The Biggest Barriers to 401(k) Participant Satisfaction
Investment performance turns out to be both the biggest driver of participant satisfaction — and one of the biggest barriers to that satisfaction. But it’s not the biggest barrier.
As it turns out, not meeting participants’ expectations regarding website and online capabilities now serves as a greater detractor to participant satisfaction more so than even investment performance.
That capability, according to Cogent Reports
, includes things like financial planning guidance, tools and calculators, investment product information, and historical performance — all of which were ranked as must-have website features by more than half of participants.
Other top factors were:
- Retirement planning tools (barrier: 7%, driver: 7%)
- Account statements (barrier: 6%, driver: 7%)
- Enrollment process (barrier: 5%, driver: 8%)