organization’s bottom line can be negatively impacted by employee financial stress and delayed retirement. Advisors who work with employees to help reduce financial stress and map a clear path to their future can have a powerful, positive impact on workplace productivity.

Plan sponsors who wish to partner with employee-centric advisors need to choose carefully since not all advisors have evolved beyond the traditional investment focus of their role. A customizable, client-centric process to assist employees along their path to retirement readiness is key.

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Important Legal Disclosures and Information

1. Plan Sponsor Attitudes Survey, Fidelity (2021)

The material presented herein is of a general nature and does not constitute the provision by PNC of investment, legal, tax, or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy.

The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Institutional Asset Management® for the various discretionary and non-discretionary institutional investment, trustee, custody, consulting, and related services provided by PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and investment management activities conducted by PNC Capital Advisors, LLC, an SEC-registered investment adviser and wholly-owned subsidiary of PNC Bank. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“PNC Institutional Asset Management” is a registered mark of The PNC Financial Services Group, Inc.

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