Fidelity is a leading brand in the retirement planning industry, offering a wide range of products and services to plan sponsors and participants. According to the 14th Fidelity Plan Sponsor Attitudes Study, approximately 22% of plan sponsors are actively seeking new retirement advisers who can provide more extensive service offerings and improve participant communication and education. Among the plan sponsors looking to switch advisers, 38% specifically want more comprehensive services, while 36% prioritize better handling of servicing issues.

Additionally, 34% are seeking advisers who can provide more effective employee communication and education options. These findings align with the evolving landscape of retirement plan advisory services, where consolidations by aggregators are becoming more prevalent. Despite the search for new advisers, Fidelity found that the majority of plan sponsors are generally satisfied, with 76% reporting that they are extremely satisfied with their current advisers' services.

However, a significant 95% of respondents still expect to make adjustments to plan design in the coming year. Fidelity recognizes the importance of employee education and plan improvement, with 94% of plan sponsors working with an adviser stating these as their primary focuses. Additionally, plan sponsors value improved participant outcomes (44%), time spent on plan and administrative support (43%), and objectivity in making plan choices (41%).

The investment menu is another crucial aspect of retirement planning, and Fidelity has observed an increase in the number of plan sponsors offering a greater variety of investment options. Over the past two years, there has been a rise in collective investment trusts (CITs) and the inclusion of CITs in plan lineups for the first time. Furthermore, Fidelity has noticed a growing trend among small plans that prefer advisers with autonomy over investment management and overall design.

To address these changing needs and preferences of plan sponsors, Fidelity conducted its online Plan Sponsor Attitudes Study in March 2023. With a commitment to providing a holistic experience, Fidelity aims to showcase its impact and service-centered mindset while helping plan sponsors navigate the evolving retirement landscape