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Recommandé
2013: DC Plan Member Behavior—Key Information for Better Design and Consulting
2013: DC Plan Member Behavior—Key Information for Better Design and Consulting
vanderhei
Callan’s 2014 Investment Management Fee Survey provides a current report on institutional investment management fee payment practices and trends. To collect this information, Callan sent an electronic questionnaire to a broad sample of U.S.-based institutional fund sponsors and investment management organizations. Respondents provided fee information for calendar year 2013 (specific dates varied by organization, but the majority were as of December 31, 2013), and perspective on fee practices and perspectives for 2014. We supplemented this data with information from Callan’s proprietary databases to establish the trends observed in this report. Callan conducted similar surveys in 2004, 2006, 2009, and 2011. We offer commentary regarding differences, where relevant, between historical survey results and the 2014 findings, along with observations reflecting both long- and short-term trends. Seventy-two fund sponsors representing $859 billion in assets, and 211 investment management organizations with $15 trillion in assets under management, provided detailed fee practices and data on 15 asset classes. Results were supplemented by actual and published fee information sourced from Callan’s fund sponsor and investment manager databases, as well as other industry sources. Key Findings: *Investment management fees represent 46 basis points (bps), on average, of fund sponsors’ total assets, up from 37 bps in 2009. The difference between the median and average has climbed over this time period. Other data in Callan’s fee survey also reveals a divergence between the funds that pay the most and those that pay the least in investment management fees. *The range between funds that paid the most (10th percentile) and those that paid the least (90th percentile) increased dramatically: from 56 bps in 2009 to 73 bps in 2013. Differences in investment policy, and notably asset allocation, can lead to substantial disparity in fees. While some funds are increasingly looking to low-cost, public market index strategies, others are investing a greater portion of their portfolio in high-cost alternative assets. Other key survey findings include: Alternatives, which are consistently the most expensive asset class, are facing fee compression: the median total asset class fee declined from 134 bps in 2009 to 99 bps in 2013, and the 90th percentile fell from 174 bps to 152 bps. Large allocations to alternatives can greatly increase overall investment management fees. Correlations between percentage of total portfolio allocated to alternatives and fees paid (in bps) were strong in 2013 (+0.70). Total U.S. and non-U.S. equity fees paid increased marginally from 2009 to 2011, but declined from 2011 to 2013. Median U.S. equity fees run about 60% of their non-U.S. counterparts. Non-U.S. fees are typically higher in part due to research expenses. Fixed income median expenses were flat from 2009 to 2013.
2014 Callan Investment Manager Fee Survey
2014 Callan Investment Manager Fee Survey
Callan
What’s on the minds of larger defined contribution (DC) plan sponsors? According to a recently released Callan Associates study conducted in late 2015 with almost 150 employers, fees, investments and compliance top the list. With more resources devoted to running this DC plan, what happens in the larger market usually trickles down market. Though the number one action taken to reduce fiduciary liability was updating or reviewing their investment policy statement, followed by reviewing fees, the number one priority in 2016 will be compliance. Other key findings from the Callan DC study include: *61% use auto-enrollment with 1 in 5 employing re-enrollment for current employees *88% of plans offer financial advice to employees *75% benchmark their fees as part of fee calculation and 53% rebate revenue sharing *86% use TDFs (target date funds) as their default option of QDIA – usage of the proprietary funds of the record keeper as their QDIA is down to 32% from 70% in 2011 *15% of plans increased the number of funds while 11% decreased the number The DOL’s 2012 fee disclosure regs and the 2006 Pension Protection Act (PPA) were cited as the most important events affecting DC plans showing that fees and auto features paved by the PPA are keys drivers for lawmakers and plan sponsors. Though there is a lot of noise about the pending DOL conflict of interest rule aimed at increasing oversight of DC plans as well as IRAs, most affected will be advisors, especially those selling proprietary products, and broker dealers that will have to impose greater scrutiny over their advisors that manage DC plans and IRAs. The DOL rule could limit plan participants access to advisors and advice as well as education especially when they separate from employment but will have little impact on employers running their plan.
