A Closer Look at Online Retirement Planners

858 views
747 views

Published on

This presentation is based on research from our recent 42-page Retirement Plan Monitor report – Retirement Planners: More than the Average Calculator. The report focuses on the online retirement planning resources offered to participants by leading plan providers.

Inside, we take a high-level look at the key findings from the report and best practices from industry leading firms. The slide deck concludes with a set of recommendations for improving your firm’s retirement planning tools.

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
858
On SlideShare
0
From Embeds
0
Number of Embeds
139
Actions
Shares
0
Downloads
6
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

A Closer Look at Online Retirement Planners

  1. 1. PREPARING FOR RETIREMENTCOPYRIGHTCORPORATEINSIGHT,INC.A CLOSER LOOK AT ONLINE RETIREMENT PLANNING RESOURCESAUTHOR: DREW MARESCA – SENIOR ANALYST, RETIREMENT PLAN MONITORDECEMBER 2012 RETIREMENT PLAN MONITOR REPORTCorporateinsight.com | Blog | Twitter | LinkedIn | Facebook | SlideShare | Google+
  2. 2. ABOUT CORPORATE INSIGHT2ABOUTUSConnect With UsCorporate Insight provides competitive intelligence and user experience research to the nation’sleading financial institutions. For over 20 years, the firm has tracked technological developmentsin the financial services industry, identifying best practices in online banking and investing, onlineinsurance, mobile finance, active trading platforms, social media and other emerging areas. Thereare no assumptions in Corporate Insight’s work – we use live accounts at all of the firms weresearch, providing our clients with unparalleled, unbiased intelligence on the competition.For additional information on Corporate Insight, please visit www.corporateinsight.com/about-us.Ben PoustyMarketing Manager212-832-2002 x-134bpousty@corporateinsight.comDrew MarescaSenior Analyst – Retirement PlanMonitor212-832-2002 x-122dmaresca@corporateinsight.com
  3. 3. 3ABOUT RETIREMENT PLAN MONITORRetirement Plan Monitor explores the actual participant experience offered by leading defined contribution plan providers.Utilizing live 401(k) and 403(b) accounts, the Retirement Plan Monitor research service continuously tracks and analyzes theonline and offline user experience offered by your competitors. Our research focuses on website design and usability, onlinetools and transaction capabilities, education resources, client account documents, plan pricing, fees and more.Retirement Plan Monitor DeliverablesRetirement Plan Monitor subscriptions are company-wide. A single subscription makes the service available to all employeeswithout seat licenses or restrictions. The service includes a variety of deliverables that collectively provide a comprehensivelook at the online plan participant experience being offered by your competitors and other leading plan providers:Monthly Reports – In-depth reports that thoroughly examine key aspects of the online participant experience includingaccount information, transaction capabilities, educational resources, account documents and more.Monthly reports feature: Detailed reviews and assessments of each Retirement Plan Monitor firm Industry-wide best practices summaries Actionable recommendations for improving your firm’s offeringsMonthly Updates – Comprehensive review of updates and changes to competitor plan participant websites with anemphasis on website design and usability, account information, transaction capabilities, interactive tools and more.Participant Website Videos – Go behind-the-login and take a first-hand look at the online resources being offered to planparticipants by competitor firms.Participant Collateral Materials – All collateral materials and communications that we receive are available for subscribers toview or download online. This includes statements, confirmations, newsletters, marketing pieces, disclosure documents andemail communications.Competitor Matrices – Breakdown of the key online features offered by all 18 Retirement Plan Monitor firms.Analyst Access – Research support from our experienced Retirement Plan Monitor team.RETIREMENTPLANMONITOR
  4. 4. TABLE OF CONTENTS4TABLEOFCONTENTS Introduction Key Findings Industry Leaders Recommendations About Corporate Insight
  5. 5. INTRODUCTION5INTRODUCTION
  6. 6. 6INTRODUCTION BACKGROUNDThis presentation is based on researchfrom our recent 42-page Retirement PlanMonitor report – Retirement Planners:More than the Average Calculator. Thereport focuses on the online retirementplanning resources offered to participantsby leading plan providers.Inside, we take a high-level look at the keyfindings from the report and bestpractices from industry leading firms. Theslide deck concludes with a set ofrecommendations for improving yourfirm’s retirement planning tools.
