Retirement Industry Disruptor Report™
The experience edge: What SMBs expect from 401(k) providers and why many are willing to switch
The retirement landscape for small and mid-size businesses is undergoing a transformation. Human Interest’s latest Retirement Industry Disruptor™ report reveals a considerable number of business owners are shopping around for a new 401(k) provider in search of a better experience.
Key takeaways
Businesses want to future-proof their organizations and are ready to ditch the status quo in favor of a better experience, transparent fees, and superior customer service.
Offering a retirement plan isn't limited to checking a compliance box—it's a core part of how SMBs take care of their employees.
We're in a new era where the quality of the experience matters more than merely getting the job done.
The pride factor
Business owners are embracing their role as champions of employee financial wellness. Offering a robust retirement plan is a central part of how SMB owners think about taking care of their employees.
But pride comes with expectations. Employers want a partner who delivers innovative technology, flexible plan design, and top-level customer service.
What keeps employers up at night
Among businesses considering a switch, pricing still matters—but nearly half point to better technology, stronger support, and improved experiences as key motivators.
SMB owners want retirement plans that go beyond a “one-size-fits-all” approach to feel like they're getting the most from their investments.
“Good enough” isn't good enough anymore
Business owners aren’t waiting for problems to pile up before acting. They’re proactively looking for providers who can help them future-proof their business and deliver a better experience for employees.
This marks the arrival of a new era—one where the quality of the experience takes precedence.
Methodology
This random double-opt-in survey was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR). It surveyed 500 US respondents who work in a director or higher role for a small business (500 or fewer employees) offering a retirement plan. The survey was conducted July 14-18, 2025.
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