A key element in defining a retirement plan standard of excellence is inspiring participants to save enough to reach their retirement income goal. Most participants do not want to make investment decisions in regard to retirement savings due to lack of time, knowledge, or the desire to research the available investments in the plan.

The attached research paper from the TIAA Institute validates participant advice is a very important component in providing a higher comfort level for participants in regard to how their retirement savings is being invested, which leads to a higher contributions which leads a higher probability of meeting the participant’s retirement income goal.

An investment professional can serve a key role in assisting a plan sponsor on the most appropriate means of providing participant advice or managed account services.