RESEARCH |

2025
PLANADVISER Retirement Plan Adviser Survey

The 2025 Retirement Plan Adviser Survey sheds light on the criteria that advisers prioritize in fund and recordkeeper selection.

Reported by PLANADVISER
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 (<$5M)
1) Ascensus16.7%
2) Empower Retirement11.1%
2) J.P. Morgan Asset Management11.1%
4) Capital Group, home of the American Funds7.4%
4) Vestwell7.4%
Overall Service, Small Plans ($5M – $50M)
1) Empower Retirement21.4%
2) Fidelity Investments14.3%
3) Principal Financial Group12.5%
4) Voya Financial10.7%
5) John Hancock Retirement Plan Services7.1%
Overall Service, Midsize Plans (>$50M – $200M)
1) Fidelity Investments30.2%
2) Empower Retirement16.3%
3) Principal Financial Group14.0%
4) Bank of America4.7%
4) John Hancock Retirement Plan Services4.7%
4) Transamerica Retirement Solutions4.7%
4) Voya Financial4.7%
Overall Service, Large Plans (>$200M – $1B)
1) Fidelity Investments35.3%
2) Empower Retirement20.6%
3) Principal Financial Group11.8%
4) Capital Group, home of the American Funds5.9%
4) T. Rowe Price5.9%
Overall Service, Mega Plans (>$1B)
1) Fidelity Investments51.9%
2) Empower Retirement18.5%
3) Guideline7.4%
3) Principal Financial Group7.4%
5) ADP Retirement Services3.7%
5) Alight Solutions3.7%
5) Bank of America3.7%
5) Equitable3.7%
Overall Service, 403(b) Plans
1) Empower Retirement18.4%
2) Voya Financial15.8%
3) TIAA10.5%
4) Ascensus7.9%
4) Fidelity Investments7.9%
4) Transamerica Retirement Solutions7.9%
Overall Service, 457 Plans
1) Empower Retirement30.3%
2) Voya Financial18.2%
3) Fidelity Investments12.1%
4) Principal Financial Group6.1%
4) Transamerica Retirement Solutions6.1%
Overall Service, MEPs or PEPs*
1) Ascensus18.5%
1) Transamerica Retirement Solutions18.5%
3) Empower Retirement14.8%
4) Principal Financial Group11.1%
5) The Standard7.4%
Overall Service, NQDC Plans
1) Principal Financial Group28.1%
2) Empower Retirement12.5%
2) Newport Group12.5%
4) Ascensus9.4%
4) Voya Financial9.4%
Participant Call Centers and Phone Support
1) Fidelity Investments21.1%
2) Empower Retirement15.8%
2) Principal Financial Group15.8%
4) Bank of America5.3%
4) Equitable5.3%
4) John Hancock Retirement Plan Services5.3%
4) The Standard5.3%
4) Vanguard5.3%
4) Voya Financial5.3%
Participant Website and Online Tools
1) Fidelity Investments27.9%
2) Empower Retirement23.3%
3) Voya Financial11.6%
4) John Hancock Retirement Plan Services7.0%
4) T. Rowe Price7.0%
Participant Mobile Apps
1) Fidelity Investments26.7%
2) Empower Retirement24.4%
3) Principal Financial Group11.1%
4) Voya Financial6.7%
5) Bank of America4.4%
5) Guideline4.4%
5) John Hancock Retirement Plan Services4.4%
5) Schwab Retirement Plan Services4.4%
5) Vanguard4.4%
Participant Statements
1) Fidelity Investments27.0%
2) Empower Retirement21.6%
3) John Hancock Retirement Plan Services10.8%
4) Bank of America8.1%
4) Principal Financial Group8.1%
Participant Enrollment Materials, Support and Processing
1) Empower Retirement28.2%
2) Fidelity Investments15.4%
3) T. Rowe Price10.3%
4) John Hancock Retirement Plan Services7.7%
4) Principal Financial Group7.7%
Participant Financial Education and Wellness Resources
1) Empower Retirement23.7%
2) Fidelity Investments18.4%
3) John Hancock Retirement Plan Services10.5%
4) T. Rowe Price7.9%
5) Capital Group, home of the American Funds5.3%
5) Principal Financial Group5.3%
5) The Standard5.3%
5) Voya Financial5.3%
Plan Sponsor Website, Analytics and Reporting
1) Empower Retirement24.4%
2) Fidelity Investments17.1%
3) Principal Financial Group14.6%
4) Ascensus9.8%
5) Vestwell7.3%
Regulatory and Compliance Support and Services
1) Empower Retirement17.6%
2) Fidelity Investments14.7%
2) Principal Financial Group14.7%
4) Ascensus8.8%
5) Bank of America5.9%
5) T. Rowe Price5.9%
5) Transamerica Retirement Solutions5.9%
5) Voya Financial5.9%
Quality and Consistency of Client Service Teams
1) Fidelity Investments15.4%
1) Principal Financial Group15.4%
3) Empower Retirement10.3%
4) Ascensus7.7%
4) John Hancock Retirement Plan Services7.7%
4) T. Rowe Price7.7%
Value for Price of Recordkeeping Services
1) Ascensus17.8%
2) Empower Retirement13.3%
3) T. Rowe Price11.1%
4) John Hancock Retirement Plan Services8.9%
4) Vestwell8.9%
Fee Clarity, Accounting, Disclosure and Benchmarking
1) Empower Retirement18.4%
2) Fidelity Investments10.5%
2) Principal Financial Group10.5%
4) Ascensus7.9%
4) Schwab Retirement Plan Services7.9%
Plan Design Flexibility and Customization
1) Fidelity Investments16.7%
2) Empower Retirement13.9%
2) John Hancock Retirement Plan Services13.9%
4) Ascensus8.3%
4) Principal Financial Group8.3%
4) Voya Financial8.3%
Payroll Integration
1) Fidelity Investments15.4%
2) ADP Retirement Services10.3%
2) Empower Retirement10.3%
4) Human Interest7.7%
4) Transamerica Retirement Solutions7.7%
4) Vestwell7.7%
Adviser Sales and Marketing Support
1) Fidelity Investments18.4%
2) Empower Retirement15.8%
3) Principal Financial Group10.5%
3) Voya Financial10.5%
5) John Hancock Retirement Plan Services7.9%
Fee Structure for Advisers
1) Empower Retirement21.2%
2) Principal Financial Group12.1%
3) Ascensus9.1%
3) Fidelity Investments9.1%
3) T. Rowe Price9.1%
3) Voya Financial9.1%
Web Tools and Functionality for Advisers
1) Empower Retirement25.6%
2) Fidelity Investments15.4%
3) Principal Financial Group10.3%
4) Voya Financial10.3%
5) Ascensus7.7%
5) Vestwell7.7%

*Multiple Employer Plans or Pooled Employer Plans