Clearly retirement plan providers aren’t doing enough

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.


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