2016 Defined Contribution Trends Survey
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Recommandé
2013: DC Plan Member Behavior—Key Information for Better Design and Consulting
2013: DC Plan Member Behavior—Key Information for Better Design and Consulting
vanderhei
Callan’s 2014 Investment Management Fee Survey provides a current report on institutional investment management fee payment practices and trends. To collect this information, Callan sent an electronic questionnaire to a broad sample of U.S.-based institutional fund sponsors and investment management organizations. Respondents provided fee information for calendar year 2013 (specific dates varied by organization, but the majority were as of December 31, 2013), and perspective on fee practices and perspectives for 2014. We supplemented this data with information from Callan’s proprietary databases to establish the trends observed in this report. Callan conducted similar surveys in 2004, 2006, 2009, and 2011. We offer commentary regarding differences, where relevant, between historical survey results and the 2014 findings, along with observations reflecting both long- and short-term trends. Seventy-two fund sponsors representing $859 billion in assets, and 211 investment management organizations with $15 trillion in assets under management, provided detailed fee practices and data on 15 asset classes. Results were supplemented by actual and published fee information sourced from Callan’s fund sponsor and investment manager databases, as well as other industry sources. Key Findings: *Investment management fees represent 46 basis points (bps), on average, of fund sponsors’ total assets, up from 37 bps in 2009. The difference between the median and average has climbed over this time period. Other data in Callan’s fee survey also reveals a divergence between the funds that pay the most and those that pay the least in investment management fees. *The range between funds that paid the most (10th percentile) and those that paid the least (90th percentile) increased dramatically: from 56 bps in 2009 to 73 bps in 2013. Differences in investment policy, and notably asset allocation, can lead to substantial disparity in fees. While some funds are increasingly looking to low-cost, public market index strategies, others are investing a greater portion of their portfolio in high-cost alternative assets. Other key survey findings include: Alternatives, which are consistently the most expensive asset class, are facing fee compression: the median total asset class fee declined from 134 bps in 2009 to 99 bps in 2013, and the 90th percentile fell from 174 bps to 152 bps. Large allocations to alternatives can greatly increase overall investment management fees. Correlations between percentage of total portfolio allocated to alternatives and fees paid (in bps) were strong in 2013 (+0.70). Total U.S. and non-U.S. equity fees paid increased marginally from 2009 to 2011, but declined from 2011 to 2013. Median U.S. equity fees run about 60% of their non-U.S. counterparts. Non-U.S. fees are typically higher in part due to research expenses. Fixed income median expenses were flat from 2009 to 2013.
2014 Callan Investment Manager Fee Survey
2014 Callan Investment Manager Fee Survey
Callan
What’s on the minds of larger defined contribution (DC) plan sponsors? According to a recently released Callan Associates study conducted in late 2015 with almost 150 employers, fees, investments and compliance top the list. With more resources devoted to running this DC plan, what happens in the larger market usually trickles down market. Though the number one action taken to reduce fiduciary liability was updating or reviewing their investment policy statement, followed by reviewing fees, the number one priority in 2016 will be compliance. Other key findings from the Callan DC study include: *61% use auto-enrollment with 1 in 5 employing re-enrollment for current employees *88% of plans offer financial advice to employees *75% benchmark their fees as part of fee calculation and 53% rebate revenue sharing *86% use TDFs (target date funds) as their default option of QDIA – usage of the proprietary funds of the record keeper as their QDIA is down to 32% from 70% in 2011 *15% of plans increased the number of funds while 11% decreased the number The DOL’s 2012 fee disclosure regs and the 2006 Pension Protection Act (PPA) were cited as the most important events affecting DC plans showing that fees and auto features paved by the PPA are keys drivers for lawmakers and plan sponsors. Though there is a lot of noise about the pending DOL conflict of interest rule aimed at increasing oversight of DC plans as well as IRAs, most affected will be advisors, especially those selling proprietary products, and broker dealers that will have to impose greater scrutiny over their advisors that manage DC plans and IRAs. The DOL rule could limit plan participants access to advisors and advice as well as education especially when they separate from employment but will have little impact on employers running their plan.
