Give plan sponsors in healthcare what they want

With the defined contribution marketplace saturated by consultants, Cerulli Associates determined that the next area of opportunity is mid-market ($25M-$250M).1 Separate yourself from the pack by using our research to deliver value to your retirement plan sponsors in the healthcare market.

Lincoln research reveals plan sponsor expectations

Lincoln surveyed more than 500 decision-makers at retirement plan sponsors in the healthcare market and discovered gaps in plan sponsor expectations that you can fill.

See the white paper, What’s important to retirement plan sponsors in healthcare.

Although the following services are usually provided by consultants and advisors, they don’t always meet expectations.

Service Does this Does this but doesn't meet expectations Does this and meets expectations
Provides compliance expertise 92% 86% 6%
Advises on investment menu design 100% 62% 38%
Conducts investment manager searches 100% 65% 35%
Monitors investments and makes recommendations about replacements 100% 70% 30%
What should you do?

As the survey shows, consultants and advisors often fall short of plan sponsor expectations, and no plan sponsors indicated that their consultants exceed expectations. 

  • Consider going back to basics and being proactive with your recommendations. 
  • Impress your plan sponsors by working closely with the plan’s recordkeeper to target these areas before your clients raise them.

The following services are sometimes offered, but the quality is often less than optimal.

Service Does this Does this but doesn't meet expectations Does this and meets expectations
Provides legislative/regulatory updates 32% 27% 5%
Troubleshoots problems and answers questions 50% 38% 12%
Makes suggestions about overall plan design 73% 68% 5%
Provides fiduciary services 86% 65% 15%
Helps prepare your Investment Policy Statement (IPS) 86% 68% 18%
What should you do?

Although you may provide these services, lapses in communication with clients may mean they don’t realize that the services are available or are already being delivered. Again, no plan sponsor indicated that their consultant or advisor exceeds expectations in this area. 

  • Scheduling plan document days with clients and their recordkeepers may help you meet or exceed expectations. 
  • Send monthly regulatory emails to help your clients understand that you’re aware of potential impacts to their plans.

The following services usually aren’t offered.

Service Does this
Meets with employees to promote higher participation and deferral rates 94%
Helps with employee communication/education 90%
Helps provide service to plan participants 90%
Provides thought leadership 88%
Supports administrative work 85%
What should you do?

Many consultants and advisors rely on plan providers to meet with employees. However, you can still work with them to fine tune the communication and education strategy. 

  • With in-depth plan analytics at your fingertips, together you can target participant groups that are falling behind on their retirement savings and impacting plan health. 
  • Deliver thought leadership in a way your clients understand.

Expand your services

Expanding your services may help you maintain and grow your book of business for retirement plans in the healthcare market. Talk to your Lincoln representative about how our data driven, tailored solutions and high-touch service model can complement the services you provide to plan sponsors.