Measuring Recordkeepers’ Distribution Through Advisers
As recordkeepers increasingly offer services also provided by advisers, including one-on-one financial counseling, how many are working with advisers, and what features do they provide? The 2026 PLANSPONSOR Recordkeeping Survey, published by PLANADVISER’s sister publication, aggregated information from 36 recordkeepers.
Features can vary widely, depending on the provider. Only 30% of surveyed recordkeepers gave advisers a choice of which relationship managers could support a client or case. Nearly one-quarter (24%) said their recordkeeping systems do not accommodate advisers’ managed accounts.
Most recordkeepers provide to advisers’ tools or platforms a data feed of plan holdings, but the frequency of updates is not uniform. Fewer than one-quarter (24%) of recordkeepers provided live or on-demand updates, while 45% offered daily updates. Another 42% said data could be acquired through “other” means, including 12% that said the adviser had to request it.
Twenty-seven responding recordkeepers had various levels of distribution through intermediaries. On average, 79.1% of surveyed recordkeepers reported working with advisers, but only 33.8% of respondents reported worked with TPAs. Read the full responses below.
| Recordkeeper | Percentage of DC Plans Employing an Adviser or Consultant | Percentage of DC Plans Employing a TPA |
Ameritas Life Insurance Corp., United States | 100% | 50% |
Ascensus | 100% | 11% |
Capital Group | 100% | 98% |
EPIC Retirement Plan Services | 100% | 20% |
Equitable | 100% | 42% |
Milliman, Inc. | 100% | 5% |
July Business Services | 99% | 99% |
Voya Financial | 99% | 78% (Counting small to medium plans only) |
NWPS | 98% | 4% |
The Standard | 97% | 22% |
Lincoln Financial | 96% | 87% |
Correll Co. | 95% | 0% |
The Pangburn Group | 95% | 0% |
Transamerica Retirement Solutions, LLC (Transamerica) | 90% | 58% |
Principal Financial Group | 86% | 42% |
TIAA | 80% | 22% |
T. Rowe Price Retirement Plan Services, Inc. | 79% | 69% |
ADP | 65% | 10% |
J.P. Morgan Asset Management | 63% | 21% |
The Vanguard Group | 63% | 37% |
BOK Financial | 56% | 0% |
Fidelity Investments | 55.2% | 15% |
Vestwell | 52% | 28% |
Nationwide Financial | 46% | 40% |
TruStage | 43% | 16% |
Human Interest | 9% | 0% |
Corebridge Financial | 4% | 40% |
Source: 2026 PLANSPONSOR Recordkeeping Survey