Escalent
Escalent
Cogent Syndicated

DC Participant Planscape asks DC participants the questions your firm can’t and offers firms a unique understanding of what drives participant contribution and investment behavior. The report benchmarks the top plan providers on key satisfaction drivers and brand engagement metrics, monitors the brand perceptions of leading investment account providers and identifies the firms best positioned to capture rollover assets.

NEW THIS YEAR: A detailed look at the influence COVID-19 has had on DC participants’ overall financial outlook, the pandemic’s impact to ESRP contributions and investments and steps employers are taking to weather the pandemic. The report also explores new trends spanning HSAs, 401(k) student loan matching, cyber-security fears and promotional rollover incentives.

Value

The report will enable subscribers to:

Boost Participant Satisfaction
Uncover the features, offerings and retirement tools participants want from providers to maximize satisfaction and retain assets

Identify New Opportunities
Develop successful cross-sell programs and validate participants’ desire for additional contact from plan providers

Attract Rollover Dollars
Identify the factors participants consider when selecting a rollover IRA provider to keep current-plan assets in-house and attract new rollover dollars

Methodology

  • 4,600 DC plan participants actively contributing to a DC plan and/or having at least $5,000 in a former employer’s DC plan
  • Web-based survey
  • Statistically representative sampling using US census data to mirror the engaged participant universe by gender, region, age, education and household income

Areas of Inquiry

Plan Provider Satisfaction and Loyalty

  • Satisfaction with provider relationship across key attributes
  • Drivers of satisfaction
  • Current and desired contact
  • Advice and guidance needs for retirement planning
  • Loyalty to current plan provider

Participant Contribution Behavior

  • Time contributing to an ESRP
  • Use of automatic plan features
  • Likelihood to increase contribution
  • Ready-to-act participant segment: Likelihood to increase contribution/change how plan assets are invested
  • Reasons for increasing or decreasing contribution
  • Investment options used within ESRP (e.g., traditional and indexed mutual funds, ETFs, managed accounts, retirement income products)

Participant Personal Finance and Investing Behavior

  • Appeal, use and barriers to use of financial wellness components
  • Interest in student loan ESRP match
  • Health savings account (HSA) use and employer promotion as an investment vehicle
  • Use of financial advisor or investment representative
  • Likelihood to leave assets with former plan provider
  • Products and accounts used most for retirement

Impacts of COVID-19 Pandemic

  • Biggest financial/investment fears
  • Projected economic outlook for second half of 2020
  • Quantitative and qualitative impact on investment decisions
  • ESRP-related actions taken by participants (hardship withdrawals/loans, decreasing contributions, etc.)
  • Employer-related actions taken (eliminating hardship fees, suspending
    company match, layoffs, etc.)

Cross-Sell/Rollover Opportunities

  • Most effective communication method
  • Awareness of all provider products and services
  • Drivers of consideration of products and services outside the plan
  • Perception of retirement planning services and solutions of top firms
  • Consideration of top providers for rollover IRAs and taxable brokerage accounts

Subscription Details

Publication Date: July 2020
Deliverables:

  • Detailed report including a summary of findings and strategic implications
  • On-site strategy session and presentation designed to deliver actionable results and facilitate strategic planning
  • Custom data cuts and survey work by senior analysts

Investment: $35,000

DCPP_Fact Sheet
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