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Survey Report : Fee Disclosure for SPARK
Viewed
744
Started
178
Completed
107
Completion Rate
60.11%
Drop Outs (After Starting)
71
Average Time to Complete Survey
3 minutes
1. With fee disclosure deadlines fast approaching, how prepared do you feel you are for the initial disclosures?
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
We are prepared
80
69.57%
2.
We still need help understanding the regulations
6
5.22%
3.
We have not finalized processes to communicate the fees
27
23.48%
4.
Other
2
1.74%
Total
115
100%
Mean
: 1.574
Confidence Interval @ 95%
: [1.408 - 1.740]
Standard Deviation
: 0.909
Standard Error
: 0.085
2. What level of interest do you anticipate from participants upon receipt of their annual fee notice?
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
None
6
5.17%
2.
Somewhat interested
66
56.90%
3.
Participants may ask a lot of questions and even ask plan sponsors to change vendors
29
25.00%
4.
Participants will be extremely concerned and upset
8
6.90%
5.
Other
7
6.03%
Total
116
100%
Mean
: 2.517
Confidence Interval @ 95%
: [2.348 - 2.686]
Standard Deviation
: 0.928
Standard Error
: 0.086
3. What preparations has your organization made for “day 2” of the new Fee Disclosure regulations? Please click all that apply:
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
We are preparing the plan sponsor for possible participant reaction
62
31.79%
2.
We are gearing up call center support for participants/plan sponsors
34
17.44%
3.
We are preparing follow up communications
39
20.00%
4.
We are facilitating advisor sponsored education
26
13.33%
5.
Nothing
24
12.31%
6.
Please elaborate on anything you plan to do and would like to share
10
5.13%
Total
195
100%
Mean
: 2.723
Confidence Interval @ 95%
: [2.503 - 2.944]
Standard Deviation
: 1.571
Standard Error
: 0.113
4. Are there areas that you feel you could use additional support for “Day 2” initiatives? Please click all that apply:
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
E-delivery consent gathering
35
28.00%
2.
Educational materials for participants
61
48.80%
3.
Webinars on industry topics
22
17.60%
4.
Other
7
5.60%
Total
125
100%
Mean
: 2.008
Confidence Interval @ 95%
: [1.863 - 2.153]
Standard Deviation
: 0.828
Standard Error
: 0.074
5. What changes do you anticipate you may make for next year’s notice? Please click all that apply:
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
Simplify our current offering
23
13.61%
2.
Introduce e-delivery for participants
50
29.59%
3.
Print and distribute communications for the plan sponsor
32
18.93%
4.
Find ways to remain competitive
46
27.22%
5.
Other
18
10.65%
Total
169
100%
Mean
: 2.917
Confidence Interval @ 95%
: [2.730 - 3.104]
Standard Deviation
: 1.241
Standard Error
: 0.095
What type of organization do you represent?
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
Third party administrator
60
56.07%
2.
Broker/dealer
12
11.21%
3.
Plan sponsor
3
2.80%
4.
Other
32
29.91%
Total
107
100%
Mean
: 2.065
Confidence Interval @ 95%
: [1.811 - 2.319]
Standard Deviation
: 1.341
Standard Error
: 0.130
What best describes your role at your organization?
Answer
Count
Percent
20%
40%
60%
80%
100%
1.
Product management
29
27.10%
2.
Sales
13
12.15%
3.
Client service
27
25.23%
4.
Other
38
35.51%
Total
107
100%
Mean
: 2.692
Confidence Interval @ 95%
: [2.461 - 2.922]
Standard Deviation
: 1.216
Standard Error
: 0.118
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