November 1, 2022 | Stamford, CT — Although plan sponsors and investment consultants give high marks to their retirement recordkeepers, both groups are asking recordkeepers to step up their game with new products and services that help plan participants achieve a state of “financial wellness.” 

More than 80% of U.S. plan sponsors participating in a new study from Coalition Greenwich rate their recordkeepers as “excellent/very good” in both retirement savings tools and plan services such as reporting, administrative support and regulatory and compliance communications. Plan sponsors also express strong satisfaction with most aspects of recordkeeper technology platforms. Plan sponsors in the study named Vanguard as the No. 1 recordkeeper in terms of overall satisfaction, with Fidelity and Vanguard most frequently recommended by consultants.

Better Decisions and Outcomes
However, in a world of increasingly complex and challenging markets, plan sponsors are asking their recordkeepers to expand their offerings to assist them in guiding plan participants to better retirement decisions and outcomes. 

Consultants are looking for recordkeepers to improve the simplicity, interactivity and mobile access of technology offerings. Plan sponsors want their recordkeepers to help educate participants about financial issues, advise them on financial planning and strategy, and equip them with increasingly sophisticated financial products—including enhanced target-date funds, and environmental, social and governance (ESG) offerings that allow participants to align their strategies with their values.

“Going forward, recordkeeper performance will increasingly be judged on the ability to meet these new demands and help plan participants achieve a state of financial wellness,” says Susan Gould, Senior Relationship Manager at Coalition Greenwich and author of Retirement Recordkeeping: Insights from Plan Sponsors and Consultants.

Retirement Recordkeeping: Insights from Plan Sponsors and Consultants presents a comprehensive look at the quality of products, services and client relationships provided by retirement recordkeepers, as determined by ratings from 145 U.S. plan sponsors and 15 U.S. consultants. The report provides detailed client ratings across a range of categories spanning reporting, administrative support, regulatory and compliance communications, retirement services, and technology platforms. It also analyzes changes in plan sponsor needs and expectations, and provides a deep dive into areas of burgeoning demand, including participant education, target-date funds and ESG.