2016 Defined Contribution Trends Survey
2016 Defined Contribution Trends Survey
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The report is developed from the collection of quantitative data gathered during April and May 2016. The data was collected via an online survey that was sent out to financial planners, mortgage brokers and accountants through a variety of channels. These included CoreData’s database of 12,000 financial planners, 5,000 mortgage brokers and 5,000 accountants, as well as Mentor Education’s database. These efforts resulted in 540 valid responses from advisers, including 400 financial planners, 86 accountants and 54 mortgage brokers.
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Contenu connexe
Similaire à Shrm 401(K) Study
The report is developed from the collection of quantitative data gathered during April and May 2016. The data was collected via an online survey that was sent out to financial planners, mortgage brokers and accountants through a variety of channels. These included CoreData’s database of 12,000 financial planners, 5,000 mortgage brokers and 5,000 accountants, as well as Mentor Education’s database. These efforts resulted in 540 valid responses from advisers, including 400 financial planners, 86 accountants and 54 mortgage brokers.
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Similaire à Shrm 401(K) Study
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Shrm 401(K) Study
1.
SHRM Poll: 401(k)
Investment Education and Advice Organizations Are Providing to Plan Participants August 25, 2010
2.
Introduction •
The 401 (k) plans covered in this poll include both traditional employer-sponsored 401 (k) plans as well as Roth 401 (k) plans. 401(k) Investment Education and Advice | ©SHRM 2010 2
3.
Does your organization
sponsor a 401(k) plan? Not applicable; the plan sponsor does not offer 401(k) plans, No, 14% 4% Yes, 82% Privately owned for-profit organizations (94%) were more likely than nonprofit (51%) and government Note: n = 578. (39%) sectors to report that they sponsor a 401(k) plan. 401(k) Investment Education and Advice | ©SHRM 2010 3
4.
How many participants
are in your 401(k) plan(s)? 1 to 150 plan participants 19% 151 to 500 plan participants 24% 501 or more plan participants 52% Unsure about the number of participants in our 401(k) 6% plans 0% 10% 20% 30% 40% 50% 60% Publicly owned for-profits (73%) were more likely than privately owned for-profits (45%) and nonprofits (44%) to have 501 or more participants in their 401 (k) plan. Note: n = 471. Percentages do not total 100% due to rounding. Only respondents who serve as representatives of a 401(k) plan sponsor were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 4
5.
Does the plan
you represent provide or make available any of the following services to 401(k) plan participants? Yes No Unsure Investment advice provided directly by the plan you represent, as defined under applicable DOL rules and regulations (for example, individualized recommendations to invest, purchase or sell 39% 47% 13% investments and funds based on the particular needs of a plan participant) Investment advice provided through an independent third party (for example, Ibbotson or Financial Engines), where a third party 23% 59% 18% serves in an ERISA fiduciary capacity Investment advice provided by or through an independent third party (for example, Ibbotson or Financial Engines), where a third party 21% 60% 19% does not serve in an ERISA fiduciary capacity Note: n = 423 - 435. Percentages do not total 100% due to rounding. Only respondents who serve as representatives of a 401(k) plan sponsor were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 5
6.
Other services the
plan provides or makes available to 401(k) plan participants • Retirement planning tools online. • Pay stub modeling; investment advisors available to offer fund selections. • Our financial advisor provides investment information. • Offer investment options/assistance with directives and account management, but refer employees to personal financial planner for advice. • Local investment broker provides training to new employees and is available bi-weekly to employees to answer questions. • Information is provided in the quarterly statements that are sent to participants. We are also in the works of doing an education program. • General financial services advice, which includes how to incorporate other types of retirement savings tools and how to use them with a 401(k). • Financial and retirement advice provided to employees at no cost. • Annual education and helpful web site. • Advice is offered through a bank that has investment professionals. • A financial representative (not associated with the plan sponsor) comes in quarterly. 401(k) Investment Education and Advice | ©SHRM 2010 6
7.
