(Marlborough, MA., June 1, 2022) DALBAR congratulates the retirement plan providers holding the highest-ranking defined contribution statements in the 24th Annual Trends and Best Practices in Investor Statements study.
Bank of America has offered its plan participants the top DC statement for 11 consecutive years via comprehensive and organized account information, additional support in the form of messaging, and plan details to keep participants of all experience levels informed about their investments.
(Marlborough, MA., April 7, 2022) - DALBAR announced that Nationwide has earned DALBAR's Customer Experience Excellence Award for each of three years the award has been offered. This award recognizes Nationwide's work to ensure an industry-leading customer experience across critical service channels.
''An important aspect in retirement planning is having the right support at your disposal. This is an area where Nationwide excels. They have 24/7 access to award-winning websites, a great mobile app for people on the go, and the best telephone support for plan participants we have seen.'' explains DALBAR Director Brendan Yeager.
(Marlborough, MA., March 9, 2022) DALBAR's research shows that investors are most vulnerable during uncertain times.
During the uncertainty of 2021, investors forfeited 10.32% of returns by simply trying to escape the worrisome markets. This escape meant that temporary losses of 2021 became permanent!
Investors are even more worried now, but can avoid the permanent loss by protecting the money that will be needed until the uncertainty ends. A permanent loss can only be incurred when an investment is sold so that by not selling there can be no permanent loss.
(Marlborough, MA., 2/16/22) DALBAR is excited to congratulate Putnam Investments in earning DALBAR's Total Client Experience Award for the eleventh consecutive year. This award recognizes Putnam for exceptional support through the contact center, including both what happens on the phone, and the processing and any other follow-up that the representative completes after the call concludes.
DALBAR Director Brendan Yeager explains, ''A large portion of the financial services industry has engaged DALBAR to review what happens on their calls with clients, but Putnam Investments has gone a step further to make sure that every aspect of the telephone service experience is of the highest possible caliber, including what happens behind-the-scenes and after the call is over.''
(Marlborough, MA., Feb. 1, 2022) DALBAR is excited to congratulate the winners of the 2021 Insurance Service Award which recognizes those firms providing the highest quality customer service to life insurance policyholders. This year's winners stand out from their peers in the overall quality of their telephone support to policyholders. The 2021 winners (listed alphabetically) are:
- Guardian Individual Markets Contact Center
- Pacific Life – Life Insurance Division
(Marlborough, MA., Jan. 20, 2022) - DALBAR is excited to congratulate the winners of the 2021 Annuity Service Award which recognizes those firms providing the highest quality customer service in the industry. As the nation's leading independent evaluator of the customer experience within financial services, DALBAR knows a thing or two about customer service. This year's winners stand out from their peers in the overall quality of their telephone support to annuity contact owners. The 2021 winners (listed alphabetically) are:
(Marlborough, MA, Dec. 15, 2021) DALBAR, Inc., the nation's leading evaluator of customer service in the financial services industry, kicks off their annual award season today by publishing the recipients of the prestigious 2021 DALBAR Service Awards.
(Marlborough, MA, Sept. 28, 2021) DALBAR's recent research illustrates that the structure, design, content and quality of messaging within e-Delivery notifications are crucial. These notifications signify the arrival of a new document in the same way a paper envelope announces new correspondence. These 'electronic envelopes' must therefore draw interest, action and most importantly, trust.
Upon their arrival, e-Delivery notifications should proactively provide a measured level of detail, either in the subject line or the body of the email, to help recipients determine if immediate action is necessary. Ameriprise, Charles Schwab, Fidelity and Morgan Stanley stand out in their deliberate efforts to provide pertinent details about the available document, be they in the header or within the first few lines of the email.
(Marlborough, MA, May 11, 2021) DALBAR recently reviewed the websites of Term Life Insurance providers and recognized those firms that offer prospective and existing policyholders an online environment that represents a superior standard of customer care.
Five Term Life insurance providers rose above the rest - Nationwide, AIG Direct, Prudential, Thrivent and Lincoln Financial Group.
The results of DALBAR's annual Trends and Best Practices in Investor Statements study are in, and BNY Mellon's Pershing, BlackRock, Merrill and AIG Life & Retirement all landed in the top spot within their respective lines of business.
