Of the plan sponsor survey respondents, those who are comfortable with the level of training they received from their plan provider reported a 108% increase in their overall client satisfaction rating, at 79%, compared with a 38% overall satisfaction reported by sponsors that did not receive training from their 401k providers. According to a press release, the survey also shows that of those plan sponsors who were comfortable with their training, 81% would strongly recommend their provider to other organizations, versus 38% of those who were not comfortable with the training they received.
In addition, 78% of sponsors comfortable with the training they received reported their provider “treats me as an important client,” compared to only 39% of those not comfortable with their training. Seventy-six percent of sponsors comfortable with their training said their provider “provides good value for the money,” versus 44% of those not comfortable with their training.
New plan sponsors who received adequate training also are more satisfied than those who did not with plan sponsor services (80% vs. 41%), investment services (75% vs. 47%), employee education services (69% vs. 33%), and participant services (77% vs. 43%).The survey represents responses over the past year of 875 401(k) plan sponsors with less than $10 million in plan assets under administration.
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