PLANSPONSOR - December/January 2021 - 27

LARGE MARKET: PLAN ASSETS >$200mm - $1b
WHILE
SERVICE
SATISFACTION understandably slides as plan
complexity and sponsor expectations increase, the Large Market
also exhibits something of a Goldilocks mentality, as sponsor satisfaction
is consistently higher than in either the smaller Midsize or
larger Mega plan market. In other words, recordkeepers' offerings
are more likely to be viewed as " just right " at meeting the needs of
Large Market plan sponsors.
Yet, what is also clear is that sponsor needs are evolving with
plan size. With plans now supporting thousands of participants,
technology is playing a central role in participant and sponsor
support, yet Large Market plan sponsors are 25% to 40% less satisfied
with online participant advice/guidance tools and sponsorfocused
plan analytics/reporting than are their peers.
In contrast, Large Market plans seem more accepting and
enthusiastic about traditional participant communication/education
programs, giving recordkeepers some of the highest marks
in the survey for these offerings. Sponsors were also surprisingly
positive on the value and impact of in-person meetings.
Satisfaction was on par with levels reported among startup plans.
Perhaps this is an indicator that video-collaboration platforms will
create opportunities for improved participant engagement.
Top 5 Large Market Providers
By Net Recommendation/Promoter Score
1 Voya Financial
2 OneAmerica
3 Principal Financial Group
4 Charles Schwab
5 Fidelity Investments
Large Market Net Recommendation Rate, 2016 - 2020
70.3%
62.4%
57.0%
2016
2017
Participant Services
1 Fidelity Investments
2 OneAmerica
3 Principal Financial Group
4 Charles Schwab
5 Milliman, Inc.
Plan Sponsor Services
1 Principal Financial Group
2 Voya Financial
3 OneAmerica
4 Fidelity Investments
5 Transamerica Retirement
Service Teams and Support
1 OneAmerica
88.2%
86.7%
78.6%
77.8%
77.3%
2 Voya Financial
3 Principal Financial Group
4 Charles Schwab
5 Empower Retirement
Plan Administration
1 Voya Financial
2 Charles Schwab
3 Principal Financial Group
4 OneAmerica
5 Transamerica Retirement
Investments and Fees
55.4% 55.9%
2018
2019
1 Principal Financial Group
2 Charles Schwab
2020
Other providers and their recommendation percentage listed in
this market: Empower Retirement (66.7%); Milliman, Inc. (63.2%); T.
Rowe Price (64.7%); Transamerica Retirement Solutions LLC (70.0%)
3 Milliman, Inc.
4 OneAmerica
5 Voya Financial
Service Satisfaction for Top 5 Providers,
By Net Recommendation/Promoter Score*
= Best in Class
% ≥9 out of 10 # of s
69.4%
67.3%
64.3%
61.3%
61.0%
6
3
5
2
1
% ≥9 out of 10 # of s
78.1%
76.1%
74.4%
73.0%
64.9%
3
3
3
2
2
% ≥9 out of 10 # of s
4
4
4
4
3
93.2%
87.7%
86.8%
83.1%
77.5%
% ≥9 out of 10 # of s
83.7%
78.4%
76.5%
75.9%
73.7%
5
6
4
6
5
% ≥9 out of 10 # of s
75.7%
74.4%
70.8%
69.4%
68.6%
2
3
1
2
3
PLANSPONSOR.COM December 2020 - January 2021 27
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