Banks managed the retirement plan assets of 11% of small businesses, according to a recent survey by Spectrem Group, a San Francisco consulting firm.

The study of more than 1,100 businesses with fewer than 100 employees found that mutual funds, insurance companies, and full-service brokerages each managed roughly a quarter of the fund assets, while the rest was split among investment and benefit consultants and other managers.

Banks received low rankings compared with their mutual fund and insurance company counterparts on how they are perceived as asset managers, but they came out on top when it came to levels of customer service and accurate and timely record keeping, a Spectrem spokesman said.

Compiled by Cheryl Winokur

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