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March 28, 2016

Financial advisors found lax in retirement planning review

Financial advisors are not reviewing the effectiveness of retirement plans with their sponsors as often as they should be, a new survey released today determined.

The study by Enfield-based MassMutual Retirement Services polled 565 employers that sponsor retirement plans, including 449 that worked with an advisor and 116 that did not. The plans had assets ranging from less than $1 million to as much as $75 million.

Many employers who sponsor plans say they want to review their retirement plans more often than they currently do. Nearly three in five (57 percent) plan sponsors want advisors to help them review their retirement plans semiannually or more often. But that happens less than half the time, according to the 2016 MassMutual Retirement Plan Review Study. However, sponsors who rely on advisors typically review their retirement plans more often than sponsors who do not use an advisor.

The reviews are considered an opportunity for financial advisors to improve their retirement plan practices, according to a MassMutual Retirement Services spokesperson, who added that only one in four sponsors reviews its plan to determine whether employees are actually saving enough to retire.

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