Overall, ~50 fewer advisory firms participated in the survey with a notable amount of this due to consolidation under larger firms. Within the firms that reported, we received more complete fee schedules than in the past which allowed for additional peer data especially in larger plan sizes.
In terms of average advisory fee by plan size, overall, there were only minor changes (a few basis points) across most plan sizes. Within the micro market though (<2 MM, we did see a reduction by ~10 BPS in average fees).
When it comes to services:
- Biggest reduction in service offered within their standard advisory fee
- Vendor Fee / Service Review or Benchmarking
- Vendor Search
- Vendor Transition Support
- Fiduciary Education for Committee
- Financial Wellness Program Strategy
- Financial Wellness External Provider Search
- Biggest increase in service offered within their standard advisory fee
- Investment Fiduciary to Plan Participants
- Discretionary Fiduciary - 3(38) for Investment Lineup
- Group Employee Meetings
- One-On-One Employee Meetings
- Employee Stock Ownership Plan (ESOP) Consulting
- Financial Wellness Program - Advisor Delivered