The majority of retirement plans are failing to deliver proactive guidance, and many have made it difficult to find the information that users are seeking on their websites and mobile apps, according to the latest study of retirement plan digital satisfaction from J.D. Power.
The study found that just 24% of retirement investors strongly agree their provider offers proactive guidance and help, while less than half of participants — 43% — found it very easy to locate the information they were looking for on their retirement plan websites and mobile apps.
“Many of these providers have invested significantly in developing digital content and tools to provide education and guidance, but if participants are unaware of those resources or can’t easily find or use them, it’s a huge missed opportunity,” Mike Foy, senior director of wealth management intelligence at J.D. Power, said in a statement.
Among the firms surveyed, Charles Schwab ranked highest in retirement plan digital satisfaction with a score of 725 on a 1,000-point scale, followed by Bank of America (formerly Merrill Lynch) with a score of 703 and AIG Retirement Services with a score of 699.
The best and worst performers in the study were separated by nearly 100 point, “setting the stage for a new battle for retiree hearts and minds that is taking place in digital,” according to the J.D. Power study.
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