TIAA, Fidelity, and T. Rowe Price have the highest-ranking digital experiences, according to a new report out today by research consultant Corporate Insight (CI).
The firm announced the release of its inaugural DC Plan Sponsor Website Experience Benchmark report, evaluating the digital experiences from leading U.S. recordkeepers.
In its report, Corporate Insight recognizes TIAA as the top-performing recordkeeper with a score of 77 out of 100, followed by Fidelity and T. Rowe Price, with scores of 76 and 74, respectively. Scores in the report ranged from 77 to 45.
“TIAA leads overall with top-three finishes in five of the seven categories,” said Kara Sostar, a research manager at CI. “It’s score in Plan Administration is the highest for any firm in any category in this report. Second-place firm Fidelity also offers a well-rounded experience, finishing top-five in every category.”
“T. Rowe Price’s third-place position is notable, given its relatively small market share,” added Andrew Denegre, a senior analyst at CI. “It’s a testament to the impact of the firm’s recent investments in areas like reporting and alerts.”
The benchmark evaluated 14 retirement plan providers across seven categories, including Participant Data & Management, Plan Information, Design & Navigation, Plan Administration, Profile & Settings, Reporting, and Support. It found that plan sponsors listed plan fees and costs as their top consideration when choosing a provider, with 45% of employers prioritizing this.
CI touts its report as an “unbiased assessment of how recordkeepers stack up against each other in terms of information, functionality, design, navigation, and usability.”
“Our proprietary grading criteria and survey-backed framework build on over a decade of research, allowing us to provide a clear view of how well these digital platforms support the needs of plan sponsors,” added Sostar.
Almost all plan sponsors surveyed (87%) ranked participant balance details as a top priority, with firms like Empower, Fidelity, and Principal placing high in this category.
Plan sponsors also described a need for better navigation and usability, and 85% of plan sponsors said its critical for them to easily access information. Principal placed top marks in this category, with a homepage that balances plan information with pathways to plan functions.
SEE ALSO:
Stifel, Commonwealth Keep Top Spots in J.D. Power Advisor Satisfaction Rankings
J.P. Morgan Wealth Management Tops J.D. Power’s Digital Experience Rankings
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
