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 Industry
Insight from Fred Barstein
2009 Market Share Report - 401(k)
Record Keepers
With fewer plan sponsors changing
record keepers, the top 10 providers increased their
overall market share in all segments as compared to
2008, especially in the Mid Market ($10-$100 million)
where the top 10 enjoy nearly a 60% share.
Since 2006, the top 10 Mid
Market providers have increased their share of market by
23%.
Top gainers were led by
providers who made significant acquisitions.
ING’s
<view
profile>
acquisition of
CitiStreet
was impactful in all market
segments as was
Well’s Fargo’s
acquisition of
Wachovia
in the Small ($1-$10 million) and Mid Markets and
Hartford’s
acquisition of
MFS
in the Micro Market (<$1 million).
Though the number of
acquisitions has slowed, their relative impact has not.
Fidelity
overtook the number one spot from
Principal
in the Small Market and showed significant gains in the
Micro Market as well.
The payroll companies are
starting to dominate the Micro Market through obvious
advantages including massive sales forces and supplying
advisors with sales leads.
401kExchange’s
2009 Market Share Report
is based on over 30,000 surveys with 401(k) plan sponsors
that have less than $100 million in plan assets.
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Top Gainers v. '08 < $1 Million
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Market Share Increase |
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ING
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45.63%
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Hartford Life Insurance Co.
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19.49%
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Fidelity Investments
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11.98%
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Paychex Inc
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8.90%
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Great West Retirement Services
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8.20%
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ADP Retirement Services
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6.38%
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Top Gainers v. '08 $1-$10 Million
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Market Share Increase |
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Wells Fargo Bank
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155.48%
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ING
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54.88%
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Fidelity Investments
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27.16%
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American Funds
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4.55%
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ADP Retirement Services
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4.27%
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Top Gainers v. '08 $10-$100 Million
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Market Share Increase |
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Wells Fargo Bank
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109.78%
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ING
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54.53%
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Prudential Retirement
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26.57%
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T Rowe Price
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22.10%
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Principal Financial Group
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11.85%
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Vanguard Group, The
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10.71%
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Key – Made an Acquisition |
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