The annual survey evaluates key service components from the perspective of plan sponsors – as well as the ability of their service providers to meet those expectations.
Seventy percent of plan sponsors cited an increased or improved range of services over the past two years. Half noted no associated increase in fees.
In fact, nearly a quarter (23.4%) actually experienced a fee decrease, much higher than the 6% experience of the prior two surveys. However, 28% of small sponsors reported increases, while just 13% saw decreases.
An overwhelming 89% said they would recommend their current provider to a colleague, a finding consistent across all market segments. In a business well-noted for its high turnover, an astounding 37.2% of survey respondents have been with their current provider for more than five years.
Lack of product features was the most common reason cited for leaving a provider (38%). Of plans with less than $50 million in assets, 60% left for that reason.
– Nevin Adams email@example.com
– We will run a series of highlights from the survey in the coming days in this news section.