RESEARCH |

2023
PLANADVISER Retirement Plan Adviser Survey

Reported by PLANADVISER | Art by James Yang
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 Hancock17.2%
2) Ascensus11.7%
3) Capital Group, home of American Funds7.8%
4) Empower7.0%
5) ADP Retirement Services6.3%
5) Voya Financial6.3%
7) Principal Financial Group4.7%
7) The Standard4.7%
7) Vestwell4.7%
Overall Service, Small Plans ($5MM – $50MM)
1) Empower20.3%
2) John Hancock12.5%
3) Fidelity Investments9.4%
4) Principal Financial Group7.0%
5) Ascensus6.3%
5) Voya Financial6.3%
7) ADP Retirement Services4.7%
Overall Service, Midsize Plans (>$50MM – $200MM)
1) Fidelity Investments32.4%
2) Empower16.7%
3) T. Rowe Price9.8%
4) John Hancock8.8%
5) Bank of America Corporation4.9%
5) Voya Financial4.9%
7) ADP Retirement Services3.9%
7) Schwab Retirement Plan Services, Inc.3.9%
Overall Service, Large Plans (>$200MM – $1B)
1) Fidelity Investments52.9%
2) Empower7.4%
3) Vanguard5.9%
4) Bank of America Corporation4.4%
4) Principal Financial Group4.4%
6) Ameritas2.9%
6) EPIC Retirement Plan Services2.9%
6) John Hancock2.9%
6) Schwab Retirement Plan Services, Inc.2.9%
6) T. Rowe Price2.9%
6) Voya Financial2.9%
Overall Service, Mega Plans (>$1B)
1) Fidelity Investments48.3%
2) Empower10.3%
3) Vanguard8.6%
4) Principal Financial Group6.9%
5) Bank of America Corporation5.2%
6) EPIC Retirement Plan Services3.4%
6) Schwab Retirement Plan Services, Inc.3.4%
6) Voya Financial3.4%
Participant Call Centers / Phone Support
1) Fidelity Investments19.4%
2) Empower13.7%
3) John Hancock11.3%
4) Principal Financial Group8.1%
5) Capital Group, home of American Funds7.3%
6) Voya Financial6.5%
7) ADP Retirement Services4.0%
7) T. Rowe Price4.0%
Participant Website and Online Tools
1) Empower28.1%
2) Fidelity Investments21.5%
3) John Hancock10.7%
4) Principal Financial Group9.9%
5) Voya Financial5.0%
6) T. Rowe Price4.1%
7) ADP Retirement Services3.3%
Participant Mobile Apps
1) Fidelity Investments23.6%
2) Empower21.8%
3) Principal Financial Group10.0%
4) John Hancock9.1%
4) Voya Financial9.1%
6) ADP Retirement Services4.5%
6) T. Rowe Price4.5%
Participant Statements
1) Empower16.0%
2) Fidelity Investments13.0%
2) John Hancock13.0%
4) Principal Financial Group10.0%
5) Capital Group, home of American Funds7.0%
6) ADP Retirement Services6.0%
6) Voya Financial6.0%
Participant Enrollment Materials / Support / Processing
1) Empower14.2%
1) Fidelity Investments14.2%
3) John Hancock10.4%
3) Principal Financial Group10.4%
5) Capital Group, home of American Funds6.6%
5) T. Rowe Price6.6%
7) ADP Retirement Services5.7%
7) Voya Financial5.7%
Participant Financial Education / Wellness Resources
1) Fidelity Investments27.1%
2) Empower17.8%
3) Principal Financial Group14.0%
4) Voya Financial6.5%
5) John Hancock5.6%
5) T. Rowe Price5.6%
7) Bank of America Corporation4.7%
Plan Sponsor Website, Analytics and Reporting
1) Empower23.9%
2) Fidelity Investments17.1%
3) John Hancock12.8%
4) Voya Financial6.8%
5) Principal Financial Group6.0%
6) ADP Retirement Services5.1%
7) Schwab Retirement Plan Services, Inc.3.4%
7) T. Rowe Price3.4%
Regulatory / Compliance Support and Services
1) Fidelity Investments18.8%
2) Empower15.2%
3) John Hancock9.8%
4) Ascensus7.1%
5) ADP Retirement Services5.4%
5) Principal Financial Group5.4%
7) EPIC Retirement Plan Services3.6%
7) Voya Financial3.6%
Quality / Consistency of Client Service Teams
1) Empower14.4%
2) Fidelity Investments13.5%
3) John Hancock12.6%
4) Principal Financial Group8.1%
5) Voya Financial7.2%
6) T. Rowe Price6.3%
7) ADP Retirement Services5.4%
7) Capital Group, home of American Funds5.4%
Service to MEPs / PEPs*
1) Transamerica21.2%
2) Newport9.1%
3) Principal Financial Group7.6%
4) Pentegra6.1%
4) Voya Financial6.1%
6) Empower4.5%
6) Fidelity Investments4.5%
6) John Hancock4.5%
6) T. Rowe Price4.5%
Value for Price of Recordkeeping Services
1) Empower14.3%
2) Voya Financial10.1%
3) Ascensus9.2%
3) John Hancock9.2%
5) Fidelity Investments8.4%
6) Capital Group, home of American Funds6.7%
7) ADP Retirement Services5.0%
7) T. Rowe Price5.0%
Fee Clarity /Accounting / Disclosure / Benchmarking
1) Fidelity Investments14.2%
2) Capital Group, home of American Funds9.7%
3) Ascensus8.0%
3) Vanguard8.0%
5) ADP Retirement Services7.1%
5) Empower7.1%
7) John Hancock6.2%
7) Principal Financial Group6.2%
Plan Design Flexibility / Customization
1) Empower15.9%
2) John Hancock14.0%
3) Fidelity Investments9.3%
4) Principal Financial Group8.4%
5) Capital Group, home of American Funds5.6%
6) Bank of America Corporation4.7%
7) Ascensus3.7%
7) T. Rowe Price3.7%
7) Transamerica3.7%
Payroll Integration
1) Empower29.1%
2) ADP Retirement Services14.6%
3) Fidelity Investments9.7%
4) John Hancock7.8%
5) Principal Financial Group5.8%
6) Paychex, Inc.4.9%
6) T. Rowe Price4.9%
Adviser Sales / Marketing Support
1) Empower18.3%
2) John Hancock16.5%
3) Fidelity Investments10.1%
4) Capital Group, home of American Funds7.3%
4) Voya Financial7.3%
6) Principal Financial Group5.5%
6) T. Rowe Price5.5%
Fee Structure for Advisers
1) Empower21.3%
2) John Hancock10.6%
3) Fidelity Investments9.6%
4) Principal Financial Group8.5%
5) T. Rowe Price6.4%
5) Voya Financial6.4%
7) Ascensus5.3%
7) Capital Group, home of American Funds5.3%
Web Tools / Functionality for Advisers
1) Empower20.6%
2) Fidelity Investments18.6%
3) John Hancock11.8%
4) Principal Financial Group7.8%
5) Voya Financial6.9%
6) ADP Retirement Services4.9%
6) Capital Group, home of American Funds4.9%

*Multiple Employer Plans / Pooled Employer Plans