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The coronavirus pandemic has presented a "make-or-break" moment for retirement plan providers and a new study from J.D. Power says the industry has room to ramp up providing guidance to participants.
J.D. Power's latest U.S. Retirement Plan Participant Satisfaction Study, based on responses from 10,159 retirement plan participants in February and March, examined investor satisfaction based on six factors. Those factors include engagement on live and online channels; investment and service offerings; and fees and expenses.
"The COVID-19 pandemic struck the U.S. right in the middle of the fielding period for this study, and it is crystal clear in our data that, as market turmoil increased, investor sentiment and economic outlook declined sharply," Mike Foy, senior director of wealth management intelligence at J.D. Power, said in a statement. "This left many retirement plan participants searching for answers and guidance that was simply not provided by their provider. At this critical time, plan providers are largely failing to provide the guidance needed by participants to make smart decisions to help them prepare for retirement."
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
