Today’s workforce relies primarily on defined contribution plans as a means for saving for retirement. Although employee contribution rates and account balances are up, participants tend to defer only enough to receive their company match—and that might not be a high enough savings rate to meet their retirement income goals.

The past few years have brought a shift toward fee-based retirement plan business, fueled in part by the Department of Labor’s Conflict of Interest Rule. As a result, some advisors have decided to accept some fiduciary responsibility and charge a fee to manage qualified plans—with the goal of remaining competitive in the retirement plan space.