The October 401kExchange Opportunity Index shows the power in the defined contribution retirement market has clearly shifted to independent third-party advisers.

The Index, based on more than 3,000 monthly surveys, tracks the percentage of plans thinking of changing their recordkeeper, investments or adviser. Five times as many sponsors are looking to change their adviser as opposed to their recordkeeper, which signals that sponsors believe it is their adviser that makes the difference. But before advisers get too confident, know that it is harder than ever to get sponsors to make any decisions.

Advisers that can solve more than one problem for the plan sponsor have a decided advantage and a greater chance to force a decision in a tough economy.

The 2009 401kExchange Opportunity Index continues to show that a significant percentage of plan sponsors are open to changing their adviser or adding one if they do not have one, but only a very small percentage think the same way about their recordkeeper.

Down slightly from September, 13% of plans interviewed in October were thinking of changing their adviser or actively searching for a new one, while only 3% of plans are in play for recordkeepers. Up 12% from last month, 7% of plans were likely to add or change funds. Almost 83% of all plans under $100 million are using an adviser, up from 79% at the same time last year; and of those plans that do not have an adviser, almost 11% are thinking of adding one.

Experienced advisers are complaining that sponsors are taking longer than ever to make a decision, the same complaint heard from recordkeepers over the past 18 months.

Changing an adviser is much less painful than switching out a recordkeeper, but disrupting current relationships can be rough. In tough economic times, sponsors tend to be less focused on their retirement plan because there is little out-of-pocket cost. On the other hand, the rising cost of health care benefits can take a big bite out of profits and capital. Advisers that can help companies with their retirement and health care plans will have a very attentive audience.

Solving health care issues helps with short-term concerns, while improving the retirement plan can make a big difference in the long-term quality of employees' retirement. Companies aiming to improve their employees' chances of retiring successfully will make changes to their retirement plan as long as those changes do not increase cost, liability or work for the employer. The adviser that can help companies improve their cash flow and make their employees more comfortable with their ability to retire will gain more than its fair share of business.

This double-pronged strategy also gives the ambidextrous adviser two fronts on which to attack.It has never been a better time to be a retirement adviser with significant experience and a sizable book of business. At the same time, it has never been harder for advisers, recordkeepers and even investment-only firms to enter the retirement market.

Health care advisers looking to enter or grow their business should not be discouraged, because they have a huge advantage over the "pension geeks."

Not only do health care advisers have the relationship to cross-sell other services like retirement planning, but they own the hearts and minds of decision makers concerned about the bottom line in these tough times.

Small to mid-sized companies that want to spend less time worrying about benefits can accomplish this by consolidating advisers. Health care advisers can either deepen their relationships with clients by cross-selling retirement products or risk losing them altogether.

In a dramatic example, one benefit consultant in the Southeast with Fortune 500 relationships grew his retirement book eight-fold over the last five years in a tough market just by cross-selling. By having multiple solutions, new relationships were forged because they had a retirement planning capability that complemented their benefits practice. Take advantage of such opportunities.

Barstein, president of 401kExchange.com, can be reached at fbarstein@401kexchange.com.