A significant, and growing, percentage of retirement plan sponsors are thinking about changing their financial advisors, according to Fidelity Investments’ sixth annual “Plan Sponsor Attitudes” survey.

The survey Included 952 plan sponsors of all sizes. Today, more of them than at any time since the survey’s beginnings are considering getting rid of their advisors, Fidelity says. Eighty-four percent of those surveyed use a financial advisor and 17 percent of those are considering switching advisors. That is an increase from 10 percent in 2013 and 13 percent in 2014.

Jordan Burgess, a senior vice president at Fidelity Financial Advisor Solutions, says, “As plan sponsors shift their focus away from fees, funds and fiduciary responsibilities toward preparing their employees for retirement, there is an increasing need for more knowledgeable advisors. Of the plan sponsors looking to switch advisors, nearly half of them said their top reason was the need for a more knowledgeable advisor.

“Plan sponsors want advisors who proactively consult on plan design to improve plan performance and participant outcomes. They are looking for specialists who can use their retirement and investment expertise in a coordinated way to accomplish these goals,” he adds.

“The plan advisory business is becoming even more competitive, with plan sponsors saying that they’re being approached by advisors for their business an average of four times a year,” Burgess says.

Based on the survey, Fidelity offers some suggestions for advisors to retirement plan advisors.

To stand out among the growing competition, advisors should consider adopting some of the habits of their successful counterparts, Fidelity says.

Many plan sponsors have participants who are delaying retirement because they lack savings. To help address this concern, advisors should educate plan sponsors on plan design features that may improve savings rates. Auto-enrollment is one such tool that increases participation. Eighty-six percent of employees participate in plans that have auto-enrollment and only 52 percent participate in plans without it.

Combining auto-enrollment with an automatic annual increase program can be extremely effective in increasing savings rates, Fidelity says. Of the participants who automatically take part in annual increases, only 7 percent stop within the first 12 months.

In addition, it is crucial for advisors to align and demonstrate their value against key success measures defined by their clients, the survey indicates. Plan sponsors cite investment expertise as the No. 1 reason for using an advisor, with nearly two-thirds saying that they evaluate their advisor at least annually.

The top areas of review are value delivered, investment performance, and cost and fees. Other factors, including effectiveness in ensuring plan compliance and meeting fiduciary responsibilities, also play a role in how plan sponsors assess advisors.

Fidelity says advisors should involve the three key players in the company when working with plan sponsors: the owner or CEO, the finance team and the human resources team.

While advisors remain the primary provider for a wide array of services, including monitoring investment performance and asset allocation, the capabilities of record-keepers have expanded significantly. Of the plan sponsors who use an advisor, 92 percent of them say they have a relationship manager from a record-keeper who plays an important role for their plan as well.

On top of day-to-day troubleshooting, more than 85 percent of advised plan sponsors say over the past five years their record-keepers have started to offer services such as employee communications and education, retirement and rollover planning, fee and fiduciary disclosure, and information on plan design and testing. In addition, the influence of record-keepers on plan design changes tends to increase with the size of plans, Fidelity says.

As the roles and capabilities of record-keepers grow, plan sponsors demonstrate increased satisfaction when both advisors and record-keepers have an impact on plan design decisions. “This is an opportunity for advisors to remain engaged -- even with sponsors of larger plans -- by identifying areas where they can team up with their clients’ record-keepers and work together as partners,” Fidelity says.