What is Dalbar’S Statement Redesign Planner? The accomplishment of launching a redesigned statement can be short-lived if the statement has not improved; if financial advisors and/or clients are upset that features they have become reliant on have been removed; or if feedback insists that the previous version was superior. With countless possibilities for development, planning for a statement upgrade becomes first and foremost a task in prioritization. What are the must-haves for a statement versus the nice-to-haves? What features of the existing statement should remain and what should be eliminated? The Statement Redesign Planner prepares financial services firms with the answers to these critical questions when embarking on a statement redesign. This report is essential for any firm contemplating a statement redesign.
What Method is Used? Dalbar evaluates statements across the brokerage, mutual fund, annuity and retirement plan industries, recognizing those firms that provide clients with exceptional client reporting. Using our vast knowledge of financial services statements and drawing on our experience of evaluating the results of statement redesigns over the past two decades, Dalbar will evaluate pre and post-redesign statements, during production or after release, and provide feedback on whether the statement is calculated to be understood, meets primary and secondary goals, includes desirable features and avoids the use of features that detract from the readability and usefulness of the statement.
What Does Dalbar's Redesign Planner Include? Each report is customized and includes:
- Analysis of enhancements to determine if improvements have been made
- Suggestions for improvements
- Details on must-have features, leading features on statements, features to avoid, and best practices in the industry
- Details on features you should retain
- Preliminary score based on Dalbar Statement criteria to know where a redesigned statement may land in the annual Trends & Best Practices Report Rankings
What is the Cost? Cost for the Statement Redesign Planner ranges from $5,500 to $7,500 depending upon the complexity of the statement.