(Springfield, MA) – In Boston Research Group’s 2013 Defined Contribution Plan (DCP) Retirement Advisor Satisfaction and Loyalty Study, satisfaction with MassMutual among retirement plan advisors continues to be very strong and among the best of all providers.
MassMutual is above the industry average in 20 of the 22 categories measured in the study, with “brand” and “thought leadership” leading the way. The MassMutual brand continues to be a strength in the eyes of advisors. The company’s score for “brand is valued by plan participants and plan sponsors” is 11 points above the industry average. MassMutual’s score for “A thought leader in the 401(k) industry” is 17 points above the industry average, an area where MassMutual continues to excel across the industry.
“We believe we are the most innovative provider in the industry,” says Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman of MassMutual International LLC. “MassMutual has been striving to change the conversation from one of merely saving to one of reaching sufficient income replacement. This has been a key focus for us and we have the tools and resources to help advisors demonstrate this concept simply to sponsors and participants.”
MassMutual garnered very high scores in “value added” services including “helps participants to reach retirement readiness” (20 points above industry average), “provides useful benchmarks to measure plan health” (21 points above industry average) and “partners with you (advisor) for success” (11 points above industry average), all measures that support the company’s efforts around participant replacement income in retirement.
Scores for MassMutual’s wholesalers, the largest driver of satisfaction for retirement plan advisors, reflect MassMutual’s deep bench strength in this regard. MassMutual’s score for “wholesaler expertise in the retirement industry” is 13 points above the industry average and the score for “wholesaler accessibility/availability/responsiveness” is 12 points above average. MassMutual is also doing a nice job in delivering content to advisors, scoring 13 points above the industry average for “quality of marketing materials.”
The nationwide survey of retirement advisors was conducted from August to October 2013 and the results of the recordkeeping portion represent 19 leading defined contribution retirement plan providers. Findings are based on the percentage of advisors who were “very satisfied” with the recordkeeper.
“MassMutual’s support of retirement plan advisors is a differentiator,” says Hugh O’Toole, senior vice president and head of sales and client management for MassMutual’s Retirement Services Division. “Regardless of the plan size or market segment, MassMutual has a way to help advisors to help their plan sponsors and participants work towards achieving a better outcome,” he adds.
“Retirement advisors have consistently given MassMutual high scores in areas critical to the success of their own practices and to the success of their clients,” says Warren Cormier, president, Boston Research Group. “Advisors recognize that MassMutual offers innovative solutions that are aimed directly at helping participants retire successfully and that philosophy helps both the plan sponsor and the advisor meet their own goals,” adds Cormier.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at 1-866-444-2601.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
About Boston Research Group (BRG)
BRG is a strategic market research and consulting firm that specializes in the financial services industry. We conduct projects that deal with both strategic and tactical marketing issues, including loyalty and satisfaction, market segmentation, brand assessment, product development, sales processes, and channel migration and distribution strategies.