(Marlborough, MA, Jan. 7, 2021) DALBAR is excited to announce that Nationwide Retirement Plans has earned the coveted Plan Participant Service Award for 2020. This award recognizes Nationwide for the quality of telephone support being provided to participants in both public and private-sector retirement plans. 2020 marks the seventh consecutive year in which Nationwide earned the Plan Participant Service Award.
(Marlborough, MA, Dec. 16, 2020) Today DALBAR announced the winners of the 2020 Excellence in Sales Support Award, recognizing those companies leading the industry in the handling inbound sales calls from the financial advisor community. This year's award winners are:
- JPMorgan Funds
- Putnam Investments
''The inbound sales desk is unique in that it blends elements of service and sales into a single role,'' explains DALBAR Director Brendan Yeager.
2020 has been a challenging year for everyone; this is certainly true for contact centers. The pandemic forced companies to rapidly shift to a work-from-home model, in many cases where the required infrastructure and training were not already in place. On top of the challenging work environment, representatives were also dealing with their own stress, anxiety and, in many cases, childcare issues. Customers, on the other hand, were still expecting the same level of service as they were accustomed to.
(Marlborough, Mass., Oct. 22, 2020) - DALBAR's Investor Insights series of reports continued today with the publication of Investor Insights: COVID-19 and Financial Advice. The study captures investors' thoughts and experiences related to financial advice during the COVID-19 market crisis and the months that followed. The study found that the advisory profession hit the mark in terms of building trust and confidence during the crisis.
(Marlborough, MA., 8/20/2020) DALBAR, Inc., announced today that it has developed a comprehensive checklist to support the annual review of rollover recommendations required by the Department of Labor's new proposed fiduciary rule, ''Improving Investment Advice for Workers & Retirees.''
The proposed rule will make it a fiduciary act to recommend a rollover from an employer-sponsored retirement plan. ''Much of the distribution guidance Americans receive today will be subject to prohibited transaction rules under ERISA when the rule is enacted,'' said Cory Clark, DALBAR's Chief Marketing Officer. However, the rule offers an exemption, which will allow firms to continue providing such guidance, on the condition that recommendations are made subject to impartial standard of conduct and the firm undergoes a ''retrospective review'' with a written report.
(Marlborough, MA, 6/2/2020) DALBAR, Inc., the financial community’s leading independent expert for evaluating, auditing and rating customer experience, announces that AIG Life & Retirement has earned DALBAR’s inaugural Customer Experience Excellence Award. This award recognizes the outstanding work that the Individual Retirement division of AIG Life & Retirement has done to provide a superior standard of care for its variable annuity customers across the service channels that make up the majority of its customer interactions.
(Marlborough, MA, March 10, 2020) After three weeks of unprecedented market volatility, DALBAR announces the cure for market panic, the Investor Panic Relief Tool that shows how to insure portfolios against market losses. Using an institutional type strategy, the DALBAR i-PRT presents a simple way to protect portfolios from losses in the event that the market panic continues.
(Toronto, ON, February 5, 2020) DALBAR Inc., the financial community's leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service, released findings from its inaugural National Retirement Study. A first of its kind, the study was undertaken to assess how well the Big Five Banks handled retirement conversations through its retail branch network. A secondary evaluation was conducted with additional banks, credit unions, and regional financial institutions to round out the study. RBC ranked #1 amongst the Big Five Banks providing the strongest level of support to Canadians who are worried about their retirement nest egg. Retirement is an ever-growing concern for many Canadians, with increasing life expectancies, diminishing pensions, and a rising cost of living, the retirement nest egg has become more important than ever. RBC representatives used their experience and expertise to ease client fears, imparted useful knowledge about closing retirement shortfalls, and made the client feel it was a financial coaching experience instead of a transactional one.
(Marlborough, MA. 1/9/2020) Today DALBAR announced the 2019 winners of the Excellence in Sales Support Award which recognizes financial services companies for providing industry-leading support to the advisor community through the inbound sales desk. The inbound sales desk is an essential resource for financial advisors and their teams. These best-in-class organizations go beyond fulfilling literature orders and are able to answer in-depth product questions and help advisors select products that meet each client's specific need.
