|
 Industry
Insight from Fred Barstein
2010 Mid Year Ratings Report -
Mid Market Providers
NY Life
retained the top spot in the Mid-Year 2010
401kExchange Ratings and Market
Share Report for
Investment and Record Keeping/Administrative services in
the Mid Market ($10-$100 million).
Newcomers to the Top 10 for investment services include
MassMutual
<view
profile>, which rebounded dramatically, as well as
Hartford
<view
profile>
who seems to have successfully integrated the mid market
MFS plans they acquired,
Prudential,
Diversified,
and
Principal.
Standard,
American Funds and
Great West, which does
the back office work for many mid market American Funds
plans, are new for record keeping and admin services.
Wells Fargo, Fidelity, Vanguard,
John Hancock
<view
profile>, and
Charles Schwab
repeated from the 2009 ratings.
Overall mid market plans are more satisfied with service,
experiencing a 31% increase from 2009 for investment
services and almost 40% for admin and record keeping.
While improved satisfaction is usually a good sign,
it could also portend that sponsors will be less likely to
change record keepers and further dampen already weak sales.
With half of the Top 10 providers repeating, which
would be even more if M&I who performed very well had enough
surveys to qualify, it is an even stronger case for
continued status quo.
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Investment Services 2010 - $10-$100 Million |
# of Surveys |
% Rated 4 or 5 |
2009 Ranking |
|
1 |
New York Life |
21 |
57.14% |
1 |
|
2 |
American Funds |
42 |
47.62% |
6 |
|
3 |
Wells Fargo Bank |
61 |
47.54% |
3 |
|
4 |
Hartford
|
21 |
42.86% |
|
|
5 |
Fidelity Investments |
277 |
38.63% |
8 |
|
6 |
Prudential Retirement |
65 |
38.46% |
|
|
7 |
MassMutual |
37 |
37.84% |
|
|
8 |
John Hancock |
33 |
36.36% |
2 |
|
9 |
Principal Financial Group |
68 |
33.82% |
|
|
10 |
Diversified |
27 |
33.33% |
|
|
|
Market Totals |
1233 |
35.04% |
26.76% |
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Record Keeping & Administrative Services 2010 - $10-$100 Million |
# of Surveys |
% Rated 4 or 5 |
2009 Ranking |
|
1 |
New York Life |
22 |
77.27% |
1 |
|
2 |
American Funds |
21 |
61.90% |
|
|
3 |
Wells Fargo Bank |
56 |
53.57% |
3 |
|
4 |
Vanguard Group, The |
52 |
50.00% |
4 |
|
5 |
Hartford
|
22 |
50.00% |
|
|
6 |
Principal Financial Group |
64 |
46.88% |
10 |
|
7 |
Fidelity Investments |
257 |
45.91% |
7 |
|
8 |
Standard |
20 |
45.00% |
|
|
9 |
Great West |
36 |
44.44% |
|
|
10 |
Charles Schwab |
39 |
41.03% |
8 |
|
|
Market Totals |
1,217 |
44.45% |
32.00% |
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