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2017 Monitor Awards Gold Winners: Retirement

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Welcome to the fifth annual Retirement Plan Monitor Awards. This report highlights the best retirement plan resources and features that lead the online defined contribution plan participant experience. This year, we distribute awards in six categories: Participant Homepage, Participant Account Data, Transaction Capabilities, Educational Resources, Tools and Calculators, and Mobile Participant Experience. Within each category, we award gold, silver or bronze medals based on how well firms meet our criteria.

The gold medal is reserved for capabilities that offer an exceptionally valuable and comprehensive service to customers in a user-friendly, well-designed interface. The silver medal recognizes functionalities that provide strong capabilities while suffering from a few small flaws. Finally, a bronze medal goes to features that, though imperfect, offer participants an excellent or uniquely valuable service.

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2017 Monitor Awards Gold Winners: Retirement

  1. 1. Retirement Plan Monitor 2017 Gold Medal Winners
  2. 2. Corporate Insight provides competitive intelligence, consulting and user experience research to the nation's leading financial, health and education institutions. For more than two decades, the firm has tracked technological developments in the end-user online experience, identifying best practices in online financial services and investing, mobile finance, social media and other emerging areas. Corporate Insight offers subscription-based Monitor services in 15 verticals, including banking, healthcare and alumni relations, along with custom research, digital capabilities audits, special studies, user research and other consulting services. About CI 2 Connect with CI
  3. 3. Retirement Plan Monitor Awards 3 Connect with CI Welcome to the fifth annual Retirement Plan Monitor Awards Report. This report highlights the best retirement plan resources and features that lead the online defined contribution plan participant experience. This year, we distribute awards in six categories: Participant Homepage, Participant Account Data, Transaction Capabilities, Educational Resources, Tools and Calculators, and Mobile Participant Experience. Within each category, we award gold, silver or bronze medals based on how well firms meet our criteria. The gold medal is reserved for capabilities that offer an exceptionally valuable and comprehensive service to customers in a user-friendly, well-designed interface. The silver medal recognizes functionalities that provide strong capabilities while suffering from a few small flaws. Finally, a bronze medal goes to features that, though imperfect, offer participants an excellent or uniquely valuable service.
  4. 4. Medal Chart 4 Connect with CI Firm Medal Count Charles Schwab Empower Retirement Fidelity John Hancock Principal Prudential TIAA T. Rowe Price Vanguard Voya Financial Wells Fargo
  5. 5. Category Overview Participant Homepage and Dashboard Participant Account Data Transaction Capabilities Educational Resources Tools and Calculators Promote Your Firm’s 2017 Monitor Awards! Corporate Insight is happy to assist all award-winning firms in promoting their honors. For more information, contact us at pr@corporateinsight.com. Mobile Participant Experience
  6. 6. The homepage and account dashboards are the first places where plan participants form impressions of their recordkeepers, and usage statistics show that many users do not advance beyond these screens when accessing their account information digitally. As such, it is essential for firms to provide well-balanced, attractive homepages and account dashboards that incorporate a variety of account data, retirement readiness analysis, resources and links to key site functionality. Due to varying business models, certain firms leverage the participant site homepage as the account dashboard while others maintain separate pages, with the homepage providing portfolio-level details and the dashboard offering data specific to a selected plan. Participant Homepage and Dashboard 6 Wells Fargo remains the leader in the coverage set, earning the gold medal for the third consecutive year. The best-in-class homepage also serves as the account dashboard and offers a comprehensive, well-rounded selection of account data with visualizations, a robust retirement income projection tool and a variety of additional resources. © CORPORATE INSIGHT
  7. 7. Participant Account Data 7 A firm understanding of account balances, contributions, holdings and performance is essential to success in retirement planning. In this category, we examine the information and organizational structure that recordkeepers offer participants to inform them about their retirement accounts. We also include analysis of account statements, which many participants use to understand their accounts. © CORPORATE INSIGHT T. Rowe Price made a number of key account-data- related enhancements to its participant site during 2017 that, coupled with the tweaks to the category attribute weights, resulted in the firm taking over the top spot this year. The firm’s most notable additions this year are its new homepage and its new personalized account information resources, the Your Retirement Plan videos.
  8. 8. TIAA continues its dominance at the top of the podium in this category, earning its fourth consecutive gold medal. The firm provides seamless access to all transactions from links within the My Account main menu flyout tab and also offers an intuitive Actions page that summarizes and links to each transaction. Transaction Capabilities 8 Participants’ abilities to manage their retirement plans online instead of through a plan sponsor or intermediary is vital to the digital experience. Accordingly, firms must provide plan participants with the capability to conduct a variety of common transactions online, such as changing the contribution rate, rebalancing the portfolio, changing current and future investments, conducting a rollover, and taking money out of the plan via loans or withdrawals. © CORPORATE INSIGHT
  9. 9. Educational Resources 9 Financial literacy with retirement concepts is essential to success in retirement planning; however, it represents only one piece of the puzzle. Outside financial factors, such as student loans, credit card debt and medical expenses, can also represent major hurdles impeding participants’ abilities to prepare for retirement adequately. With this in mind, we analyze both financial wellness and retirement-focused educational content within this category to place proper emphasis on the importance of each and how they complement one another to help participants achieve their savings goals. © CORPORATE INSIGHT Fidelity earns its fifth consecutive gold medal in this category and has proven to be the gold standard in participant educational resources every year of these awards. The firm continues to provide quality content that covers a comprehensive range of retirement and financial wellness topics. The resources come in a wide variety of formats, an important element of an effective education suite because different mediums inherently vary in terms of the level of content complexity, detail and interactivity.
  10. 10. Tools and Calculators 10 Retirement-focused tools and calculators can help participants accomplish any number of tasks, ranging from providing retirement income estimates to determining the impact of changing the deferral rate on take-home pay. However, financial wellness tools that help individuals budget for additional goals, such as saving for college and healthcare expenses, building an emergency fund or a buying new home, are also important. Similar to the Educational Resources category, we analyze both financial wellness and retirement-focused tool content within this category. © CORPORATE INSIGHT Fidelity wins the gold medal in this category for the fifth year in a row. The firm bolstered its calculator suite by adding a new College Savings calculator this year. Fidelity provides impressive suites of personal finance and retirement-specific calculators in addition to a best-in- class retirement readiness tool.
  11. 11. Mobile Participant Experience 11 Mobile accessibility has become a crucial component of the overall DC plan participant digital experience, and our survey data shows engagement with the plan via mobile channels is on the rise. The increased reliance on mobile over desktop computing makes it particularly important that firms provide a highly usable mobile platform. In this category, we examine the overall mobile experience provided to participants and specifically reward firms for providing an optimized experience to both phone and tablet users. © CORPORATE INSIGHT Fidelity earns the gold in this category for the second consecutive year and continues to offer a best-in-class mobile participant experience. The firm cemented its spot by making a number of enhancements to its phone and tablet apps, adding retirement readiness data, a contribution impact tool and profile management capabilities.
  12. 12. 12 Connect with CI Senior Analyst Retirement Plan Monitor 646-751-6975 away@corporateinsight.com Andrew Way Contact Us

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