|
 Industry
Insight from Fred Barstein
2010 401kExchange Mid-Year
Market Share Report
With sponsors
changing record keepers slower than ever, it is no
surprise that there is very little change in market
share from 2009 compared to that of the first half of
2010 (based on almost 20,000 surveys with 401(k) plan
sponsors).
There were no newcomers to
the top 10 record keepers in any market with very few
making great strides other than in the Mid market
($10-$100 million).
Only one provider, though
very notable, suffered significant losses in all
markets.
In the Micro Market (<$1 million)
Wells Fargo
experienced great gains, probably enjoying the lingering
effects of their Wachovia merger. It is hard
for market leaders to maintain, never mind grow as
Fidelity did in all markets – accomplishing their strategic goal.
ADP <view
profile>, Transamerica,
Ascensus <view
profile>, Paychex, and John Hancock <view
profile> also showed modest gains with Micro Market
plans.
CPI edged into the top 20 in the Small Market ($1-$10 million) for
the first time where Paychex and Transamerica enjoyed double
digit gains; ING <view
profile>, Standard, GreatWest, Nationwide, and
OneAmerica
<view
profile> also fared well.
NYLife,
Diversified <view
profile>,
and The Hartford
<view
profile> who tied for the dreaded 11th
spot, all showed substantial increases in market share in
that order in the Mid Market.
Wells Fargo,
American Funds, and Standard also
enjoyed double digit increases with
MassMutual
<view
profile> showing significant growth as well.
|
|
Under $1 Million (Micro) |
MktShare |
|
1 |
Principal Financial Group |
6.78% |
|
2 |
ADP Retirement Services |
4.76% |
|
3 |
Paychex Inc |
3.90% |
|
4 |
Hartford Life Insurance Co. |
3.77% |
|
5 |
Fidelity Investments |
3.40% |
|
6 |
ING |
3.06% |
|
7 |
Great West Retirement
Services |
2.92% |
|
8 |
John Hancock Financial
Services |
2.75% |
|
9 |
Nationwide Financial
Services, Inc. |
2.46% |
|
10 |
Ascensus |
2.20% |
|
|
$1 Million - $10
Million (Small) |
MktShare |
|
1 |
Fidelity Investments |
8.39% |
|
2 |
Principal Financial Group |
8.05% |
|
3 |
Great West Retirement
Services |
3.63% |
|
4 |
ING |
3.37% |
|
5 |
ADP Retirement Services |
3.20% |
|
6 |
Hartford Life Insurance Co. |
2.97% |
|
7 |
Ascensus |
2.77% |
|
8 |
Transamerica Retirement
Services |
2.03% |
|
9 |
John Hancock Financial
Services |
2.01% |
|
10 |
American Funds |
1.94% |
|
|
$10 Million - $100
Million (Mid) |
MktShare |
|
1 |
Fidelity Investments |
21.12% |
|
2 |
Prudential Retirement |
5.34% |
|
3 |
Principal Financial Group |
5.26% |
|
4 |
Wells Fargo Bank |
4.60% |
|
5 |
Vanguard Group, The |
4.27% |
|
6 |
Charles Schwab & Co., Inc. |
3.20% |
|
7 |
Great West Retirement
Services |
2.96% |
|
8 |
MassMutual |
2.63% |
|
9 |
ING |
2.55% |
|
10 |
T Rowe Price |
2.38% |
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