Does the plan
provide or make available investment education to 401(k) plan participants? Unsure, 6% No, 7% Yes, 87% Note: n = 436. 401(k) Investment Education and Advice | ©SHRM 2010 7
8.
In what format
is the investment education presented? Brochures or other written materials (e.g., mailings and online access) 98% 1% 1% Computer modeling (including web-based interactive tools) 90% 7% 3% Call center or helpdesk 87% 11% 3% Group seminars 80% 16% 4% Individual sessions 60% 33% 7% Automated voice response system 49% 38% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes No Unsure Note: n = 343-366. Percentages do not total 100% due to rounding. Only respondents whose plan provides or makes available investment education to 401(k) participants were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 8
9.
Which of the
following are the subjects of that investment education? Plan information (e.g., the terms of the plan, benefits of plan participation and increasing plan contributions) 97% 1% 2% Investment alternatives - listing all funds available in the plan 97% 1% 2% General financial and investment information (e.g., determining investment time horizons and assessing risk tolerance) 94% 2% 4% Interactive investment materials (e.g., questionnaires or software that help plan participants estimate future retirement income needs) 87% 8% 5% Investment alternatives--highlighting specific funds available in the plan 61% 27% 12% Non-individualized asset allocation model 59% 17% 24% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes No Unsure Note: n = 339-359. Only respondents whose plan provides or makes available investment education to 401(k) participants were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 9
10.
Does the plan
provide or make available investment advice to 401(k) plan participants? Unsure, 12% No, 37% Yes, 51% Organizations with U.S.-based operations only were more likely than multinational organizations to report that their plan provided or made available investment advice to 401(k) plan participants. Note: n = 421. 401(k) Investment Education and Advice | ©SHRM 2010 10
11.
In what format
is the investment advice presented? Brochures or other written materials (e.g., mailings and 82% 15% 3% online access) Computer modeling (including web-based interactive tools) 81% 13% 5% Call center or helpdesk 74% 23% 3% Individual sessions 71% 23% 6% Managed accounts (i.e., a participant’s 401(k) investments are professionally managed by the plan) 68% 20% 12% Group seminars 57% 38% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes No Unsure Note: n = 191-202. Percentages do not total 100% due to rounding. Only respondents whose plan provides or makes available investment advice to 401(k) participants were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 11
12.
In what format
is the investment advice presented? Comparison by Organization’s Operations and Sector • Individual Sessions (by operations): Organizations with operations based only in the United States (76%) were more likely than multinational organizations (57%) to report using individual sessions to present investment advice. • Individual Session (by sector): Nonprofits (88%) were more likely than publicly owned for-profits (53%) to report using individual sessions to present investment advice. 401(k) Investment Education and Advice | ©SHRM 2010 12
13.
Which of the
following are the subjects of that investment advice? Fund investments 94% 2% 4% Contribution level 90% 4% 6% Asset class allocation 88% 6% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes No Unsure Note: n = 205-210. Only respondents whose plan provides or makes available investment advice to 401(k) participants were included in this analysis. 401(k) Investment Education and Advice | ©SHRM 2010 13
14.
Does the plan
allow for direct marketing by the plan’s service provider(s) of products or services outside of those offered within a 401(k) plan to participants? Unsure, 22% Yes, 7% No, 70% Note: n = 412. Percentages do not total 100% due to rounding. 401(k) Investment Education and Advice | ©SHRM 2010 14
15.
