SURVEY |
2023
Best in Class DC Providers
Tktk This year’s Best in Class providers represent an evolving set of best practices.
Reported by PLANSPONSOR
| Art by Giulio Bonasera
Service Ratings
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Plan Assets >$1B
The market for the largest retirement plans had the highest satisfaction score, its rating of investments and fees tying with that of the >$25MM through $50MM market at 75%. It also gave participant services their second highest rating: 67%. Satisfaction with sponsor services and support, however, was lower here than in the rest of the asset sizes, at 61%.
Top 5 Providers
| by Net Recommendation/Promoter Score* | |||
|---|---|---|---|
| 1 | Charles Schwab | 94.40% | |
| 2 | Voya | 70.00% | |
| 3 | Nationwide | 63.60% | |
| 4 | Empower Retirement | 55.60% | |
| 5 | Fidelity | 53.80% | |
| *Net Recommendation/Promoter Score is based on Satmetrix Systems' Net Promoter ScoreSM methodology and represents an overall percentage of respondents likely to recommend the provider minus those who are 'neutral' or 'likely to recommend against.
| |||
| Participant Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 85.60% | 5 |
| 2 | Nationwide | 83.60% | 4 |
| 3 | Voya | 62.20% | 0 |
| 4 | Fidelity | 55.40% | 1 |
| 5 | Empower Retirement | 48.20% | 0 |
| Plan Sponsor Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 83.30% | 2 |
| 2 | Nationwide | 66.70% | 0 |
| 3 | Empower Retirement | 60.00% | 1 |
| 4 | Voya | 50.00% | 1 |
| 5 | Fidelity | 46.20% | 0 |
| Plan Admistration | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 86.50% | 3 |
| 2 | Nationwide | 71.00% | 2 |
| 3 | Voya | 53.60% | 0 |
| 4 | Empower Retirement | 50.90% | 0 |
| 5 | Fidelity | 50.00% | 1 |
| Investment & Fees | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 100.00% | 2 |
| 2 | Voya | 81.80% | 0 |
| 3 | Nationwide | 81.30% | 0 |
| 4 | Fidelity | 65.40% | 2 |
| 5 | Empower Retirement | 47.80% | 0 |
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