(Marlborough, MA. 12/17/2019) With DALBAR's Mobile InSIGHT program finishing its 6th year of reporting on the financial industry's mobile offerings, it is important to highlight the strides that have been made in the pursuit of a customer experience that is nothing short of superior. The mobile platform has risen to new heights when it comes to online traffic and app usage with record-breaking statistics indicating mobile usage steadily replacing its desktop counterpart. DALBAR's new Mobile Landscape report series identifies the top mobile trends and highlights firms whose innovative approaches have made them trailblazers in the financial services industry.
(Marlborough, MA. December 3, 2019) DALBAR, Inc. begins the 2019 award season by announcing the winners of the coveted Mutual Fund Service Award, which recognizes mutual fund providers for delivering best-in-class customer service to mutual fund shareholders. The Mutual Fund Service Award can only be earned after a year-long review of the customer service being delivered through the contact center. In order to qualify for the award, companies must exceed stringent quality thresholds in criteria covering all aspects of the customer experience.
(Marlborough, MA. August 21, 2019) Whether a recommended security measure or good practice is implemented by an online user often depends on how onerous it feels to them. Even required practices when too burdensome, can dissuade the use of online portals. If clients must reset a password every 30 days the task of remembering one's most recent credentials may begin to weigh heavily on the benefit of 24/7 online account access. Firms must find the balance when employing multiple security layers to ensure the convenience of accessing one's account data isn't obstructed by the process of getting to it.
(Marlborough, MA. August 6, 2019) In today’s world customers’ expectations are high and technology progresses at lightning speed, compelling financial services firms to fight to ensure that their digital assets stand out from the crowd and provide their customers with a top notch experience. DALBAR’s digital auditing programs provide firms with industry intelligence to guide them in the decision-making process about how their valuable resources are best spent. Through the identification of trends and best practices and ongoing monitoring of mobile and traditional web offerings, firms have the opportunity to reduce costs, exceed industry standards, correct weak points, achieve consistency, and meet the ultimate goal - provide their customers with a superior standard of care.
(Marlborough, MA. March 25, 2019) The nation’s leading investor behavior study over the past 25 years found that the average investor took some money off the table in 2018 but was still poorly positioned for the second half of the year. The average investor was a net withdrawer of funds in 2018 but poor timing caused a loss of 9.42% on the year compared to an S&P 500 index that retreated only 4.38%.
Today DALBAR recognized The Guardian Life Insurance Company of America (Guardian®) for outstanding customer care through their phone channel. This high level customer care is evidenced by Guardian earning the prestigious DALBAR Service Award for multiple product lines in 2018, including: Life Insurance, Disability Insurance, Retirement, and their wealth management arm, Park Avenue Securities. Collectively these awards speak to an unparalleled commitment to the customer experiences provided to clients who purchase these products through a financial professional. The specific awards earned by Guardian in 2018 include:
Today Dalbar announced the 2018 winners of the prestigious Insurance Service Award which recognizes life, long-term care, and disability insurance providers for delivering outstanding telephone support to policyholders.
(Marlborough, MA. November 15, 2018) DALBAR, Inc., a leading expert in the financial services industry, today announced that Cory Clark has been appointed Chief Marketing Officer. As CMO, Cory will focus on applying industry best practices to achieve more effective customer experience, regulatory compliance, data security and lower costs.
Recognizing the impact of that first connection with one's retirement plan, DALBAR honed in on Online Enrollment processes for Defined Contribution plans and measured the success of providers' efforts in ensuring that a participant's first exposure to their plan is positive and ends with successful enrollment. The best processes were identified and the winners are...
For the last 15 years, DALBAR has been monitoring and benchmarking the quality of service policyholders receive when calling their life, long-term care, and disability insurance providers. Each year DALBAR recognizes those firms which consistently deliver a superior standard of care to their customers with the Insurance Service Award. The 2017 Insurance Service Award winners are...
(Boston, MA August 23, 2017) DALBAR, Inc. announced today that ABG Retirement Plan Services (ABGIL) has been awarded the DALBAR Seal of Excellence for Communications through an evaluation of ABG’s plan participant website.
The year 2016 challenged investors’ resolve. Indices flirted with all-time highs while at the same time geopolitical events made fear an ever-present emotion investors had to manage.
