RESEARCH |

2024
PLANADVISER Retirement Plan Adviser Survey

The 2024 Retirement Plan Adviser Survey sheds light on the criteria that advisers prioritize in fund and recordkeeper selection and reveals which companies advisers most like to work with.

Reported by PLANADVISER
PLANADVISER Retirement Plan Adviser Survey
Top-Rated Defined Contribution Plan Providers
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Top-Rated Defined Contribution Plan Providers

Top-Rated Defined Contribution Plan Providers

Overall Service, Micro Plans (<$5mm)
1) John Hancock Retirement Plan Services20.0%
2) Ascensus11.4%
3) Capital Group, home of the American Funds8.6%
4) Principal Financial Group7.1%
5) ADP Retirement Services5.7%
5) Empower Retirement5.7%
5) T. Rowe Price5.7%
Overall Service, Small Plans ($5mm – $50mm)
1) Voya Financial15.9%
2) Empower Retirement14.5%
3) Fidelity Investments13.0%
4) John Hancock Retirement Plan Services10.1%
4) Principal Financial Group10.1%
Overall Service, Midsize Plans (>$50mm – $200mm)
1) Fidelity Investments35.7%
2) Empower Retirement16.1%
2) Principal Financial Group16.1%
4) Transamerica Retirement Solutions5.4%
4) Voya Financial5.4%
Overall Service, Large Plans (>$200mm – $1b)
1) Fidelity Investments43.6%
2) Empower Retirement15.4%
2) Principal Financial Group15.4%
4) Ameritas5.1%
4) J.P. Morgan Asset Management5.1%
4) T. Rowe Price5.1%
Overall Service, Mega Plans (>$1b)
1) Fidelity Investments48.5%
2) Principal Financial Group18.2%
3) Empower Retirement15.2%
4) Ameritas6.1%
5) ADP Retirement Services3.0%
5) Bank of America3.0%
5) Nationwide Financial3.0%
5) T. Rowe Price3.0%
Participant Call Centers and Phone Support
1) Fidelity Investments20.5%
2) Empower Retirement17.8%
3) Principal Financial Group11.0%
4) John Hancock Retirement Plan Services8.2%
5) Capital Group, home of the American Funds6.8%
5) Voya Financial6.8%
Participant Website and Online Tools
1) Empower Retirement27.8%
2) Fidelity Investments20.8%
3) Principal Financial Group13.9%
4) Voya Financial6.9%
5) John Hancock Retirement Plan Services5.6%
Participant Mobile Apps
1) Fidelity Investments27.9%
2) Empower Retirement25.0%
3) Principal Financial Group16.2%
4) John Hancock Retirement Plan Services7.4%
4) Voya Financial7.4%
Participant Statements
1) Fidelity Investments25.0%
2) Principal Financial Group14.3%
3) Empower Retirement12.5%
4) John Hancock Retirement Plan Services8.9%
5) Voya Financial7.1%
Participant Enrollment Materials, Support and Processing
1) Fidelity Investments16.1%
1) John Hancock Retirement Plan Services16.1%
3) Empower Retirement12.9%
4) Principal Financial Group11.3%
5) Voya Financial8.1%
Participant Financial Education and Wellness Resources
1) Fidelity Investments25.4%
2) Principal Financial Group19.0%
3) Empower Retirement14.3%
4) John Hancock Retirement Plan Services12.7%
5) Capital Group, home of the American Funds4.8%
5) Voya Financial4.8%
Plan Sponsor Website, Analytics and Reporting
1) Empower Retirement31.0%
2) Fidelity Investments18.3%
3) Principal Financial Group11.3%
4) Capital Group, home of the American Funds5.6%
4) John Hancock Retirement Plan Services5.6%
Regulatory and Compliance Support and Services
1) Fidelity Investments20.0%
2) Empower Retirement18.5%
3) Principal Financial Group12.3%
4) John Hancock Retirement Plan Services9.2%
5) ADP Retirement Services4.6%
5) Voya Financial4.6%
Quality and Consistency of Client Service Teams
1) Fidelity Investments18.8%
2) Empower Retirement15.9%
3) Principal Financial Group10.1%
4) John Hancock Retirement Plan Services8.7%
4) Voya Financial8.7%
Service to MEPs and PEPs*
1) Transamerica Retirement Solutions18.4%
2) Empower Retirement15.8%
3) Principal Financial Group10.5%
4) Ascensus7.9%
5) ADP Retirement Services5.3%
5) Ameritas5.3%
5) The Standard5.3%
5) Voya Financial5.3%
Value for Price of Recordkeeping Services
1) Empower Retirement20.8%
2) Fidelity Investments11.1%
3) Capital Group, home of the American Funds8.3%
3) Principal Financial Group8.3%
5) Vanguard6.9%
5) Voya Financial6.9%
Fee Clarity, Accounting, Disclosure and Benchmarking
1) Fidelity Investments22.1%
2) Empower Retirement11.8%
3) Principal Financial Group8.8%
4) John Hancock Retirement Plan Services7.4%
5) ADP Retirement Services5.9%
5) Voya Financial5.9%
Plan Design Flexibility and Customization
1) Empower Retirement20.0%
2) John Hancock Retirement Plan Services16.9%
3) Fidelity Investments13.8%
4) Principal Financial Group10.8%
5) Transamerica Retirement Solutions6.2%
5) Voya Financial6.2%
Payroll Integration
1) Empower Retirement19.4%
2) Fidelity Investments17.7%
3) ADP Retirement Services11.3%
4) Principal Financial Group9.7%
4) Voya Financial9.7%
Adviser Sales and Marketing Support
1) Fidelity Investments15.9%
2) Empower Retirement12.7%
2) John Hancock Retirement Plan Services12.7%
4) Capital Group, home of the American Funds9.5%
4) Principal Financial Group9.5%
Fee Structure for Advisers
1) Empower Retirement15.3%
1) Fidelity Investments15.3%
1) Principal Financial Group15.3%
4) Capital Group, home of the American Funds8.5%
5) John Hancock Retirement Plan Services6.8%
Web Tools and Functionality for Advisers
1) Fidelity Investments21.0%
2) Empower Retirement19.4%
3) Principal Financial Group12.9%
4) John Hancock Retirement Plan Services8.1%
5) Voya Financial6.5%

*Multiple Employer Plans or Pooled Employer Plans