(Marlborough, MA., May 25, 2022) A new study conducted by DALBAR found that equity investors in variable annuity subaccounts trade less than the average equity investor and have earned consistently more as a result.
This important research breaks through common objections to variable annuities with the overall results of higher returns. Variable Annuity Subaccount Investors were found to avoid negative behaviors and were therefor, more successful than their mutual fund investor counterparts.
(Marlborough, MA., April 6, 2022) - DALBAR congratulates the firms holding the top brokerage statements in the 24th Annual Trends and Best Practices in Investor Statements study.
BNY Mellon's Pershing earned the top spot for the 4th consecutive year, making multiple enhancements including a new field for additional account description and the option to list transactions by trade date rather than settlement date. Ensuring that the client experience is not negatively impacted by the change, the firm offers an optional cover page with an explanation of the new trade date display.
(Marlborough, MA., Feb. 24, 2022) Today DALBAR announced that Nationwide Retirement Solutions has earned the 2021 Plan Participant Service Award. This award recognizes Nationwide for outstanding telephone support to both public and private sector retirement plan participants. This is the eighth consecutive year that Nationwide has earned this distinction.
(Marlborough, MA., Feb. 9, 2022) Today, DALBAR has formally recognized JPMorgan as the sole winner of the 2021 Excellence in Sales Support Award. After a rigorous review of 14 industry-leading financial services firms, only one sales desk emerged to qualify for DALBAR's prestigious annual award: JPMorgan.
DALBAR Director Brendan Yeager explains what set JPMorgan apart from the competition, ''While a number of companies excelled in one area or another, JPMorgan really stood out in their providing a well-rounded experience. Considering how frequently financial professionals call into the Sales Desk, having someone who is friendly and personable can really impact their day-to-day.''
(Marlborough, MA., Jan. 25, 2022) - DALBAR congratulates the winners of the 2021 Financial Intermediary Service Award celebrating those financial services organizations providing industry-leading support to the financial professional community. This award looks specifically at the overall quality of telephone support on existing business provided to financial professionals and their staff. Of the 18 organizations tested, only three rose to DALBAR's exacting standards to earn this distinction, they are (listed alphabetically):
(Marlborough, MA., Jan. 19, 2022) - DALBAR, Inc., a leading financial services market research firm, wrapped up its 3rd Online Enrollment review, which looked at traditional and "quick" retirement plan enrollment experiences.
The 2021 review noted a downturn and occasional stagnation in the already underwhelming guidance offerings found during online enrollment. Types of guidance that saw a decline include:
(Marlborough, MA, Dec. 14, 2021) In its comment letter regarding the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (''Proposed Regulation''), DALBAR details flaw in the discriminatory treatment of ESG Investments. The DOL's proposed rule includes the impractical requirement for each fiduciary to separately evaluate the ''economic effects of climate change and other ESG factors'' on each plan. This critical flaw in this approach is that the Proposed Regulation downgrades ESG to being a second-class citizen of the investment world.
(Marlborough, MA., Aug. 25, 2021) DALBAR, Inc. announces the release of the 2021 mid-year update to its QAIB report (Quantitative Analysis of Investor Behavior). The QAIB report has been the nation's leading study on investor behavior for the past 27 years and has now been updated for the period ending June 30, 2021.
The study found that the gap between the Average Equity Fund Investor and the U.S. equity market has widened considerably in the first half of 2021. The study previously found that investors mitigated their losses during the volatility that followed the emergence of the pandemic in 2020. For the year 2020, the investor gap for equity investors was 1.11% (17.29% for the Average Equity Fund Investor and 18.40% for the S&P 500).
(Marlborough, MA, April 1, 2021) DALBAR, Inc.'s QAIB report (Quantitative Analysis of Investor Behavior) has been the nation's leading study on investor behavior for the past 27 years. This year's report, published on March 31st, examines one of the most fascinating periods for investor behavior since the study's inception in 1994.
The study found that the Average Investor reacted in an atypical fashion during the market turmoil of last March; fleeing from fixed income investments but holding steady with their equity levels. The study reports that only 11% of investors cashed out investments in response to the market crash last March.
