Institutional Investor Launches Inaugural DC Industry Leader Rankings And, in an Industry First, Ranks Broker Dealers

New York, NY, May 24, 2017 (Newswire.com) - More than 400 Institutional Plan Advisors (IPAs) named Merrill Lynch the top Record Keeper, Legg Mason the best Defined Contribution Investment Only (DCIO) Provider, and CAPTRUST the top Broker Dealer in the inaugural Defined Contribution Industry Leaders (DCIL) survey. 

Competition was fierce, though, as T. Rowe Price and Allianz narrowly missed the top Record Keeper and DCIO Provider spots, respectively, the report showed. Merrill Lynch nabbed second place among Broker Dealers and Registered Investment Advisors (RIAs). This survey marked the first time in DC history that Broker Dealers and RIAs have ever been independently evaluated by Plan Advisors.

"The DC market has come of age; it needs research, tools, and data to meet the growing demands of fiduciary responsibility. DCIL is a groundbreaking report that can improve Plan Advisors' due diligence in the selection of key service providers."

Howard Tang, Product Director

With a new DOL fiduciary rule under debate and the DC market maturing, Institutional Investor launched the DCIL report to create institutional-level research on the key service providers to 401(k) plans. 

“The DC market has come of age; it needs research, tools, and data to meet the growing demands of fiduciary responsibility,” says Howard Tang, Product Director at Institutional Investor Research, “DCIL is a groundbreaking report that can improve Plan Advisors' due diligence in the selection of key service providers.”

The report was developed in consultation with industry thought leaders Fred Barstein, CEO and co-founder of The Retirement Advisor University, and Warren Cormier, CEO and co-founder of Boston Research Technologies. A 40-member advisory board of prestigious DC providers and Plan Advisors also contributed to its development.

The survey focused on the opinions from Institutional Plan Advisors, those who manage more than $100 million in DC assets with multiple plans. Of the IPAs who responded, more than 90 managed at least $1 billion in DC assets, while over 215 managed between $100 million to $1 billion in DC assets. Voters on average managed 75 DC plans.  

The final report, available for purchase, will have more than 2,580 votes on Record Keepers, DCIO Providers, and Broker Dealers broken down across 38 different attributes. Peer comparison and performance benchmarking are available on different areas of service, AUM bands, and types of advisor fee structures.  

The report will also include hundreds of responses on key market trends, such as which Record Keepers and target date funds Plan Advisors want to drop and which Record Keepers and DCIO Providers best improve plan outcomes. 

This year’s top Record Keepers:

1. Merrill Lynch
2. T. Rowe Price
3. Prudential
4. MassMutual
5. Empower-Retirement

This year’s top DCIO Providers:

1. Legg Mason
2. Allianz
3. J.P. Morgan
4. BlackRock
5. T. Rowe Price

This year’s top Broker Dealers:

1. CAPTRUST
2. Merrill Lynch
3. Morgan Stanley
4. GRP
5. UBS

For the full rankings, overview, and methodology, visit Record Keepers, DCIO Providers, and Broker Dealers.

About Institutional Investor
For 50 years, Institutional Investor has consistently distinguished itself among the world’s foremost financial publications with groundbreaking journalism and incisive writing, providing essential institutional asset management intelligence for a global audience. In addition, Institutional Investor offers a host of proprietary research features and rankings that serve as respected industry benchmarks. For more information, visit institutionalinvestor.com.

Press Contact:
Augusta McKie
[email protected]
(212) 224-3149

Source: Institutional Investor