Cogent Wealth Reports

Defined contribution (DC) providers are regularly gated from their end customer—DC participants—by plan sponsors, making it incredibly difficult to build deep relationships and serve participants’ holistic financial planning needs. Without input from the end customer, providers have no insight into how participants’ perceptions of their firm are shaped.


DC Participant Planscape™ looks at the defined contribution plan participant experience and asks participants the questions your firm can’t ask them. The report benchmarks the top plan providers using critical satisfaction measures and examines the attitudes and perceptions that inform participant behavior. Maximize participant contributions and engagement levels, leverage cross-sell opportunities and attract rollover dollars with this report.

Value

The report will enable subscribers to:

Maximize Participant Satisfaction
Uncover the features, offerings and retirement tools participants want from providers to maximize satisfaction and retain assets

Identify Cross-Sell Opportunities
Develop successful cross-sell programs and validate participants’ desire for additional contact from plan providers

Attract Rollover Dollars
Identify the factors participants consider when selecting a rollover IRA provider to keep current plan assets in-house and attract new rollover dollars

 

Methodology

  • 4,600 DC plan participants actively contributing to a DC plan and/or have at least $5,000 in a former employer’s DC plan
  • Web-based survey
  • Statistically representative sampling using US census data to mirrors the engaged participant universe by gender, region, age, education and household income

 

Subscription Details

Publication Date: September 2017

Deliverables:

  • Detailed report including a summary of findings and strategic implications
  • On-site strategy session and presentation designed to deliver actionable results and facilitate strategic planning
  • Custom data cuts and survey work by senior
    analysts

Investment: $35,000

Areas of Inquiry

Plan Provider Satisfaction and Loyalty

  • Satisfaction with provider relationship across key attributes
  • Drivers of satisfaction with plan provider
  • Current and desired contact with providers
  • Advice and guidance needs for retirement planning
  • Loyalty to current plan provider

Participant Contribution Behavior

  • Length of time contributing to an ESRP
  • Usage and appeal of automatic plan features
  • Likelihood to increase contribution amount
  • Reasons for decreasing contribution amount

DC Investing Behavior

  • Risk tolerance
  • Confidence in current financial situation
  • Appeal of specific financial wellness components
  • Use of financial advisor, investment representative or robo-advisor
  • Likelihood to leave assets with former plan provider
  • Products and accounts most commonly used for retirement

Cross-Sell/Rollover Opportunities

  • Most effective communication method
  • Most common print and online sources for retirement education
  • Awareness of the full range of provider products and services
  • Drivers of consideration of products and services outside the plan
  • Perception of retirement planning services and solutions of top firms
  • Consideration of top providers for rollover IRAs, taxable brokerage accounts, annuities and 529 plans

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