2019
Recordkeeping Survey

Five hot-button issues plan sponsors need to cover in provider searches.

Introduction

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.

Wells Fargo

www.wellsfargo.com/retirement
Assets ($MM) by Plan Type
Ranked #8$212,774
401(k)$190,985
403(b)$2,166
457 $302
NQDC$5,130
All Other$14,191
Participants by Plan Size
Ranked #103,461,255
<$5MM71,256*
$5MM – $25MM304,552*
>$25MM – $100MM542,935*
>$100MM – $500MM1,083,688*
>$500MM1,458,824*
Plans by Channel
Ranked #303,220
Direct sold
Intermediary sold
Not reported
Not reported
Service Offerings
New client restrictionsNone
Multiple service modelsYes
Offers corporate trustee servicesNot reported
# of internal ERISA counsel20
Will act as §3(16) fiduciaryNo
Participant Services
Call center hoursWeekdays: 7 a.m. - 11 p.m. ET
Online chat supportNo
Mobile appYes
Managed account optionsFinancial Engines; Morningstar/Ibbotson
Retirement Income
Displays retirement income estimate on statementsYes
Offers in-plan guaranteed retirement income productsYes
Offers out-of-plan annuity bidding serviceNo
Recordkeeping PlatformWyStar
Footnote:
*Data has been updated/revised since initial publication in PLANSPONSOR magazine.