Whether it's because they're looking to save on fees or because they don't like their advisor's fashion sense, plan sponsors searching for a new advisor today have no shortage of options, and that can be a problem.
"There are so many advisors to plan sponsors these days, how can plan sponsors realistically be expected to make the right choice?" asks Trisha Brambly, founder of a New Hope, Pennsylvania, firm that helps employers do just that.
According to Fidelity, 84 percent of sponsors relied on advisors in 2013, up 9 percent from the previous year. Still, about 175,000 defined contribution plans do not use an advisory firm, Brambly says. Moreover, about 17 percent of plans with assets over $50 million don't have an advisory firm in place.
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