403(B) ADVISOR VALUE

Methodological Summary
October 30, 2015

GE-108855 (11/15)
(Exp. 11/17)

This provides in detail a summary of the specifications and

methodological approach to the 403(b) Advisor Value Study
conducted by deKadt Marketing and Research, Inc. for AXA

2 |

METHOD: Quota Groups

Who: Nationally representative K-12 403(b) plan Participants and Prospects
Four subgroups were included within the study:
Participant I:
Use Advisor

Currently contributing to 403(b) for 3 or more

years, plan has an advisor, currently works
with/has worked with an advisor in the past
year familiar with 403(b) and actively does
something to monitor account

Participant II:
Advisor Option
But Dont Use

Currently contributing to 403(b) for 3 or more

years, plan has an advisor, has never worked
with an advisor/has not worked with an advisor
in the past year, familiar with 403(b) and
actively does something to monitor account

Participant III:
No Advisor
Option

Currently contributing to 403(b) for 3 or more

years, no advisor option, familiar with 403(b)
and actively does something to monitor
account

Prospect

Participants are non-retired

and have contributed to their
403(b) in the past year.

403(b) offered but not enrolled,

definitely/probably would consider enrolling in
the next 2 years and familiar with 403(b)

What: Online survey

*For purposes of this survey, "advisor" is used as a general term to describe insurance/annuity and investment sales and advisory
professionals who may hold varied licensing as insurance agents, registered representatives of broker-dealers, and investment
advisory representatives (IAR) of registered investment advisors, respectively. "Advisor" in this context is not intended to necessarily
refer to IAR-offered financial advisory/planning services.
3 | Advisor Value Study

Method: Details on Participant and Prospect Quota Definitions

Participant I

Participant II

Participant III

Prospect

QS7 Currently
contribute to 403(b)

Yes

Yes

Yes

Plan offered but not

enrolled

QS10a Number of
years contributing to
current 403(b)

3 or more years

3 or more years

3 or more years

NA

NA

NA

NA

Definitely/probably would
consider

QS11 How monitor

403(b) account

Does something to
monitor account (monitor
performance, change
contributions, change
allocations, etc.)

Does something to
monitor account (monitor
performance, change
contributions, change
allocations, etc.)

Does something to
monitor account (monitor
performance, change
contributions, change
allocations, etc.)

NA

QS12 --(Participants)/
QS9a (Prospect)
Familiarity with 403(b)

Extremely/very/
somewhat familiar

Extremely/very/
somewhat familiar

Extremely/very/
somewhat familiar

Extremely/very/
somewhat familiar

QS13 Whether or not

an advisor is offered
with 403(b) plan

Yes

Yes

No/dont know/not sure

NA

QS14a-1 Whether or
not currently working
with an advisor OR
QS14b How long ago
worked with an advisor

Currently working with an

advisor or have worked
with one in the past year

Has never worked with

an advisor or has not
worked with one in the
past year

NA

NA

QS9e Future
consideration of
enrolling/contributing to
403(b) in the next 2
years

4 | Advisor Value Study

METHOD: Sample Size and Quotas

How many: A total of 1,104 interviews
Quotas: The following quotas by age/gender were set. These quotas were based
on data provided by AXA.
Total
#

25-44
#

45-64
#

Females
#

25-44
#

45-64
#

Males
#

25-44
#

45-64
#

1104

601

503

773

386

387

331

215

116

905

492

413

633

316

317

272

176

96

I: Uses An Advisor

503

274

229

351

176

175

152

98

54

II: Advisor Option But Doesnt

Use

200

109

91

140

70

70

60

39

21

III: No Advisor Option

202

109

93

142

70

72

60

39

21

199

109

90

140

70

70

59

39

20

Total
Participant

Prospect

5 | Advisor Value Study

METHOD: Sample Source and Endnotes

The sample for the study was obtained by deKadt Marketing and Research, Inc.
from a panel that included pre-identification of panel members as educators. The
sample was sourced from Survey Sampling International (SSI).
SSI is a premier global provider of data solutions and technology for consumer
and business-to-business survey research. SSI reaches respondents in 100+
countries via Internet, telephone, mobile/wireless and mixed-access offerings. SSI
staff operates from 30 offices in 21 countries, offering sample, data collection,
CATI, questionnaire design consultation, programming and hosting, online custom
reporting and data processing. SSIs 3,600+ employees serve more than 2,500
clients worldwide.

AXA U.S.
AXA is the brand name of AXA Equitable Financial Services, LLC and its family of
companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC
(member FINRA, SIPC), and AXA Distributors, LLC. AXA S.A. is a French holding company
for a group of international insurance and financial services companies, including AXA
Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company
are backed solely by its claims-paying ability.

6 | Advisor Value Study