Small defined contribution plan executives are more willing than before to seek additional services from financial advisers, according to a survey from Voya Investment Management.
The survey, the second of its kind and conducted late last year with both sponsors and financial advisers, shows that more plan executives have changed priorities since the first survey was conducted in 2016, with more than 70% seeking additional services they do not currently receive.
Investment selection and monitoring stood out as the most wanted service, with 42% of respondents without those services saying they want external guidance in the new survey, compared with 39% in 2016. The same percentage in 2018 said they want services that provide financial planning and wellness education to participants, a new response not provided in the first survey.
Demand, in general, for more services and expertise from advisers also rose, to 63% in 2018 compared to 55% in 2016.
Additionally, more small plans are using target-date fund lineups than the previous survey, with 57% of respondents saying they incorporate target-date funds, compared to 53% in the last survey.
Voya Investment Management conducted the online survey of 307 plan executives in December. It included 103 sponsored plans with $1 million to $5 million in assets, 101 plans with assets of $5 million to $25 million and 103 plans with over $25 million in assets. None of those surveyed were Voya clients.