(Marlborough, MA, Feb. 18, 2021) Concurrently with the go-live date of the Department of Labor's (DOL's) ''Improving Investment Advice for Workers and Retirees Prohibited Transaction Exemption 2020-02'' (''PTE 2020-02''), DALBAR, Inc. and the Retirement Learning Center have joined forces to provide on-demand, state-of-the-art solutions to help financial professionals easily comply with the new regulations. As the peak of rollover activity approaches for this immense market i-LearnERISA provides continuing education (''CE'') for financial professionals who must act appropriately under PTE 2020-02 and Securities and Exchange Commission (SEC) rules.
(Marlborough, MA, Dec. 23, 2020) DALBAR, Inc. announced today the release of its biennial study entitled, Trends & Best Practices in Financial Services Contact Centers. The report provides insight into how financial services contact centers successfully transitioned to a predominantly remote workforce in 2020. ''With all of the challenges this year has brought to the customer service experience, we are so proud to release this study at a time when Contact Center Managers need it most,'' said DALBAR Director Brendan Yeager.
(Marlborough, MA, Dec. 10, 2020) DALBAR is excited to announce the winners of the 2020 Mutual Fund Service Award. These award-winning institutions stood out from the competition in the quality of telephone service being provided to mutual fund shareholders. The 2020 award winners are:
New York Life Investments
Thrivent Mutual Funds
VOYA Investment Management
VOYA 529 Plans
(Marlborough, Mass., Oct. 29, 2020) DALBAR, Inc. announced today the release of QAIB Advisor Studio, a dynamic, digital advisor platform for investor behavior-related content and data.
The QAIB Advisor Studio is an online, interactive hub for investor behavior related content, research and data from leading market research firm DALBAR, Inc.
In its 26 years of publication, the widely distributed Quantitative Analysis of Investor Behavior (''QAIB'') has evolved from an annually produced study to now becoming an interactive resource for illustrations, infographics, social media content, tools, news and data. These investor behavior resources strengthen financial professionals' communication with their clients and the community, which drives client satisfaction, better investment outcomes, and business growth.
(Marlborough, Mass., Sept. 17, 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 for a first of its kind, COVID-19 Crisis: In Branch Spot Check Study. Bank clients across North America remain anxious about visiting their local bank branches during the current health crisis. COVID-19 has forced banks to implement additional health safety measures for the protection of clients as well as team members. DALBAR examined how well the leading banks in North America have adapted to the evolving crisis. The banks evaluated in the study included: Bank of America, BMO, Capital One, Chase, CIBC, Citibank, Fifth Third, PNC, RBC, Scotiabank, SunTrust, TD Bank, US Bank, and Wells Fargo. These banks combined operate over 33,000 branches across North America.
(Marlborough, MA., 8/5/2020) -- In its comment letter regarding the regulation of ESG Investments, DALBAR contradicts the Labor Department's argument that only risk-adjusted returns qualify as financial benefits. The DOL's proposed rule would limit the factors fiduciaries can use in selecting plan investments to what the Department defines as ''pecuniary'' factors. The critical flaw in this approach is that the definition of ''pecuniary'' fails to include the two most crucial factors in securing retirement income: participation and contributions.
(Marlborough, MA, May 5, 2020) Today DALBAR recognized Nationwide Retirement Plans for outstanding service delivery to plan participants with the 2020 Customer Experience Excellence Award. This award is based on a detailed review of the customer service channels which form the majority of customer interactions.
''It is hard to overstate the importance of the customer experience where retirement plans are concerned,'' explains DALBAR Director Brendan Yeager. ''Having easy access to information and the right planning tools, backed up by friendly and knowledgeable associates who are able to answer any questions they may have, leads to more informed participants. This in turn leads to the most important goal, greater success in saving for retirement. Nationwide understands this, has made the participant's experience a real priority, and it shows.''
(Marlborough, MA, Feb. 27, 2020) As market response to Coronavirus continues to spiral, investor fear continues to fester. The actual risk of contracting the disease is low but markets are reflecting the possibility of a 100 year catastrophe. So what should investors do?
If this thing blows over, investors who jump ship now will lose much of their portfolio value. But if it does not, it could be a very costly mistake. The next three months will tell.
