RESEARCH |

2022
PLANADVISER Retirement Plan Adviser Survey

Reported by PLANADVISER | Art by Changyu Zou
Art by Changyu Zou
Survey Data
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Survey Data

Retirement Plan Adviser Preferences

Top Criteria Used in Selecting Core Fund Lineups
1. Performance vs. benchmarks64.5%
2. Fee structure for plan45.8%
3. Performance (5-year return)44.9%
4. Third-party scoring of funds32.7%
4. Management philosophy32.7%
6. Upside/downside capture ratio31.8%
7. Alpha, beta, and standard deviations28.0%
8. Performance (10-year return)26.2%
9. Brand21.5%
10. Plan demographics18.7%
Most Important Criteria Used in Selecting Core Fund Lineups
1. Plan demographics33.3%
2. Fee structure for plan30.8%
3. Total assets7.7%
4. Manager tenure5.1%
4. Style drift5.1%
4. Adviser support5.1%
7. Sharpe ratio2.6%
7. Supporting materials2.6%
7. Upside/downside capture ratio2.6%
7. Alpha, beta, and standard deviations2.6%
7. Other criterion not listed2.6%
Top Criteria Used in Selecting QDIA
1. Pricing and fees58.5%
2. Glide path construction45.3%
3. Investment philosophy29.2%
4. 5-year performance28.3%
4. Quality of underlying investments / sub-advisers28.3%
6. Plan demographics or participant needs27.4%
7. Brand or reputation12.3%
7. 10-year performance12.3%
9. 3-year performance10.4%
10. Upside/downside capture ratio8.5%
Top Criteria Used in Selecting Plan Recordkeeper
1. Value for price58.5%
2. Fee structure for plan (i.e., fee equalization, bps vs. fixed, etc.)56.4%
3. Website tools for participants36.2%
3. Payroll integration options36.2%
5. Quality and consistency of sponsor support35.1%
6. Quality and knowledge of service teams reps.31.9%
7. Flexibility of recordkeeping systems and processes29.8%
8. Investment options available28.7%
9. Adviser support (i.e., value-added adviser services)23.4%
10. Quality and effectiveness of participant education20.2%
Most Recommended Fund Family
1. Vanguard62 votes
2. Capital Group, home of American Funds43 votes
3. Fidelity Investments33 votes
4. BlackRock16 votes
5. J.P. Morgan Asset Management14 votes
Most Recommended TDF Fund Families
1. Vanguard Retirement Funds53 votes
2. American Funds TDF Series43 votes
3. Fidelity Freedom Funds35 votes
4. T. Rowe Price Retirement Funds32 votes
5. BlackRock LifePath Funds21 votes

Top-Rated Investment Firms

Most Preferred Asset Managers
1. Vanguard52 votes
2. Fidelity Investments50 votes
3. Capital Group, home of American Funds44 votes
4. BlackRock33 votes
5. T. Rowe Price31 votes
General Adviser Services & Support
1. Fidelity Investments18.4%
2. Capital Group, home of American Funds16.2%
3. T. Rowe Price10.3%
4. John Hancock Investment Management9.6%
5. Vanguard8.8%
Practice management ideas/tools & other value-added services
1. Capital Group, home of American Funds21.6%
2. Fidelity Investments19.8%
3. Vanguard6.9%
4. Invesco6.0%
4. John Hancock Investment Management6.0%
Retirement Industry Insight & Analysis
1. Fidelity Investments20.3%
2. Capital Group, home of American Funds13.6%
3. J.P. Morgan Asset Management11.9%
4. Vanguard10.2%
5. BlackRock5.1%
Wholesaler Knowledge & Responsiveness
1. Fidelity Investments18.8%
2. Capital Group, home of American Funds13.4%
3. John Hancock Investment Management11.6%
4. Vanguard8.9%
5. American Century Investments7.1%
Reputation
1. Fidelity Investments23.3%
2. Vanguard20.7%
3. Capital Group, home of American Funds18.1%
4. John Hancock Investment Management7.8%
5. BlackRock5.2%
5. J.P. Morgan Asset Management5.2%
Investment Value for Price
1. Vanguard32.2%
2. Capital Group, home of American Funds23.7%
3. Fidelity Investments11.9%
4. John Hancock Investment Management4.2%
4. T. Rowe Price4.2%
Fund Fact Sheets
1. Capital Group, home of American Funds15.7%
2. Fidelity Investments13.9%
3. Vanguard13.0%
4. BlackRock6.5%
4. John Hancock Investment Management6.5%
Quarterly Evaluation Materials
1. Fidelity Investments20.5%
2. Capital Group, home of American Funds15.2%
3. J.P. Morgan Asset Management11.6%
4. Vanguard8.9%
5. John Hancock Investment Management6.3%
Participant Education Materials
1. Fidelity Investments19.0%
2. Capital Group, home of American Funds14.7%
3. Vanguard11.2%
4. John Hancock Investment Management9.5%
5. T. Rowe Price8.6%
Plan Participant Support
1. Fidelity Investments23.1%
2. Capital Group, home of American Funds13.9%
3. Vanguard11.1%
4. John Hancock Investment Management8.3%
5. Charles Schwab5.6%
Plan Sponsor Education Materials
1. Fidelity Investments24.6%
2. Vanguard10.5%
3. John Hancock Investment Management9.6%
4. Capital Group, home of American Funds8.8%
5. T. Rowe Price6.1%

