Research

2017 Recordkeeping Survey

Published in PLANSPONSOR June 2017

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2017 DEFINED CONTRIBUTION TOP RECORDKEEPERS

Total Defined Contribution Assets ($MM)
1Fidelity Investments$1,629,337
2TIAA$465,184
3Vanguard$443,874
4Empower Retirement$443,114
5Voya Financial$312,783
6Prudential Financial, Inc.$262,802
7Wells Fargo$227,800
8Transamerica$206,780
9Conduent LLC$195,539
10Bank of America Merrill Lynch$191,635
Total Defined Contribution Plans
1Paychex, Inc. 77,000
2ADP Retirement Services66,244
3John Hancock Retirement Plan Services56,133
4Principal Financial Group52,607
5American Funds51,510
6Voya Financial47,045
7Ascensus44,994
8Nationwide37,048
9Empower Retirement36,208
10Fidelity Investments32,999
Total Defined Contribution Participants
1Fidelity Investments19,697,641
2Empower Retirement7,846,000
3TIAA5,953,079
4Principal Financial Group4,939,504
5Vanguard4,709,053
6Transamerica4,688,679
7Voya Financial4,631,096
8Wells Fargo3,410,773
9Bank of America Merrill Lynch3,086,790
10Prudential Financial, Inc.2,833,532
Defined Contribution Asset Growth (2015-2016)
1Northwest Plan Services, Inc.59.6%
2Ameritas Retirement Plans51.4%
3Professional Capital Services31.8%
4EPIC Advisors, Inc. 27.2%
5July Business Services23.6%
6Bank of America Merrill Lynch21.2%
7Nationwide16.9%
8BB&T Retirement and Institutional Services15.5%
9PNC Retirement Solutions13.1%
10Vanguard13.0%
Total Defined Contribution Plans Added in 2016
1ADP Retirement Services15,620
2Paychex, Inc. 14,700
3American Funds9,381
4Ascensus5,596
5John Hancock Retirement Plan Services5,351
6Principal Financial Group3,768
7Empower Retirement3,609
8Transamerica2,657
9Vanguard2,514
10Nationwide1,869
401(k) Assets per Participant (actual $)
1Charles Schwab$107,366
2TCG Administrators$96,886
3Prudential Financial, Inc.$96,319
4Voya Financial$96,122
5Vanguard$96,096
6Fidelity Investments$90,493
7Conduent LLC$85,597
8Northwest Plan Services, Inc.$82,821
9Kidder Benefits Consultants, Inc.$81,703
10T. Rowe Price$81,657
Total Plans With <$10MM in Assets
1Paychex, Inc. 76,800
2ADP Retirement Services65,480
3John Hancock Retirement Plan Services54,824
4American Funds50,954
5Principal Financial Group49,794
6Voya Financial44,843
7Ascensus44,182
8Nationwide36,203
9Empower Retirement32,650
10MassMutual29,103
Total Plans With $10MM – $100MM in Assets
1Fidelity Investments6,308
2Alliance Benefit Group3,750
3Empower Retirement3,170
4TIAA3,065
5Principal Financial Group2,587
6Voya Financial1,938
7MassMutual1,719
8Transamerica1,524
9Prudential Financial, Inc.1,435
10Vanguard1,368
Total Plans with >$100MM in Assets
1Fidelity Investments1,809
2TIAA746
3Vanguard580
4Prudential Financial, Inc.440
5Empower Retirement388
6Wells Fargo302
7Transamerica283
8Charles Schwab270
9Voya Financial264
10T. Rowe Price260

Methodology

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All survey data reported on the pages that follow are as of December 31, 2016; comparable data from the prior survey are as of December 31, 2015. All information from the survey is self-reported; all statements related to product or service offerings available to defined contribution plan sponsors were supplied by each provider and subject to PLANSPONSOR’s internal quality assurance reviews where possible. Readers are encouraged to follow up with providers directly for additional detail on the scope of services accessible. Additional data is available. To purchase a Microsoft Excel spreadsheet of responses from all 55 providers, contact Michelle Judkins at michelle.judkins@strategic-i.com. To learn how to participate in our 2018 Recordkeeping Survey, contact Brian O’Keefe at brian.okeefe@strategic-i.com.

The 2017 PLANSPONSOR Recordkeeping Survey—our 19th—profiles 55 leading providers of defined contribution (DC) recordkeeping services. These firms account for more than
$6 trillion in assets and are estimated to represent approximately 85% of the total DC market.* Collectively, results from the survey demonstrate the market’s evolution and point up some factors to consider when selecting a recordkeeping partner.
 
Provider profiles and capabilities are listed in alphabetical order. “Asset rank” indicates the provider’s overall placement among reporting organizations by total recordkeeping assets under administration (AUA). This ranking excludes several recordkeepers that chose not to respond, most notably Aon Hewitt—ranked fifth in assets and third in participants in last year’s survey—which made this choice after agreeing to sell its benefits administration and HR BPO (human resources business process outsourcing) platform to Blackstone, in February.

 



Archive

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RECORDKEEPING SURVEY

As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.

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