Every advisor who responded to the WealthManagement.com survey was involved in the sale and servicing of retirement plans, including defined benefit plans. Almost all advisors (96%) worked with 401(k) plans. Defined benefit plans and 403(b) plans were the next most commonly serviced types of retirement plan among advisors, with half of all advisors (46% and 48%, respectively) working with those plan types.
By comparison, only one in five (19%) advisors serviced 457 plans. Perhaps not surprisingly, advisors who serviced more institutional plans were far more likely to work with 457 plans (33%) than those with fewer institutional clients. Just 15% of advisors who service 25% or less in institutional plans employ 457 plans, and only 11% of advisors with no institutional plans work with 457s. The advisors with greater institutional exposure were also more likely to handle defined benefits plans compared to advisors with less exposure.
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