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RCH Auto Portability Status Update

September 2019

© Retirement Clearinghouse 2001-2019 2

1 Fast leakage rates are composite results from Fidelity, Vanguard, & Aon Hewitt reports for the year in which a participant’s status changes from active to inactive. Number of participants cashing out equals leakage rate times EBRI market segment by account balance as a percentage of all accounts2 Preserved for Retirement is calculated as Job Changers minus Leakage / Cash outs. Does not take into account Slow Leakage / Cash outs, i.e. cash outs that occur in years 2+

RCH Auto Portability Update

Cash Outs Threaten Retirement Security55% of job changers with small accounts cash out

2.90.8

1.04.7

2.41.6

6.110.1

0%

20%

40%

60%

80%

100%

<$5k $5k-$15k >$15k All BalancesAccount Balance

Millions of Participants(Annual)

'Fast' Leakage Preserved for Retirement



The Demographic Impact of Cash OutsLow income and minority workers are disproportionately affected

Sources: Fidelity Investments, Vanguard, Aon Hewitt: Reports on Participant Activity, 2011-2016; 401(k) Plans in Living Color, The Ariel/Aon Hewitt Study, 2012; The Vanguard Group: Diversity and defined contribution plans: the role of automatic features, July 2014

Cashout Rates / All Balances

Auto Portability Reduces Cash Outs & Missing ParticipantsRecycling is the new best practice



Auto Portability Makes Portability a New Plan Default Feature Auto portability is the automatic movement of a terminated participant’s small balance account (less than $5,000) from a former employer’s retirement plan to an active account at a new employer’s plan, when a participant changes jobs.

1. Notices

2. Locate & Match

3. Consent

4. Automatic Roll-In

Flow Out

Flow In



Reducing Cash Outs Increases Retirement SecurityEBRI estimates that Auto Portability could preserve $2 trillion in savings that are currently lost to cash outs

Department of Labor Guidance Removes Barriers to AdoptionLegal guidance enables a higher standard of care for automatic rollovers



• Advisory Opinion 2018-01A:

– Creates a ‘safe harbor’ for plan sponsors accepting participant roll-ins

– Names RCH as the fiduciary for non-responding participants

– Outlines missing participant search requirements

• Prohibited Transaction Exemption (PTE) 2019-02:

– Creates program ‘guardrails’ to protect participants

o Requires notices & disclosures

o Delimits fees

o Requires an independent audit

– Grants RCH relief



Reducing Fees

Improving Long-Term Returns

Making Portability Easy

Preserving Savings

Four Dimensions of ValueParticipants benefit in multiple ways

Source: Retirement Clearinghouse



Plan-Level Benefits of Auto PortabilityPlan Sponsors Add Value & Fulfill their Fiduciary Responsibilities to Plan Participants

With auto portability, average plan balances increase by 23.4% over 40 years

Source: Auto Portability Simulation, Retirement Clearinghouse. Based on hypothetical 10,000 participant plan with starting average balance of $40,000.



2014 I 2015 I 2016 I 2017 I 2018 I 2019 | 2020 I 2021

TechnologyBuild Core Technology

Policy

Auto Portability Network PreparationWorking Groups

Engage DOL

Obtain Legislative, Executive Support

Foundational Research

Common Contract

• DOL Opinion Request filed

• Initial Working Group Meetings

• Senate HELP Committee Briefing

• BRT Mobile Workforce Study

• Bicameral, bipartisan Congressional letter to DOL, requesting guidance

• RCH Meeting with Obama Admin. Labor Sec. Tom Perez

• EBRI & RCH testify to ERISA Advisory Council

• Auto Portability Simulation introduced

• Trump transition team meeting

Design

DOL Advisory Opinion 2018-01A

DOL Transaction Exemption 2019-02

Roll-Out

Business Model, Pricing, Cost-Benefit Analysis

Subscription

Launch

Implementation

• Auto Portability Pilot goes live

• DOL guidance framework finalized

• EBRI identifies $2T in benefits

• Letter from Sen. Scott, 10 Senators, 11 trade orgs endorse AP

• Advisory Opinion 2018-01A

• Proposed PTE• Common contract• EBRI benefits for

demographic segments

• USPTO patent• Widespread media

coverage

• Transaction Exemption 2019-02

• Savings Preservation Working Group kick off

• EBRI Auto Portability Issue Brief

Pilot

• CRITICAL MASS LAUNCH WITH RECORDKEEPERS

Thank You!

