DC Participant Planscape

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 haveing 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

Subscription Details

Survey fielded: May 2019
Publication: July 2019
On-site strategy session: Starting August 2019

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

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 and change how plan assets are invested
Reasons for increasing and decreasing contribution

Participant Personal Finance and Investing Behavior

Confidence in current financial situation
Appeal, use and barriers to use of financial wellness components
Use of financial advisor, investment representative
Likelihood to leave assets with former plan provider
Products and accounts most commonly used for retirement

In-retirement Income Needs (New to 2019!)

Confidence in generating income in retirement via specific products vs. investment strategies
Interest in and barriers to owning in-retirement income products
Top retirement income goals
Willingness to give up control of investment principal for guaranteed income payments
Interest in purchasing an annuity inside ESRP

Cross-sell/rollover Opportunities

Most effective communication method
Awareness of the full range of 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

Percentage of AUM in DC plans
• Percentage of compensation from DC plans
• Number and size of plans managed

Services provided to DC plan sponsors and participants
• Impact of fee disclosure regulations
• Number of plan providers typically recommended
• Number and type of investment options typically recommended
• QDIA option used most often
• Target date fund recommendation