Survey Finds Tangible Business Benefits For CFOs From Partnering With Retirement Plan Advisor

Created: Wednesday, 07 June 2017 09:00

East Granby, CT –June 14, 2017 – Employers that sponsor retirement savings plans are better able to control future labor costs by partnering with a knowledgeable financial advisor, according to a new study commissioned by the Retirement Advisor Council.

The study finds that working with an advisor who is rated as “outstanding” provides key financial benefits in high demand by chief financial officers (CFOs). Specifically, the findings show that employers that partner with an “outstanding” advisor sponsor more effective retirement plans that can better help prepare employees for retirement, thereby helping reduce salary and benefits costs related to workers remaining on the job past normal retirement age.

The survey of 401 key decision makers for plans with $5 million to $500 million in plan assets and 100 or more employees was conducted online between Dec. 16-30, 2016 with funding and research oversight by Franklin Templeton Investments, John Hancock Investments, MassMutual, MFS Investment Management, Principal Financial Group, and Transamerica Retirement Solutions.

Key findings:

An executive summary of research findings is posted at:

We are very fortunate to work with CFO’s and engaged Plan Committees that understand that having a successful retirement plan is not only critical for their valuable employees, but it is also essential for the long term financial health for the organization as a whole. When we are engaged by a new client to improve their retirement plan and the outcomes for their employees, we honestly believe that in doing so we are ultimately improving the financial results of the company. That is a great feeling and makes our work very rewarding for our entire Team." says Chad J. Larsen, AIF®, PRP® of MRP.

The survey asked 401 plan sponsors to compare outcomes for plan sponsors who rely on a professional retirement plan advisor rated as “outstanding,” with a benchmark for other plan sponsors. The survey questionnaire addressed key functions that advisors perform that would prompt their clients to rate them as “outstanding.”

Employees hired during the downturn are now requesting changes and improvements to their compensation packages. While the interest in quality benefits covers several categories, retirement benefit plans are becoming an increasingly important part of the mix. Going beyond retirement plans, we have been strong advocates of financial wellness benefits with our clients. Many employers want to create a culture where employee well-being (health wellness + financial wellness) is an important component to the company’s identity. No matter the initial reason, the program will potentially have greater impact in partnership with an advisor." says Michael M. Kane, CLU®, ChFC®, AIFA®, CBFA™ of Plan Sponsor Consultants.

In addition, this third edition of the study focused on plan sponsor awareness of the adverse effects of workforce aging and how an aging workforce that is not ready to retire could ultimately prove costly to an organization in terms of healthcare and worker’s compensation expenses.

About the Retirement Advisor Council

The Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers.  To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions and practice management.  The Council accomplishes this mission by:

Learn more about the Retirement Advisor Council at