www.RCH1.com


Presented by:Nikki Pirrello, Associate Group PublisherPensions & Investments

Content Marketing in Financial Services Study 2019

P&I Content Marketing Study

Respondent profile:• 71% asset management firms• Mean AUM: $219.5B• 54% AUM $100B+• Primary vehicles: separate accounts, mutual funds,

commingled trusts/CITs, other pooled vehicles• 14 years experience in investment management

communications• 91% from marketing department • Primarily responsible for marketing/business

development and/or investment management sales/marketing

100respondents in financial

services marketing

Content Marketing is Ubiquitous…

• 100% of respondents use content marketing

• 88% have a content marketing strategy• 72% documented• 37% verbal

• Most believe it is perfectly (33%) or modestly (66%) aligned with their business strategy

• 89% of B2B marketers use content marketing

• 39% have a documented content marketing strategy

• 39% have one, but it is not documented• 23% have no content marketing strategy

Source: 2019 B2B Content Marketing Benchmarks, North America: Content Marketing Institute (CMI)/MarketingProfs

Source: P&I Content Marketing in financial services industry survey, June 2019

…But is it effective?

of institutional marketers say their content marketing is effective, while 47% say they are very effective (ranked 4 or 5 on a 5 point scale)

of B2B marketers say their content marketing is successful with only 27% stating it is VERY successful

Primary metrics used to rate content marketing effectiveness


2019 B2B Content Marketing Benchmarks, North America

69% sales feedback

63% analysis/statistics

60% ROI/quantitative

metrics

54% personal thoughts/

feelings

52% client/external feedback

90% 78%

P&I Content Marketing in financial services industry survey, June 2019

Resources are an issue

of firms polled have a dedicated content marketing team

4.6

plan to establish a dedicated content marketing team in the

next 12 months

70% 8%

The average # of people on dedicated content marketing team


Content marketing is a large part of the marketing spend

average amount of marketing budget spent on content marketing

plan to increase spend on content marketing for 2020

23% 50%

29% of marketing budget spent on content

marketing for B2B marketers

50%of B2B marketers plan to increase spend

on content marketing for 2020



Financial services industry increased spend in last 12 months:• 62% paid content distribution

• 52% content creation

• 35% content marketing technology

• 27% content marketing staff

• 19% content marketing outsourcing

B2B marketers increased spend in the last 12 months:• 56% content creation

• 37% content marketing staff

• 36% paid content distribution

• 29% content marketing technology

• 21% content marketing outsourcing

Increased content marketing spend in past 12 months…Or reallocating dollars?

2019 B2B Content Marketing Benchmarks, North AmericaP&I Content Marketing in financial services industry survey, June 2019

Creating new content

7.15 Average times per month

new content is created6%6%

49%39%

daily or multiple times/week

weekly or multiple times/month

monthly it variesP&I Content Marketing in financial services industry survey, June 2019

Biggest challenges for executing content marketing strategy

32 34 36 38 40 42 44

Creating enough content

Measuring ROI

Lack of resources

Distribution

Creating quality engaging content

36%

37%

40%

41%

43%


Main goals of a content marketing strategy

0 10 20 30 40 50 60 70 80

Generating interest inproducts/capabilities

Lead generation

Customer engagement

Build credibility/trust

Brand awareness

MAIN GOALS– P&I Study

73%

32%

32%

32%

0 20 40 60 80 100

Nurture audience

Generate leads

Build credibility/trust

Educate audience(s)

