In 2016, 81 percent of plan sponsors surveyed gave their providers either a 7 or a 6 on a 7-point scale in overall satisfaction. That's an increase of 4 percentage points relative to 2015, when 77 percent gave such scores.

And the percentage of plan sponsors Chatham calculated as "loyal" increased 4 percentage points from 2015's 57 percent to 61 percent this year, while "at-risk" clients fell from 15 percent to 14 percent.

Why are things on the upswing?

Analysis of attributes that are "highly correlated to overall satisfaction and loyalty," said the study, "suggests that plan sponsor loyalty and promotability have increased because retirement providers are improving at key aspects of service delivery, and plan sponsors are more confident in their providers' efficacy in helping them meet their plan goals."

When it comes to that promotability factor, the study found that plan sponsors are more likely to actively endorse their retirement service providers in 2016. The industry-level promotability score gained 5 points from 2015's 48 to 53 in 2016, with 62 percent of plan sponsors considered to be "promoters," and 9 percent considered "detractors."

The study also found that plan outcomes are important in client retention. Firms that have the smallest proportion of "at-risk" relationships also have the highest scores for both "offers solutions to plan objectives and goals" (83 percent) and "helps participants reach goals" (77 percent). On the other hand, firms with the largest percentage of clients considered to be "at-risk" have much lower scores for these measures (63 percent and 64 percent, respectively).

Chatham Partners provides customized market research, including win/loss sales analysis and client satisfaction studies, multiclient research studies and strategy consulting services to help businesses understand the needs of clients and prospects.