According to the J.D. Power 2020 U.S. Retirement Plan Participant Satisfaction Study, most plan providers aren’t helping participants in the participants’ eyes.
Just 27% of retirement plan participants say they have accessed professional financial advice related to their plan, and 29% are either unaware of whether such advice is available or perceive that it is not available to them. 22% of retirement plan participants say they’ve had no interaction with their provider during the past 12 months.
Before plan providers get twisted in a knot, remember this is a survey of plan participants and their perception may not be fully grounded in reality. Communicating with participants effectively is always a challenge and it’s one of the greatest challenges that a provider can go through.