Create brand awareness

MAIN GOALS – B2B Marketing Study

81%

73%

68%

68%

58%

35%

2019 B2B Content Marketing Benchmarks, North AmericaP&I Content Marketing in financial services industry survey, June 2019

Tactics being usedEffectiveness rating

0 10 20 30 40 50 60 70 80 90 100

Blogs/Digital articles

SEO

Twitter

Live Events

Newsletters

Webinars/virtual events

PR

Videos

LinkedIn

White papers/research/thought leadership 89%

80%

87%

70%

73%

76%

80%

62%

60%

70%

3.88

3.48

3.71

3.68

3.87

3.29

4.04

3.06

3.62

3.51


Tactics marketers plan to use in the next 12 months

white papers/research/thought leadership

(89 % currently)

83%

public relations

(80% currently)

84%

(76% currently)

webinars/virtual events

77%

blogs or digital articles

(60% currently)

70%

videos

(80% currently)

86%

SEO(62% currently)

71%

live events

(70% currently)

80%

newsletters

(73% currently)

77%

LinkedIn(87% currently)

91%

twitter

(70% currently)

73%


Distribution channels currently used for CM

LinkedIn

88%your own email/newsletters

87%

your own company website

97%

native distribution on other websites

61%

Twitter

65%

earned media/PR

83%

Paid methods used to promote/distribute content

84% use @ least one method

• 67% LinkedIn

• 52% print

• 54% digital advertising

• 42% partner emails

• 42% native advertising

• 42% SEM

Financial Services Industry B2B Market

66% use @ least one method

• 70% sponsored content on social media

• 64% search engine marketing

• 53% digital advertising (banner ads)

• 38% partner emails promoting your content

• 35% sponsored content on websites other than your own

• 30% native advertising

P&I Content Marketing in financial services industry survey, June 2019 2019 B2B Content Marketing Benchmarks, North America

Tactics being used to nurture audience

Financial Services Industry

• 84% email/email campaigns

• 74% educational content

• 68% in-person events

• 54% clear calls to action for next steps

• 49% case studies/storytelling


B2B Market

• 87% email/email campaigns

• 77% educational content


• 61% clear calls to action for next steps

• 45% case studies/storytelling


Measuring success

institutional marketers say they are tracking and reporting content

marketing strategy’s ROI


47%

49% of B2B marketers say they measure content marketing ROI

P&I Content Marketing StudyHow are you measuring ROI?• 77% google analytics• 65% in-house/proprietary analytics• 36% digital marketing vendor analytics


Top three tactics for measuring ROI

• 42% blogs/digital articles

• 39% LinkedIn

• 39% White papers/research/thought leadership

• 29% webinars/virtual events


Content marketing technology

Financial Services Industry Top Tools:

• 72% email marketing software

• 64% analytics tools

• 64% marketing automation

• 60% content management system (CMS)

• 56% workflow/project management tools

B2B Market Top Tools:

• 84% social media publishing/analytics

• 81% Email marketing software

• 77% Analytics tool

38% of respondents state they use content marketing technology

35% have a system that connects content distribution to a CRM system or RFP/proposal tool

P&I Content Marketing in financial services industry survey, June 2019 2019 B2B Content Marketing Benchmarks, North America

Content Marketing StudyMETHODOLOGY The research referenced in this report is from a survey conducted for Pensions & Investments by Signet Research Inc., an independent research company. The purpose of this study was to gather information on the prevalence and importance of content marketing in the financial services industry and to benchmark how the financial services industry compares to other business-to-business (B2B) industries when it comes to implementing a content marketing strategy.

The report is based on 100 respondents whose company uses content marketing. The survey was conducted electronically and invitations to participate were sent via e-mail to a total sample of 3,332 recipients who are P&I readers/clients who have marketing titles in the financial services industry. The first invitation to participate deployed on May 29, 2019. By the closing date of July 16, 2019, 115 returns had been received. The findings of this survey may be accepted as accurate, at a 95% confidence level, within a sampling tolerance of approximately +/-9.8%.