Dalbar has been analyzing investor returns for over 20 years and found once again that the average investor did not realize returns that were on par with general market indices. For the 12 months ended December 30, 2016, the S&P 500 index produced an impressive annual return of 11.96%, while the average equity mutual fund investor earned only 7.26%, a gap of 4.70 percentage points. This underperformance is most attributable to January (1.74%) November (1.13%) and December (1.34%).
Dalbar announced that Putnam Investments has received its 2016 Total Client Experience Award today. Putnam Investments has earned the prestigious award recognizing their commitment to providing a superior level of service when looking at all aspects of the shareholder’s telephone interactions with the company.
Dalbar identifies the mutual fund providers leading the industry when it comes to shareholder service
Dalbar announced the winner of their Excellence in Sales Support Award today. JPMorgan Funds once again topped the sales desk rankings, earning the Excellence in Sales Support Award for the sixteenth consecutive year
Firms have already spent millions in preparation for the April 10, 2017 date of the Best Interest Contract Exemption (“BICE”) of the DoL’s Fiduciary Rule.
The argument has been made that regulating the practice of acting in an investor’s best interest will equate to greater returns as investors’ will receive better investment recommendations.
Dalbar recently released its study, Meeting the Needs of the High Net Worth Investor, which examined what is most important to wealthy investors when they call, email or visit the websites of the financial services firms they choose to do business with.
Dalbar announced today the 2015 winner of its Total Client Experience Award. For the fifth consecutive year, Putnam Investments was the only firm to emerge as a leader in the combination of quality, accuracy, and security of customer service provided to investors.
Today Dalbar released the 2015 winners of its annual Insurance Service Award. Guardian and Genworth emerged as customer service leaders and ranked #1 and #2 respectively in 2015.
Today Dalbar announced the winner of its annual award for excellence in sales support. JPMorgan Funds ranked first in the financial services industry for providing a consistently high level of sales support throughout 2015 and, as a result, earned the Dalbar Award for Excellence in Sales Support.
Dalbar, Inc. announced today that BNY Mellon earned Recognition for Excellence for the exceptional customer service they provide as the transfer agent for Pacific Funds, Tweedy, Browne Fund Inc. and Voya Financial Mutual Funds & 529 Plans.
Dalbar, Inc. announced today the release of its evaluation of financial services firms mobile apps, which included an in-depth study and review of 45 applications.
Dalbar announced today the 2014 winner of its Total Client Experience Award. For the fourth consecutive year, Putnam Investments was the only firm to emerge as a leader in the combination of quality, accuracy, and security of customer service provided to investors.
Today Dalbar announced the winner of its annual award for excellence in sales support. JP Morgan Funds ranked first in the financial services industry for providing a consistently high level of sales support throughout 2014, thus earning the Dalbar Award for Excellence in Sales Support.
Dalbar announced today the 2014 winner of its annual Plan Participant Service Award. Within the retirement plan industry, Nationwide was the only firm to emerge as a leader in customer service in 2014.
Dalbar, Inc. announced today the release of its national e-Delivery benchmarks study which tracks the trends in delivering statements and other financial documents to investors electronically. The study summarizes the findings of an online survey of digital/project managers, executives, and communication specialists across financial services.
(Boston, MA. July 16, 2014) Dalbar, Inc. announced today the release of its national study of what investors find important and want to see most on the statement they receive from their financial services company.
(Boston, MA. May 27, 2014) Dalbar, Inc. announced the release of its first-ever social media rankings of financial services firms. Dalbar explored what it takes to be successful in engaging social media crowds by taking an in-depth look at the social media pages of sixty financial services firms.
(Boston, MA. April 9, 2014) Dalbar’s annual Quantitative Analysis of Investor Behavior (QAIB) celebrates its twentieth edition of measuring the shortfall in retail investor real returns. Each year, the QAIB report monitors the gap between leading indicators of investment performance and what mutual fund investors actually earn. The report has focused on the fact that in addition to availability and need for cash, the major cause of the shortfall has been withdrawing from investments at low points and buying at market highs.
