PLANSPONSOR - December 2018/January 2019 - 27
2018 Defined Contribution Survey: Recordkeepers
MATTERS
PERSPECTIVE
All recordkeepers can deliver
exceptional service-but not all of
their sponsor clients experience it
T
he quest for the best defined contribution (DC) recordkeeper leads down a path welltraveled
by sponsors and their advisers or consultants. Each year, DC plans of all sizes
collectively issue thousands of requests for proposals (RFPs) or requests for information
(RFIs) in hopes of learning how plan servicing might be improved. But it can be hard to identify
clear areas of differentiation among the leading providers of recordkeeping services.
Generally, our 2018 DC Survey found that all recordkeepers were successful in satisfying
the majority of clients-e.g., 68% of respondents were extremely likely to recommend their
provider. Similarly, 42% of all respondents reported being " completely satisfied " with their
recordkeeper's service in the 23 areas the survey covered. When viewed together, these two
numbers confirm that sponsors likely have many good choices for recordkeeping services. But
survey data also suggests that almost no provider universally delivers exceptional service to all
clients in a given market. Fortunately, the results also highlight how and where services are
most similar and where discrepencies are most apt to appear.
From a similarity perspective, sponsors were satisfied most with the individuals or teams
supporting their plan. Attributes such as plan/industry knowledge, responsiveness and consistency,
and regulatory/compliance support were the three highest-rated areas of service cited
in the survey, with over 50% of respondents rating their vendor a perfect 10 for such services.
Access to traditional investment options-e.g., nonproprietary funds and lowest-cost
share classes-received similarly high acclaim. Sponsors had less praise for their provider's
support of non-mutual-fund investment options-e.g., self-directed brokerage accounts, insurance-based
products and company stock-and custom fund structures-e.g., model portfolios,
collectives and separate accounts.
Art by Sam D'Orazio PLANSPONSOR.com December 2018-January 2019 25
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PLANSPONSOR - December 2018/January 2019
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