MARLBOROUGH, Mass.--(BUSINESS WIRE)--DALBAR, the source for financial services market research, released its 2024 State of the Industry: Retirement Plan Dashboards report. The comprehensive study explores the evolving landscape of retirement plan dashboards, highlighting the essential features and functionality that empower plan administrators to manage and monitor their plans effectively.
The report underscores the pivotal role of dashboards as the central hub of the online plan administration experience. With the increasing complexity and data volume associated with defined contribution plans, dashboards are a critical tool for providing plan administrators with an immediate, at-a-glance overview of plan health, participant engagement, and key performance indicators.
Key Findings:
- Data Visualization: Effective dashboards leverage visual elements like graphs, charts, and tables to present complex data in a clear and easily digestible format.
- Customization: The ability to tailor the dashboard's layout and content to individual preferences enhances the user experience and promotes efficiency.
- Self-Service Tools: Access to self-service reporting, financial wellness resources, and plan management tools empowers administrators to take proactive steps to optimize plan outcomes.
- Communication and Support: Integrated communication channels and readily available support resources ensure administrators have the guidance they need to navigate the complexities of plan management.
The report identifies several industry leaders, including Lincoln Financial Group, Principal, Voya Financial, Nationwide Retirement Services, TIAA, and American Funds, as exemplars of effective dashboard design and functionality. These firms have successfully integrated a range of features and capabilities to deliver a seamless and informative user experience.
"As the retirement plan landscape continues to evolve, dashboards will play an increasingly critical role in empowering plan administrators to make informed decisions and drive positive outcomes for plan participants," said Shelley Eramo, Director at DALBAR.
About DALBAR
DALBAR is the source for independent financial services market research dedicated to raising the standards of excellence in the financial services industry. Focusing on audience behavior and communications, DALBAR provides research, ratings, and benchmarking that empower financial firms to create impactful and meaningful connections with their clients.
