RESEARCH |

2014
Retirement Plan Adviser Survey

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Reported by PLANADVISER | Art by Christian Northeast
Art by Christian Northeast
Survey Data
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Survey Data

Top-Rated Defined Contribution Providers*

Overall perception (% "very favorable") (261 votes)
1 Great-West Retirement Services^42.3%
2 Fidelity Investments33.7%
3 Transamerica Retirement Solutions33.0%
4 Vanguard32.7%
5 American Funds Distributors31.3%
6 Putnam Investments^30.6%
7 MassMutual Financial Group28.2%
8 T. Rowe Price27.6%
9 Prudential Retirement24.7%
10 Principal Financial Group23.6%
Adviser sales/marketing support (207 votes)
1 John Hancock Retirement Plan Services14.5%
2 Fidelity Investments12.6%
3 Principal Financial Group11.6%
4 Great-West Retirement Services^9.7%
5 American Funds Distributors5.3%
5 Voya Financial5.3%
5 MassMutual Financial Group5.3%
8 Putnam Investments^4.8%
8 Transamerica Retirement Solutions4.8%
10 Nationwide Financial3.4%
10 Prudential Retirement3.4%
10 Vanguard3.4%
Adviser support post-sale (198 votes)
1 Principal Financial Group10.6%
2 Fidelity Investments10.1%
2 Great-West Retirement Services^10.1%
2 Voya Financial10.1%
5 Transamerica Retirement Solutions9.6%
6 John Hancock Retirement Plan Services9.1%
7 MassMutual Financial Group6.6%
8 Putnam Investments^5.1%
9 Prudential Retirement3.5%
10 Charles Schwab2.5%
Best value for price (166 votes)
1 Great-West Retirement Services^16.9%
2 Transamerica Retirement Solutions7.8%
3 Fidelity Investments6.6%
3 John Hancock Retirement Plan Services6.6%
3 Vanguard6.6%
6 Ascensus6.0%
7 American Funds Distributors4.8%
7 Voya Financial4.8%
7 MassMutual Financial Group4.8%
7 Putnam Investments^4.8%
Fee structure for advisers (157 votes)
1 Great-West Retirement Services^15.3%
2 Transamerica Retirement Solutions11.5%
3 John Hancock Retirement Plan Services8.9%
4 Voya Financial8.3%
5 Nationwide Financial6.4%
6 Ascensus5.7%
7 Vanguard5.1%
8 American Funds Distributors4.5%
9 Putnam Investments^3.8%
10 Fidelity Investments3.2%
10 OneAmerica3.2%
Participant education materials (189 votes)
1 John Hancock Retirement Plan Services15.9%
2 Fidelity Investments14.8%
3 MassMutual Financial Group10.1%
4 Principal Financial Group9.5%
5 Putnam Investments^8.5%
6 Transamerica Retirement Solutions7.9%
7 American Funds Distributors5.3%
8 Voya Financial4.8%
9 Great-West Retirement Services^4.2%
10 Bank of America Merrill Lynch2.6%
Plan sponsor education materials (172 votes)
1 Fidelity Investments18.6%
2 John Hancock Retirement Plan Services11.6%
3 Transamerica Retirement Solutions9.3%
4 Principal Financial Group8.7%
5 Great-West Retirement Services^8.1%
6 MassMutual Financial Group7.0%
7 Putnam Investments^5.2%
8 American Funds Distributors4.7%
9 Voya Financial4.1%
9 Prudential Retirement4.1%
Value-added adviser services (156 votes)
1 John Hancock Retirement Plan Services12.2%
2 Transamerica Retirement Solutions11.5%
3 Great-West Retirement Services^9.6%
4 Fidelity Investments8.3%
5 American Funds Distributors6.4%
5 Principal Financial Group6.4%
7 Voya Financial5.8%
7 Prudential Retirement5.8%
9 MassMutual Financial Group3.8%
9 Nationwide Financial3.8%
9 Putnam Investments^3.8%
Supporting materials (159 votes)
1 Fidelity Investments18.2%
2 John Hancock Retirement Plan Services13.8%
3 Transamerica Retirement Solutions9.4%
4 Voya Financial6.9%
5 American Funds Distributors6.3%
5 Great-West Retirement Services^6.3%
5 Principal Financial Group6.3%
8 Putnam Investments^5.7%
9 MassMutual Financial Group5.0%
10 Prudential Retirement3.1%
Plan participant support (187 votes)
