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NEWS - Study Finds Decreasing Number of Provider Changes

February 7, 2012 – Retirement plan sponsors who conduct marketplace reviews with finals presentations are 55% more likely to remain with their current provider today than they were as recently as four years ago.  

According to survey data from Anova Consulting Corp., for the sales situations in 2011, 28% of mid-large market searches with between $20MM and $500MM in plan assets resulted in the plan sponsor remaining with the incumbent recordkeeper, compared to 18% in 2007. This figure does not include non-competitive re-bid situations, which are an increasingly commonplace alternative to a full search/RFP process for plan sponsors who are not necessarily dissatisfied with their provider, but conduct periodic due diligence reviews for fiduciary reasons.

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