What’s on the Minds of Plan Sponsors?
Every plan sponsor hears your message through their own filter. A startup business owner, a growing HR team, or an institutional board might all encounter the same campaign, but experience it very differently. That’s why success isn’t just about the tools you use, like webcasts, guides, or benchmarking reports. It’s about how you fine-tune the message to match their mindset.
That’s the beauty of business development in our industry: you don’t have to reinvent the wheel. The same ERISA resources, benchmarking, fiduciary process, employee education, can work across every market segment. What changes is the story you tell and the problems you choose to solve.
Let’s map out the most common challenges sponsors face across four market segments. By understanding these mindsets, you can build campaigns that resonate and position yourself as the right partner at the right time.
Startup & Small Plans | <$3M
Small business owners wear many hats and often the retirement plan feels like just another burden. They’re pressed for time, concerned about cost, and skeptical that employees will value the benefit. Payroll integration and regulatory rules only make things more overwhelming.
In meetings, owners may say:
“I don’t have the time to deal with a retirement plan.”
“This costs too much and it’s confusing.”
“My employees wouldn’t use it anyway.”
How could you simplify the tasks and highlight the value? Available tax credits, easy onboarding, and face-to-face employee support. Tools like a “Startup Plan Launch Checklist” or a “Welcome to Your New Plan” participant flyer can demystify the process and make the benefit feel achievable.
Growing Plans | $3M-$10M
As companies expand, the plan becomes more visible. Employers now face fee benchmarking pressure, compliance oversight, and employees asking questions HR can’t always answer. They’re also considering enhancements like Roth catch-up contributions or auto-enrollment but may feel uncertain about implementation. Common sponsor sentiments include:
“How do I know we’re paying fair fees?”
“We should probably add features like Roth, but I’m not sure how.”
“Employees keep asking questions I can’t answer.”
Here, advisors can add value by talking about plan costs (benchmarking), delivering fiduciary education, and providing plan design comparisons. Campaigns that showcase expertise like webinars on plan design enhancements or newsletters focused on compliance basics, that builds your trust and credibility.
Established Mid-Market Plans | $10M-$50M
By this stage, governance becomes the buzzword. Committees want structure, charters, and confidence that fiduciary duties are being fulfilled. HR leaders are also under pressure to show measurable outcomes and prove ROI to finance executives.
Sponsors often express:
“Our committee meetings feel unorganized.”
“I’m not confident we’re fulfilling fiduciary duties.”
“We need to prove HR programs are worth the cost.”
Advisors who can provide governance playbooks, benchmarking scorecards, and retirement readiness metrics will stand out. Research surveys, executive summary decks, and committee training sessions help build confidence while reinforcing your role as a governance partner.
Large Institutional Plans | $50M-$500M
Within America’s top 20,000 employers, the conversation shifts to scale, litigation risk, and enterprise alignment. These plans juggle multiple vendors, complex investment structures, and board-level scrutiny. Leaders want assurance that the plan isn’t just compliant but strategically aligned with corporate goals.
Key sponsor concerns sound like:
“I don’t want to be the next company in the headlines for a lawsuit.”
“There are too many vendors and it’s complicated.”
“We need to align our retirement plan with our broader HR strategy.”
Here, sophisticated deliverables from governance scorecards to board-ready fiduciary toolkits, these are essential. Institutional buyers respond to research reports, national thought leadership, and executive-level onboarding materials.
Know Your Customer
Each segment sees the retirement plan through a different lens. Small employers worry about time and cost. Growing companies look for validation and support. Mid-market sponsors demand governance and outcomes. Institutional plans focus on risk, complexity, and strategic alignment.
When your campaigns reflect the real voices of plan sponsors, you don’t just market; you connect. And connection is what turns prospects into lifelong, happy clients.
Thanks for reading & Happy Marketing!
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Rebecca Hourihan is Chief Marketing Officer with San Diego-based 401(k) Marketing, a modern marketing agency for the retirement plan industry. The company supports clients through custom engagements, content marketing campaigns, sales material innovations, thought-leadership consulting, interactive workshops and speaking events. Its mission is to empower the retirement plan industry with high-quality marketing, ultimately inspiring Americans to become financially prepared for their future. Rebecca also hosts The 401(k) Marketing Podcast.
With over 15 years of retirement plan experience and an addiction to marketing, Rebecca is skilled at developing clear paths that are simple for plan sponsors, advisors and participants to understand. She is committed to company growth, advisor development and collaborative improvement. Her personality is naturally enthusiastic and she attracts fun, hard-working and ethical professionals.
