Almost half the investors who use out-of-plan advisors first tried the resources available from plan providers, but didn’t necessarily like the service they received, according to our research. What’s the take-away? Plan providers may be able to retain a larger share of clients by making a full range of advisory services available to plan participants. The strategy may not only help capture rollover balances, but may also encourage plan participants to seek help managing non-plan assets.
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The trend to use a non-plan advisor is more pronounced among women and investors with account balances of $100,000 or more, according to our research. Based on these results, plan providers might benefit from special outreach for higher net worth clients. Possibilities include offering to put clients in touch with a financial advisor or a special advisory team.
Our research shows that investors with high retirement plan balances typcially have significant investments outside their plans.
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