B2B Market Research The additional research referenced for general B2B Marketing for comparative purposes was taken from the following study: B2B Content Marketing 2019 Benchmarks, Budgets & Trends – North America and was produced by Content Marketing Institute (CMI) and MarketingProfsand sponsored by Conductor.

Research Conducted by Chestnut Advisory Group

Engaging with institutional investors: Ensuring your content is heard

Research Methodology

Type of Institution

15.9%

34.1%28.4%

3.4%

12.5%

2.3% 3.4%

Endowment andFoundationCorporate Pension

Government Pension

Family Office

Investment ConsultingFirmRetirement Plan Adviser

Other

Under $100m…

$100mm-…$1.1-

$3b…

Above $3bn…

Institutional AUM

Chestnut conducted research with 89 senior investment professionals at pensions, endowments, investment consultants, unions and foundations. Respondents shared their views on asset manager content and the impact it has on their investment decisions.

Importance Of Manager Content

Manager Thought Leadership Matters A Lot

Importance Of Manager Thought Leadership In Hiring Decisions

Request Manager Thought Leadership Samples As Part Of New Mandate RFP?

Yes 60.2%

No 39.8%

38.6%

47.7%

13.6%

Extremely Important Important Unimportant

Investors On The Importance Of Manager Content

“We hire managers who are the equivalent of the heart surgeon –someone who’s at the top of their field. We want to hear smarts from the masters, and ideally [insights] that may help you across the board.”

- Government CIO

Manager Content Quality Drives Hiring Decisions

38.6%

47.7%

13.6%

Extremely Important Important Unimportant

Importance Of Manager Thought Leadership Quality To New Mandate Hiring Decisions

What Investors Want From Manager Content

Investors Want Actual Insights, Not News Reports

Most Useful Types Of Asset Manager Thought Leadership

1.1%

3.4%

12.5%

21.6%

21.6%

36.4%

47.7%

55.7%

New product analysis and information

Other

Capital market commentary

Timely analysis of relevant breaking macro news

Quarterly, semi-annual or annual product commentary

Capital market insights related to the asset manager's products

Investment philosophy

Insights into portfolio positions and rationale

Great Content Is Actionable And Clear

Factors that Make Asset Manager Thought Leadership Great

2.3%

3.4%

27.3%

34.1%

35.2%

43.2%

54.6%

Other

A counter-consensus point of view

Topic relevant to the manager'score capabilities

Timely

Unique insight

Clear and concise

Contains actionable portfolio insightfor plan sponsors and consultants

How To Get Your Content Heard

Getting Heard: Email And Trusted Media Are Best

Most Useful Means Of Receiving/Finding Investment Thought Leadership

9.1%

9.1%

11.4%

13.6%

39.8%

42.1%

48.9%

56.8%

61.4%

61.4%

Other (Direct conversations)

Social Media (LinkedIn, etc.)

Dedicated content aggregator websites(Savvy, Harvest, etc.)

Podcasts

Asset manager websites

Newsletters

Webinars

Presentations at investor conferences

Financial Media (Pensions & Investments, etc.)

My email inbox

Content Delivered Live Is Quite Effective

“I prefer to attend conferences and hear managers in person. I’m a big fan of face-to-face.”

- Government Plan Sponsor

“If I’m on the phone and get it fresh and can direct the conversation to content I might not get in a newsletter, it’s great for engagement and to explore new ideas.

- Investment Consultant

“I like conferences because they offer an opportunity to hear what a manager is thinking and how it relates to an asset class”

- Foundation CIO

Your Website: A Prospect’s First Impression

How Often You Visit The Website Of A Potential New Asset ManagerBefore Or Shortly After You Meet With Them

39.8% 38.6%

21.6%

45.5% 45.5%

9.1%

Always Sometimes Never

Total Consultants

“The asset manager’s website speaks volumes – whether it’s organized, how thoughtful it is, and the care with which they prepare their storefront.”