1 Fidelity Investments13.9%
2 John Hancock Retirement Plan Services13.4%
3 Great-West Retirement Services^9.1%
4 Principal Financial Group8.6%
5 Transamerica Retirement Solutions8.0%
6 MassMutual Financial Group7.0%
7 Voya Financial5.9%
7 Putnam Investments^5.9%
9 ADP Retirement Services3.2%
9 American Funds Distributors3.2%
9 Charles Schwab3.2%
Best overall service, micro plans (<$5MM) (261 votes)
1 Great-West Retirement Services^16.1%
2 John Hancock Retirement Plan Services14.2%
3 Principal Financial Group8.4%
4 American Funds Distributors6.9%
5 Transamerica Retirement Solutions6.1%
6 Ascensus5.4%
6 Voya Financial5.4%
8 ADP Retirement Services4.6%
8 Fidelity Investments4.6%
8 Nationwide Financial4.6%
Best overall service, small plans ($5MM-$50MM) (266 votes)
1 Great-West Retirement Services13.9%
2 Fidelity Investments13.5%
3 Principal Financial Group7.9%
4 Voya Financial7.1%
5 MassMutual Financial Group6.4%
5 Putnam Investments6.4%
7 Transamerica Retirement Solutions6.0%
8 John Hancock Retirement Plan Services5.3%
9 Charles Schwab3.0%
10 BMO Institutional Trust Services2.6%
10 The Standard2.6%
Best overall service, mid-size plans (>$50MM-$200MM) (171 votes)
1 Fidelity Investments20.5%
2 Putnam Investments^9.4%
3 Transamerica Retirement Solutions8.8%
4 Great-West Retirement Services^6.4%
5 Charles Schwab5.3%
5 MassMutual Financial Group5.3%
5 Prudential Retirement5.3%
8 Bank of America Merrill Lynch4.1%
9 BMO Institutional Trust Services3.5%
9 Milliman Inc.3.5%
9 New York Life Retirement Plan Services3.5%
9 The Newport Group3.5%
9 Vanguard3.5%
Best overall service, large plans (>$200MM-$1B) (108 votes)
1 Fidelity Investments32.4%
2 Transamerica Retirement Solutions12.0%
3 Putnam Investments^8.3%
4 Charles Schwab6.5%
5 Vanguard5.6%
6 Great-West Retirement Services^4.6%
6 Prudential Retirement4.6%
6 T. Rowe Price4.6%
9 Milliman Inc.3.7%
10 MassMutual Financial Group2.8%
10 Principal Financial Group2.8%
Best overall service, mega plans (>$1B) (69 votes)
1 Fidelity Investments44.9%
2 Aon Hewitt17.4%
3 Transamerica Retirement Solutions7.2%
4 Vanguard5.8%
5 Charles Schwab4.3%
6 Prudential Retirement2.9%
6 Principal Financial Group2.9%
6 TIAA-CREF2.9%
Best wholesalers (171 votes)
1 Great-West Retirement Services^12.9%
2 John Hancock Retirement Plan Services11.1%
3 Transamerica Retirement Solutions9.9%
4 American Funds Distributors8.8%
4 Fidelity Investments8.8%
6 Voya Financial8.2%
7 Principal Financial Group7.6%
8 MassMutual Financial Group4.7%
9 Putnam Investments^4.1%
10 OneAmerica3.5%
Plan sponsor support (183 votes)
1 Transamerica Retirement Solutions12.6%
2 Fidelity Investments10.4%
3 Great-West Retirement Services^9.3%
4 John Hancock Retirement Plan Services8.7%
5 MassMutual Financial Group7.1%
6 Putnam Investments^6.6%
7 Voya Financial6.0%
7 Principal Financial Group6.0%
9 American Funds Distributors4.9%
10 Bank of America Merrill Lynch2.7%
Reputation (182 votes)
1 Fidelity Investments32.4%
2 Vanguard8.2%
3 John Hancock Retirement Plan Services6.6%
4 American Funds Distributors6.0%
5 Principal Financial Group5.5%
5 Transamerica Retirement Solutions5.5%
7 MassMutual Financial Group4.4%
8 Great-West Retirement Services^3.8%
9 Charles Schwab3.3%
9 Putnam Investments^3.3%

*Qualified advisers were asked to select the defined contribution provider with the best service in each of the above categories. ^Empower is the retirement services business of Great-West Financial, which recently completed its acquisition of the J.P. Morgan Retirement Plan Services large-market recordkeeping business and is integrating the retirement business of Putnam Investments.