Which of the
following practices, if any, does your organization currently provide or anticipate providing for investment advice services to 401(k) plan participants, in light of DOL regulations recently published under the Pension Protection Act (PPA)? Computer-model-based advice, pursuant to the PPA-eligible investment advice arrangement (provisions include, among other 42% 6% 17% 35% things, that the computer model has been certified by an eligible investment expert and is audited annually by an independent auditor) Level-fee-based advice, pursuant to the PPA-eligible investment advice arrangement (provisions include, among other things, that 15% 8% 33% compensation to the adviser does not vary depending on the basis of 44% any investment option recommended). 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes, currently provide No, do not currently provide but plan to provide No, do not currently provide and do not plan to provide Unsure Note: n = 388-391. 401(k) Investment Education and Advice | ©SHRM 2010 15
16.
In addition to
your responses on computer-model-based and level-fee-based advice arrangements, do you anticipate making any other changes to how you provide investment advice services to 401(k) plan participants in light of DOL regulations recently promulgated under the Pension Protection Act (PPA)? 60% 56% 50% 43% 40% 30% 20% 10% 1% 0% Yes, other changes in the service No changes in the service provision Unsure provision anticipated anticipated Note: n = 373. 401(k) Investment Education and Advice | ©SHRM 2010 16
17.
Demographics: Organization Industry
Industry Health care, social assistance (e.g., nursing homes, EAP providers) 15% Manufacturing—other 12% Services—professional, scientific, technical, legal, engineering 9% Government/public administration—federal, state/local, tribal 7% Insurance 7% Financial services (e.g., banking) 6% Educational services/education 6% Construction, mining, oil and gas 5% Retail/wholesale trade 4% Note: n = 472. Percentages do not total 100% due to rounding. 401(k) Investment Education and Advice | ©SHRM 2010 17
18.
Demographics: Organization Industry
(continued) Industry Other services (e.g., nonprofit, church/religious organizations) 4% Utilities 4% Real estate, rental, leasing 4% Arts, entertainment, recreation 3% Consulting 2% Services—accommodation, food and drinking places 2% Telecommunications 2% Transportation, warehousing (e.g., distribution) 2% Manufacturing—auto/auto-related 2% High-Tech 2% Biotech 1% Publishing, broadcasting, other media 1% Pharmaceutical 1% Association—professional/trade 0% Other 4% Note: n = 472. Percentages do not total 100% due to rounding. 401(k) Investment Education and Advice | ©SHRM 2010 18
19.
Demographics: Organization Sector
Privately owned for-profit organization 42% Publicly owned for-profit organization 24% Nonprofit organization 20% Government sector 11% Other 4% 0% 10% 20% 30% 40% 50% Note: n = 472. Percentages do not total 100% due to rounding. 401(k) Investment Education and Advice | ©SHRM 2010 19
20.
Demographics: Organization Staff
Size 40% 34% 34% 30% 21% 20% 10% 7% 4% 0% 1 to 99 employees 100 to 499 employees 500 to 2499 employees 2500 to 24999 25000 or more employees employees Note: n = 282 401(k) Investment Education and Advice | ©SHRM 2010 20
21.
Demographics: Other
Does the organization have U.S.-based Is organization a single-unit company or a multi- operations (business units) only or unit company? does it operate multinationally? Single-unit company: companies in 35% U.S.-based operations 74% which the location and the company are one and the same Multinational operations 26% Multi-unit company: companies 65% that have more than one location Note: n = 473 Note: n = 490 • 20% of organizations indicated that Are HR policies and practices determined by employees at their work location were the multi-unit corporate headquarters, by each unionized. work location or both? Note: n = 468 Multi-unit headquarters determines 61% HR policies and practices Each work location determines HR 2% policies and practices A combination of both the work 37% location and the multi-unit headquarters determine HR policies and practices Note: n = 329 401(k) Investment Education and Advice | ©SHRM 2010 21
22.
SHRM Poll: 401(k)
Investment Education and Advice Methodology • Response rate = 21% • Sample comprised of 578 randomly selected HR professionals from SHRM’s membership. • Margin of error is +/- 4% • Survey fielded July 20 – August 2, 2010 For more poll findings, visit: www.shrm.org/surveys Follow us on Twitter: http://twitter.com/SHRM_Research 401(k) Investment Education and Advice | ©SHRM 2010 22
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