Top retirement providers ranked on digital experience
As the market sell-off eats away at investors’ retirement savings, sending them rushing to their retirement plan’s digital platform to check their balances, they’re growing increasingly frustrated with those platforms.
Overall satisfaction with retirement plans’ websites and apps fell 12 points — on a 1,000-point scale — this year, according to J.D. Power’s annual survey of more than 7,000 retirement plan participants, with 63% of respondents saying they had challenges managing their accounts digitally.
The survey results also point to a link between plan participants’ satisfaction with their plan’s website and app, and the likelihood they’ll stick with the plan provider if they change jobs.
Half of investors whose retirement plan platforms rank high on the list say they “definitely will” stick with their current provider if they change jobs, versus just 17% of those whose retirement plan platforms came in low on the list.
[More: Anxious retirement savers turn digital experience into new battleground: J.D. Power]