Candidate examination In deciding to obtain the services of outside service providers, the plan sponsor should determine the type and scope of services required. (Image: Shutterstock)

A growing number of retirement plan sponsors are recognizing the value of retaining a qualified plan advisor and have accordingly launched a search.

In fact, one annual survey of plan sponsors found that 38 percent of respondents were looking, which is the largest percentage since the report started. Two of the biggest concerns? Managing fiduciary responsibilities and addressing the risk of litigation and liability. Further, the advisor’s willingness to take on a formal fiduciary role was critical to 60 percent of respondents.

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