Most plan sponsors like their advisers, but 38% want to switch, says Fidelity

Survey finds top concerns are reducing plan expenses and managing fiduciary responsibilities.

While 65% of plan sponsors are highly satisfied with their plan advisers, a record share of sponsors — 38% — are actively looking to switch advisers, up from 30% last year, according to a study of plan sponsors conducted by Fidelity Investments.

The study, which began in 2008, surveyed employers who offer retirement plans that use a wide variety of record keepers and have at least 25 participants.

Reducing business costs related to having a plan is the top concern among plan sponsors, Fidelity said in a release, with 31% citing it as an area of focus. Other important themes for plan sponsors include managing their fiduciary responsibility (23%), preparing employees for retirement (22%) and the risk of litigation and liability (18%).

In terms of overall benefits, plan sponsors said health care, not retirement benefits, ranks first in importance, with 67% of the sponsors surveyed agreeing that increased health-care costs have resulted in reduced spending on other benefits, an increase from 64% in 2016 and 60% in 2015.

Auto-enrollment, which can improve participation rates from an average of 50% to 86%, continues to be the most popular change in plans, with 42% of the plan sponsors surveyed having introduced the feature in the past two years.