  7. 7. FIRMS COVERED7INTRODUCTIONOur full Retirement Plan Monitor coverage group features 18 firms. The 13firms highlighted below were reviewed in this report:o ADPo Aon Hewitto Fidelityo Great Westo INGo J.P. Morgano MassMutualo Mercero Merrill Lyncho New York Lifeo Principalo Schwabo TIAA-CREFo T. Rowe Priceo Transamerica RetirementSolutionso VALICo Vanguardo Wells Fargo
  8. 8. KEY REVIEW CRITERIA8INTRODUCTION Accessibilityo Is the planner easy to locate upon logino Does the planner generate in a new window Inputso Does the planner consist of multiple stepso Can clients upload datao Are holdings- related inquiries made Resultso Are results downloadableo Is an action plan offeredo Is a link available for implementing changes
  9. 9. KEY FINDINGS9KEYFINDINGS
  10. 10. WHAT CAN WE LEARN FROM THE INPUTS?10KEYFINDINGS 62% of firms allow participants to include additional accounts in thehypothetical ran by the planner 38% of firms inquire about the expenses accrued by the participant eitherbefore or after retirement Only 30% of planners inquire about the asset allocation and/or holdings of aretirement planMerrill Lynch Planner Inputs Screen
  11. 11. AUTOMATIC DATA IMPORT WIDELY OFFERED11KEYFINDINGSA majority of the planners (85%) automatically imported participant data fromtheir retirement plans. The planners imported a range of information,including birthday, account balance and contribution amount.Mercer My View Planner with Imported, Pre-Filled Inputs
  12. 12. PLANNER RESULTS ARE COMPREHENSIVE 12 of the 13 planners reviewed in this report used graphs to illustrate results More than half of the planners (54%) feature a detailed action plan,suggesting specific actions to take to ensure a successful retirement 15% of firms embedded results on the participants homepage, greatlyincreasing the visibility of the results12KEYFINDINGSMy Principal Edge Milestones
  13. 13. SAVING RESULTS NOT AS EASY AS EXPECTED…13KEYFINDINGS Only 39% of firms allow participants to save results on the website and revisitthem at a later time. Less than half of the planners reviewed offer the ability to save results as a PDFFidelity Quick Check Results PDF
  14. 14. LEADERS14LEADERS
  15. 15. FIDELITY15LEADERS Three planners online, eachaccomplishes a differentobjective:1. Retirement Income Planner2. Income Strategy Evaluator3. Retirement Quick Check Two of the three plannersgenerate reports All of the retirement plannersimport data from theparticipant’s retirementaccount Retirement Income Plannerallows participants to altercontributionsIncome Strategy Evaluator Results
  16. 16. TIAA-CREF16LEADERS TIAA-CREF offers two planners:1. Retirement Advisor2. Retirement Income Planner Retirement Income Plannerallows participants to generatea report Both planners allowparticipants to changecontributionsRetirement Advisor – Pick Your Strategy
  17. 17. MERCER17LEADERS Mercer offers two planners:1. My View Retirement Planner2. My View Plus RetirementPlanner Both planners automaticallyimport data from theparticipant’s retirementaccount My View Plus RetirementPlanner allows participants tosave results, load old scenariosand update or finish a savedscenario My View Plus Retirement Planner Results
  18. 18. RECOMMENDATIONS18RECOMMENDATIONS
  19. 19. FIVE RECOMMENDATIONS FOR IMPROVEMENT19RECOMMENDATIONS1. Include time estimates for each planner2. Assess post-retirement expenses within the hypothetical results3. Generate downloadable reports4. Assess holdings and/or asset allocation5. Offer a results graph
  20. 20. About Corporate Insight20Corporate Insight provides competitive intelligence and user experience research to the nationsleading financial institutions. For over 20 years, Corporate Insight has tracked new developmentsin the financial services industry through our syndicated Monitor research and consultingservices. We are known for our detailed, objective research, unmatched expertise, and emphasison the actual user experience. There are no assumptions in Corporate Insight’s work – we uselive accounts at the firms we track to benchmark their effectiveness across all major channelsand give our clients unparalleled competitive intelligence.Corporate Insight is continuously tracking and identifying best practices in online banking andinvesting, retirement, asset management, insurance, mobile finance, active trading platforms,social media and other emerging areas. In the process, we have helped our clients -- which coverthe entire spectrum of the financial services industry -- to stay on top of industry trends andimprove their competitive position.Our intelligence services are utilized by over 70% of the financial services firms on the Fortune500. Our research and analysts are frequently cited in financial media outlets such as The WallStreet Journal, Barron’s, Bloomberg, CNBC, Forbes and Financial Times and news publicationslike the Associated Press, New York Times, Newsweek, TIME and USA Today.
  21. 21. CONTACT US21CONTACTUSBen PoustyMarketing Manager212-832-2002 x-134bpousty@corporateinsight.comDrew MarescaSenior Analyst – Retirement Plan Monitor212-832-2002 x-122dmaresca@corporateinsight.com

×