PLANADVISER - September/October 2020 - 33

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2020 PLANADVISER Retirement Plan Adviser Survey
BENEATHTHE
WAVES
Our annual Retirement Plan Adviser Survey
uncovers treasures during a turbulen
R
etirement plan advisers, perhaps more than any other
experts in our industry, have a good sense of the relative
strength of the products and services offered
by investment and recordkeeping providers. One adviser,
speaking in September at the virtual 2020 PLANADVISER
National Conference (PANC), said he works with more than
20 recordkeepers, concurrently. And that might just be the
median number; another speaker said her firm has relationships
with over 60!
The 2020 Retirement Plan Adviser Survey (RPA), our
13th, amasses data from the adviser community to
discover how these individuals select providers and funds,
plus, as in other years, picks up on any developing trends.
One investment product that continues to receive, and
warrant, significant discussion is target-date funds (TDFs).
Since passage of the Pension Protection Act of 2006 (PPA),
target-date funds have become the investment option
gathering the most inflows. These popular investments
are the qualified default investment al
for 77% of plans this year, according to e
PLANSPONSOR Defined Contribution (
considering how established TDFs have
continue think about how to further de
" Dislocations in the market, such
this year because of the COVID-19 pan
weaknesses in TDFs, " according to Nat
director, Portfolio Management Gro
Management, also speaking at the
may be tilts and biases within them.
look at target-date funds, there is e
gence of blends-a nontraditional st
One section of the RPA Survey ask
five most recommended TDF series
the underlying investments were ac
The numbers trended to a 50% acti
blend split, illustrating the diversity
16 | planadviser.com September-October 2020
Art by Vikki Zhang
planadviser.com S
research / 2020 PLANADVISER Retirement Plan Adviser Survey
Defined Contribution Plan Providers continued
CUNA Mutual
Retirement Solutions
# of retirement plan adviser interactions
Interactions vs. Adviser Recommendations
75
Empower Retirement
# of retirement plan adviser interactions 328
Interactions vs. Adviser Recommendations
Fidelity Investments
# of retirement plan adviser interactions 3
Interactions vs. Adviser Recommendations
55%
Multiple
interactions
28%
Recommend
rate
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm - $200mm
92%
Multiple
interactions
82%
Recommend
rate
-
Highest Rated Areas of Service
Financial education / Financial wellness 10%
Plan design customization and flexibility 7%
Adviser sales and marketing support
Fee clarity and disclosure
Fee structure for advisers
5%
5%
5%
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm - $200mm
Highest Rated Areas of Service
Participant website and online tools
Plan sponsor website and reporting
Mobile apps and offerings
Web tools for advisers
Payroll integration
89%
Multiple
interactions
77%
Recommend
rate
40%
35%
32%
31%
26%
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm - $200mm
Highest Rated Areas of Service
Mobile apps and offerings
Participant call centers
38%
32%
Financial education / Financial wellness 31%
Participant website and online tools
Statements
31%
25%
R
Fee
Fee st
Quality o
John Hancock
# of retirement plan adviser interactions 259
Interactions vs. Adviser Recommendations
Lincoln Financial Group
# of retirement plan adviser interactions 101
Interactions vs. Adviser Recommendations
MassMutual
# of retirement plan adviser interactions 219
Interactions vs. Adviser Recommendations
OneAmeric
# of retirement pl
Interactions vs. Ad
78%
Multiple
interactions
56%
Recommend
rate
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm
Highest Rated Areas of Service
Regulatory and compliance support
E-ollment materials and support
Quality of client service teams
Plan design customization and flexibility
Adviser sales and marketing support
61%
Multiple
interactions
50%
Recommend
rate
16%
15%
12%
11%
9%
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm
Highest Rated Areas of Service
Plan design customization and flexibility 10%
Participant call centers
Quality of client service teams
Regulatory and compliance support
Statements
8%
8%
5%
5%
66%
Multiple
interactions
26%
Recommend
rate
Overall Service Quartiles, by Plan Assets
<$5mm
$5mm - $50 mm
>$50mm
Highest Rated Areas of Service
Financial education / Financial wellness 7%
Regulatory and compliance support
Adviser sales and marketing support
Statements
Mobile apps and offerings
7%
6%
5%
4%
63%
Multiple
interactions
Reco
ra
Overall Service Quartiles, by Plan A
<$5mm
$5mm - $50 mm
>$50mm
Highest Rated Areas of Service
Plan design customization and flexibility 13%
Regulatory and compliance support
Quality of client service teams
Adviser sales and marketing support
E-ollment materials and support
13%
12%
10%
10%
F
Plan
Value
20 | planadviser.com September-October 2020
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PLANADVISER - September/October 2020

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