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man giving presentation to group We are beginning to encounter the first generation in American society that has no pension plan to rely on, not to mention the other challenges they face in preparing for retirement. (Photo: Shutterstock).

The role of advisors who help 403(b) plan participants has been shifting for over 20 years, due to regulatory changes, new technology and the range of responsibilities an advisor can have.

From the beginning, individual advisors have been helping participants in multi-vendor 403(b) plans with education, enrollment and obtaining distributions. Now, many plan sponsors have been shifting plan models by reducing investment providers, lowering costs and seeking to add new technologies that automate the enrollment process.  Meanwhile, many plan consultants have raised concerns about the difficulty in tracking individual advisor activity, which makes it challenging to justify their expense.

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