(Boston, MA. January 16, 2014) Dalbar announced today the 2013 winner of its Total Client Experience Award. For the third consecutive year, Putnam Investments was the only firm to emerge as a leader in the combination of quality, accuracy, and security of customer service provided to investors.
(Boston, MA. December 11, 2013) Today Dalbar released the 2013 winners of its annual award for excellence in sales support. For the third consecutive year, Allianz Life Insurance Company of North America and JPMorgan Funds emerged as the leaders in sales support in 2013.
(Boston, MA. December 4, 2013) Today Dalbar released the 2013 winners of its annual Annuity Service Award. AXA Equitable Equi-Vest, Genworth, New York Life Insurance TPD Services, New York Life Insurance Variable Products Service Center, Pacific Life, Prudential Financial and SunAmerica Retirement Income Solutions emerged as the leaders in customer service in 2013.
FRAMINGHAM, Mass. (July 31, 2013) -- Dalbar, Inc. and North American Professional Liability Insurance Agency, LLC (NAPLIA) have formed a strategic alliance offering Dalbar 3(38) Certification and reduced costs on professional liability insurance.
Dalbar, Inc. announced today that Waddell & Reed earned Recognition for Excellence for its exceptional customer service provided to investors and financial advisors. This is the third consecutive year that Waddell & Reed has achieved this level of excellence in serving the needs of both investors and financial professionals.
Today Dalbar released the 2012 winners of its annual Financial Intermediary Service Award. Allianz Life Insurance Company, BlackRock, DWS Investments, Goldman Sachs, John Hancock Annuities, Lord Abbett, and Pacific Life emerged as service leaders in 2012.
Dalbar announced today the 2012 winners of its annual Life Insurance Service Award. For the second consecutive year, Genworth was the only firm in the life insurance industry to emerge as a leader in customer service in 2012.
Today DALBAR released the 2012 winners of its annual Annuity Service Award. AXA Equitable-Equivest, Genworth, New York Life, Pacific Life, Prudential Financial and SunAmerica Annuity and Life Assurance Company emerged as the leaders in customer service in 2012.
Dalbar, Inc. announced today the release of the third annual Trends and Best Practices in Explanation of Benefit (EOB) Statements report. This report evaluates the effectiveness of EOBs in addressing the needs of the health insurance plan member.
Forthcoming fee disclosures for all ERISA plans will challenge service providers to demonstrate the value of their services in financial terms and challenge plan sponsors to demonstrate that the services are worth the money. These challenges could be highly disruptive for the service providers and plan sponsors who fail the challenge
Today Dalbar released the 2011 winners of its annual Financial Intermediary Service Award. Allianz Life Insurance Company, Allstate Life Insurance Company, BlackRock, DWS Investments, Genworth, Goldman Sachs, John Hancock Annuities, Lord Abbett and Pacific Life emerged as service leaders in 2011.
Dalbar, Inc. announced today that InvestEdge, Inc. was awarded the Dalbar Seal of Excellence for Communications on its Client Performance Reporting Documents. The Dalbar Seal is the recognition awarded to financial service communications that display excellence in meeting the needs of their customers.
Recognizing MetLife’s achievements in Group Employee Benefits, DALBAR Inc. presented two of the company’s customer service processes with the DALBAR Recognition for Excellence Award.
Dalbar, Inc. announced today the release of the second annual Trends and Best Practices in Explanation of Benefit (EoB) Statements report. This report evaluates the effectiveness of EOBs in addressing the needs of the health insurance plan member.
(Boston, February 15, 2011) Ever since the release of the regulations on July 15, 2010 broker/dealers have been seeking a method to reliably capture the data required to meet the effective date of July 16, 2011 (which has now been changed to January 1, 2012). These regulations mandate that every covered plan (virtually all 401(k) and most 403(b) plans) must receive prescribed disclosures by the effective date. The problem facing many firms is how to accurately identify all covered plans and secure the required information about each one, since records are not currently maintained in a way that permits compliance.
Today Dalbar released the 2010 winners of its annual Service Awards as well as Key Honors recipients. For over two decades, Dalbar has conducted rigorous testing of service delivery and, each year identifies those mutual fund, broker/dealer, annuity, life insurance and retirement plan providers that were found to be above their peers in service to clients and to financial professionals after a full year of continuous testing.