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DC Industry Leaders: Record Keepers

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Methodology

The following outlines the 2018 DC Record Keeper survey: 
  • 44 Record Keepers were nominated to the ballot from 472 voters.
  • Institutional Plan Advisors (+$100m DC assets, multiple plans) selected the top 3 Record Keepers they show in client presentations.
  • On each Record Keeper, an Institutional Plan Advisor (IPA) responded to 10 qualitative questions on the Record Keeper using a scale of 1 through 5 with 5 being the best.
  • Each question had detailed guidance on the attributes that a voter should consider for the question.
  • The average voter response was calculated on each question and then summed up where scores were ranked from highest to lowest. 
 Here are the 10 questions that were asked:  
  1. Please rate your top three Record Keepers on overall satisfaction on all aspects of the relationship such as product and service quality, investments, support, pricing, and compensation.
  2. Please rate your three Record Keepers on best value for the dollar.
    1. Please rate the wholesalers of your 3 Record Keepers. Consider the following attributes when making your overall assessment:
    2. Accessibility/availability/responsiveness
    3. Expertise in the retirement industry
    4. Willingness to participate in sales presentations and events
    5. Low turnover
    6. Internal wholesalers
    7. Practice Management Assistance/integration
    8. Client Acquisition/ Business Building
    9. Value Add Tools
  3. Regarding the service and support that your Record Keepers provide to you, please rate them considering the following attributes:
    1. Easy to do business with
    2. Call centers for Plan Participants
    3. Fiduciary training
    4. Plan consultants (i.e., “Client Relationship Manager” & “Plan Manager”)
    5. Technology
    6. Value add and practice management tools
    7. Plan health
    8. Fiduciary services and outsourcing
  4. How are the participant education & financial wellness services of your Record Keepers? Here are the attributes that you should consider when rating them.
    1. Online participant services
    2. Employee education/financial literacy
    3. Financial wellness programs
  5. Please tell us about the investments that your Record Keepers offer by considering the following attributes:
    1. Breadth of investment options offered
    2. Access to non-proprietary target date offerings
    3. Target Date Funds or other asset allocation funds
    4. Quality of capital preservation funds such as stable value and fixed income
    5. Fee transparency
    6. Share class flexibility
  6. How do you perceive the brand image of your Record Keepers? Please consider the following attributes in your assessment.
    1. Financial resources necessary to offer plan 
    2. Good brand with clients and prospects - easy to sell
    3. A thought-leader in the DC market
    4. Partners with you for your success
    5. Effective re-pricing program to maintain plans at competitive market levels
  7. How is the sales and marketing support provided by your Record Keepers? Consider the following attributes for your overall rating.
    1. Timely response to RFPs
    2. Quality/accuracy of response to RFPs
    3. Quality of Record Keeper team at final presentations
    4. How would you rate your Record Keepers on pricing when considering all of the following?
    5. Pricing flexibility
    6. Pricing Transparency 
    7. Price competitiveness 
  8. How would you rate your Record Keepers on ERISA/compliance?