Retirement plan advisers are most concerned about client retention and cybersecurity, according to a survey conducted by the National Association of Plan Advisors.
In the survey of 531 retirement plan advisers at the NAPA 401(k) Summit in April, 35% of respondents ranked the issue of client retention "very important" compared with 24% the previous year when NAPA first conducted the survey. Thirty-five percent also ranked cybersecurity as very important. Cybersecurity was not included as an option in the 2018 survey.
Fee compression was seen as a very important issue by 24% of respondents compared with 19% the previous year.
When asked which trends were overhyped, the trend that received the highest response was ESG investing, at 20% of respondents this year compared with 16% last year. Robo-advising had the second most responses at 19% this year, down from 25% last year, followed by collective investment trusts at 15% of respondents this year, up from 12% last year.
When asked about which topics advisers would like to be more informed, the topic with the most responses was fiduciary education at 54%, followed by financial wellness at 49% and health savings accounts at 47%.
The NAPA 401(k) Summit Insider can be found on the association's website.