Top-Rated Defined Contribution Plan Providers

Plan Sponsor Support
1. Fidelity Investments20.2%
2. Capital Group, home of American Funds15.8%
3. John Hancock Investment Management9.6%
4. Vanguard7.0%
5. BlackRock5.3%
5. Charles Schwab5.3%
5. T. Rowe Price5.3%
5. Transamerica5.3%
Overall Service, Micro Plans (<$5MM)
1. John Hancock13.8%
2. Capital Group, home of American Funds10.8%
3. ADP Retirement Services7.7%
3. Ascensus7.7%
3. Vanguard7.7%
Overall Service, Small Plans ($5MM-$50MM)
1. Empower14.9%
1. Fidelity Investments14.9%
3. John Hancock9.0%
4. Ascensus7.5%
4. Voya Financial7.5%
Overall Service, Midsize Plans (>$50MM-$200MM)
1. Fidelity Investments23.2%
2. Empower16.1%
3. Vanguard7.1%
4. Principal Financial Group5.4%
4. Schwab Retirement Plan Services, Inc.5.4%
4. Transamerica Retirement Solutions5.4%
4. Voya Financial5.4%
Overall Service, Large Plans (>$200MM-$1B)
1. Fidelity Investments36.4%
2. Empower11.4%
3. Principal Financial Group6.8%
3. T. Rowe Price6.8%
5. Bank of America Corporation4.5%
5. John Hancock4.5%
5. Schwab Retirement Plan Services, Inc.4.5%
5. Transamerica Retirement Solutions4.5%
5. Vanguard4.5%
5. Voya Financial4.5%
Overall Service, Mega Plans (>$1B)
1. Fidelity Investments38.5%
2. Vanguard10.3%
3. T. Rowe Price7.7%
4. Bank of America Corporation5.1%
4. Empower5.1%
4. John Hancock5.1%
4. Voya Financial5.1%
Participant Call Centers/Phone Support
1. Fidelity Investments27.7%
2. Empower12.3%
3. John Hancock10.8%
4. Voya Financial7.7%
5. Capital Group, home of American Funds6.2%
5. Transamerica Retirement Solutions6.2%
5. T. Rowe Price6.2%
Participant Website & Online Tools
1. Empower25.7%
1. Fidelity Investments25.7%
3. John Hancock5.7%
3. Voya Financial5.7%
5. Nationwide Financial4.3%
5. Principal Financial Group4.3%
5. Schwab Retirement Plan Services, Inc.4.3%
5. Transamerica Retirement Solutions4.3%
5. T. Rowe Price4.3%
Participant Mobile Apps
1. Fidelity Investments37.1%
2. Empower27.4%
3. Voya Financial8.1%
4. Transamerica Retirement Solutions6.5%
5. Principal Financial Group4.8%
Participant Statements
1. Empower15.8%
2. Fidelity Investments12.3%
2. John Hancock12.3%
4. Capital Group, home of American Funds8.8%
5. Ascensus7.0%
5. Transamerica Retirement Solutions7.0%
Participant Enrollment materials / support / processing
1. John Hancock13.6%
1. Principal Financial Group13.6%
3. Empower11.9%
3. Fidelity Investments11.9%
5. Transamerica Retirement Solutions8.5%
Participant Financial education/wellness resources
1. Fidelity Investments19.0%
2. Empower17.2%
3. Principal Financial Group8.6%
3. John Hancock8.6%
3. T. Rowe Price8.6%
Plan Sponsor Website, Analytics & Reporting
1. Fidelity Investments25.0%
2. Empower14.1%
3. Principal Financial Group9.4%
4. John Hancock7.8%
4. Transamerica Retirement Solutions7.8%
Regulatory / Compliance Support and Services
1. Fidelity Investments15.0%
2. Empower11.7%
3. Voya Financial10.0%
4. Ascensus8.3%
4. John Hancock8.3%
Quality/Consistency of Client Service Teams
1. Fidelity Investments15.0%
2. Empower10.0%
3. John Hancock8.3%
3. Schwab Retirement Plan Services, Inc.8.3%
5. Principal Financial Group6.7%
5. T. Rowe Price6.7%
5. Voya Financial6.7%
Value for Price of Recordkeeping Services
1. Empower15.2%
2. Vanguard10.6%
3. Ascensus9.1%
4. Fidelity Investments7.6%
4. John Hancock7.6%
4. Voya Financial7.6%
Fee Clarity / Accounting / Disclosure / Benchmarking
1. Fidelity Investments12.5%
1. Vanguard12.5%
3. Empower10.9%
4. John Hancock9.4%
5. Ascensus7.8%
Plan Design Flexibility/Customization
1. Empower14.8%
2. Fidelity Investments11.5%
3. Ascensus8.2%
4. John Hancock6.6%
4. Newport6.6%
4. T. Rowe Price6.6%
Payroll Integration
1. Empower20.0%
2. ADP Retirement Services13.3%
3. Fidelity Investments11.7%
4. Ascensus8.3%
5. Principal Financial Group5.0%
5. Vanguard5.0%
Adviser Sales/Marketing Support
1. Empower13.8%
2. John Hancock12.1%
3. Capital Group, home of American Funds10.3%
3. Fidelity Investments10.3%
5. Vanguard6.9%
5. Voya Financial6.9%
Fee Structure for Advisers
1. Empower14.0%
2. Ascensus10.0%
3. Capital Group, home of American Funds8.0%
3. Fidelity Investments8.0%
3. John Hancock8.0%
Web Tools/Functionality for Advisers
1. Empower20.3%
2. Fidelity Investments18.6%
3. Ascensus6.8%
3. Capital Group, home of American Funds6.8%
5. John Hancock5.1%
5. Newport5.1%
5. Principal Financial Group5.1%
5. Schwab Retirement Plan Services, Inc.5.1%
5. Transamerica Retirement Solutions5.1%
5. T. Rowe Price5.1%
5. Vanguard5.1%
5. Voya Financial5.1%

Respondents could select up to five criteria for overall investment selection and three criteria for QDIA selection.