RESEARCH |
2021
Best in Class DC Providers
This year’s Best in Class providers represent an evolving set of best practices.
Reported by PLANSPONSOR
| Art by Andrea D'Aquino
Industry Snapshot
Provider Industry Snapshot
Nearly all sponsors (97%) say they are at least somewhat apt to recommend their provider. Likelihood of Recommending Recordkeeper to a Friend or Colleague
Satisfaction with providers is highest post-conversion and at longest tenure.
Average Service Ratings
1 = Poor; 10 = Excellent| Recordkeeping Platform | Min | Mean | Max |
|---|---|---|---|
| Plan administration | 8.65 | 9.14 | 9.57 |
| Plan design flexibility | 7.82 | 8.99 | 9.44 |
| Systems integration | 8.04 | 8.68 | 9.18 |
| Participant Services | Min | Mean | Max |
|---|---|---|---|
| Online/Mobile retirement planning tools | 8.41 | 8.96 | 9.46 |
| Online/Mobile financial wellness offerings | 8.32 | 8.84 | 9.25 |
| In-person/Virtual participant support | 7.70 | 8.54 | 9.05 |
| Enrollment materials and support | 7.82 | 8.47 | 8.97 |
| Print/Digital communications and education | 8.19 | 8.71 | 9.21 |
| Sponsor Services and Support | Min | Mean | Max |
|---|---|---|---|
| Sponsor website, reporting and tools | 8.13 | 8.82 | 9.41 |
| Account/Client service teams | 8.60 | 9.23 | 9.71 |
| Investments and Fees | Min | Mean | Max |
|---|---|---|---|
| Investment options | 8.55 | 9.04 | 9.43 |
| Fee value and transparency | 8.30 | 8.88 | 9.21 |
Net Recommendation / Promoter Score represents the percentage of respondents “very likely to recommend” the provider (i.e., giving it a score of 9 or 10 on a 10-point scale) minus the percentage of scores of 6 or below (i.e., those “likely to recommend against”).