-Government CIO

Your Website: Ongoing Message Verification

How Often You Visit The Website Of A New Asset ManagerYou Are Considering Recommending

51.1%

27.3%21.6%

72.7%

9.1%

18.2%

Always Sometimes Never

Total Consultants

“When you are on a deep due diligence dive, you want to make sure what’s been described to you matches what’s on the website – it’s an accuracy level thing. Also I’m looking for a clear statement of the products and thought leadership.”

-Government Plan Sponsor

The Art Of Email Content Marketing

Percentage Of Investors Most Likely To Open Email From These Sources

71.6%

22.7%

5.7%

Personal contact from an assetmanager

Co-publication from a leading industrypublisher (e.g. Pensions & Investments,

Institutional Investor)

General asset manager address

Investors’ Thoughts On Email

“People’s inboxes are simply jammed. If you really have something differentiated to say, you don’t want it to get lost in the inbox. Elevate the transmission and personalize it if you are actually going to get something out of it.”


Financial Media Is A Trusted Content Channel

Industry Websites Regularly Accessed For Information

8.0%

11.4%

11.4%

11.4%

14.8%

22.7%

28.4%

37.5%

42.1%

43.2%

46.6%

50.0%

68.2%

81.8%

Harvest Exchange/Savvy Investor

Fundfire/Fund Intelligence

Google Finance

Other

Forbes

CNBC (web and TV)

Financial Times

Chief Investment Officer

Plan Sponsor

Institutional Investor

Asset manager websites

Bloomberg

Wall Street Journal

Pensions & Investments

Investors’ Thoughts On Media As Content Source

“The Economist and Bloomberg spend a massive amount of money on their content so it’s super high quality. So for a manager to get on Bloomberg or quoted in The Economist, they’ve really had to cut the mustard.”


“I like webinars, particularly because they’re live and I can ask questions and get live feedback right away. I’ve been on a few P&I webinars and the interaction component has worked well.”


“Financial media are my independent sources that provide tips and intel.”

- Corporate Plan Sponsor

Is Social Media An Effective Manager Content Channel?

Types Of Investor Social Media RestrictionsAmong 2019 Respondents With Restrictions

Respondents With Social Media Restrictions On Work Computer,

2019 And 2016 Surveys

4.3%

8.7%

17.4%

21.7%

34.8%

47.8%

60.9%

LinkedIn restricted

Only certain sites blocked

All social media discouraged/prohibited

YouTube restricted

All social media blocked

Twitter restricted

Facebook restricted

26.1%

67%

2019 Survey Respondents with Restrictions toSocial Media

2016 Survey Respondents with Restrictions toSocial Media

Investors Use LinkedIn Primarily For Networking

Primary Investor Use Of LinkedIn Percentage Of Investors Viewing LinkedIn Profile Prior To Initial Meeting With Manager

22.7%

62.5%

14.8%

Keeping up-to-date on jobmoves

Career networking Accessing manager thoughtleadership and related

content

56.8%

43.2%

Yes No

Investors’ Thoughts On LinkedIn For Content

“I obtain thought leadership [from LinkedIn] all the time. However, thought leadership is a secondary reason for visiting. If someone from my network sends it out, then it’s very interesting to me.”

- Government CIO

“There’s so much crap. It’s a lot of noise. I use LinkedIn to follow people.”


“I’m not a big fan of social media to access this type of content, so my usage of LinkedIn for manager content is minimal.”

- Government Plan Sponsor

“I find more and more it’s pictures of cute bunnies and things like that on LinkedIn. Real thought leadership requires deep discussion and you don’t find that LinkedIn.”


Conclusions

How important is asset manager content to growing AUM? Very!

What do investors want from manager content?Actionable insight, clearly articulated.

How to best get your content heard by investors?Email and trusted media partnerships.

Questions?Nikki PirrelloAssociate Group PublisherPensions & [email protected]

mailto:[email protected]

Documents

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