Today DALBAR announced that Putnam Investments has earned the Total Client Experience Award for the ninth consecutive year. This distinction recognizes Putnam for consistently delivering an exceptional service experience while also providing accurate information and precisely executing transactions for shareholders through their mutual fund contact center.
Today DALBAR announced that Nationwide Retirement has earned the 2019 Plan Participant Service Award for outstanding telephone support to retirement plan participants. This is the sixth consecutive year in which Nationwide was recognized by DALBAR with this distinction.
(Marlborough, MA. 12/12/2019) Today DALBAR announced the 2019 winners of the Insurance Service Award which recognizes leading providers of life, long-term care, and disability insurance for delivering outstanding telephone support to policyholders. In order to earn this prestigious DALBAR award, companies must undergo a thorough and independent year-long audit looking at the quality of contact center interactions. Award eligibility is determined by a review of actual customer interactions against detailed industry-leading criteria based on superior service standards and industry best practices.
Although investors have primarily shifted to digital methods, DALBAR’s Investor Insights survey found that 59% still utilize statements to review account data. Online access reigns above all with 88% reporting they view account details via computer or mobile device, but statement use exceeds other financial communications; more than double the 26% that call service centers and dwarfing the 17% that rely on advisors.
(Marlborough, MA. August 20, 2019) – DALBAR, Inc., a leading independent expert for evaluating, auditing and rating customer experience (“CX’), announced the CXA iCoach self-assessment app, offering contact centers an innovative approach to leverage the proven benefits of self-directed learning to improve representative performance.
MARLBOROUGH, MA July 16, 2019 – A recent study conducted by DALBAR has found that women across multiple age groups are more likely than men to seek out information online about paperless financial statements (commonly known as electronic delivery or e-Delivery in the financial services industry).
When it comes to using paperless statements to manage finances, it turns out that older women are more tech savvy than many would think.
DALBAR announced today that Putnam Investments has earned the Total Client Experience Award for consistently delivering an exceptional all-around contact center experience to mutual fund shareholders. 2018 marks the eighth consecutive year that Putnam Investments has earned this distinction.
Financial intermediaries, most notably financial advisors and their staff, play a central and crucial role in the financial services industry. Indeed, with many investors relying entirely on the advisor’s office to transact on their behalf, the quality of service those professionals receive when reaching out to providers is a critical piece of the overall customer experience.
With the lifting of restrictions on Multiple Employer Plans “MEP” two major shifts are likely to occur in the retirement plan market. First is that all small plans will gravitate to local MEPs that do not include their direct competitors. The second is a massive increase in demand for local MEPs.
The password is the first line of defense in cyber security but it is also the greatest threat to the client experience. Finding the delicate balance between protection and ease of use was the central focus of DALBAR’s 3rd Quarter WebMonitor of participant web sites. This focus was driven by the growing national concern over cyber security that now requires plan fiduciaries take an active interest in how well participants data and assets are being protected.
Even with all of the modern tools at their disposal, financial advisors rely on the contact centers of the financial service providers they work with to transact business and resolve complex issues.
The first phase of the DoL Fiduciary Rule takes effect on June 9th, 2017 and financial advisors can check if they are ready with DALBAR''s free online test (http://training.dalbar.com/).
The test can be completed in less than one minute with online video training available for advisors who need to catch up.
Dalbar has identified Merrill Lynch, BlackRock, Bank of America Merrill Lynch, Prudential, MassMutual and AIG as the #1 ranked statements in each of their respective peer groups.
Today Dalbar announced the winners of the 2016 Financial Intermediary Service Award.
Dalbar announced today that LPL Financial
has earned Recognition for Excellence Awards for the level of service provided
by its Worksite Financial Solutions and Investor Solutions call center support teams.
(Boston, MA. July 26, 2016) According to a recent Dalbar Study on meeting the needs of wealthy investors, the things that really have a negative impact on their overall customer service experience, and make them consider moving their money, is when a representative “does not listen, is disinterested and rushes me off the phone.”
As part of the Best Interest Contract Exemption (BICE), advisors are prohibited from making recommendations that will cause compensation for their services that is in excess of reasonable compensation.
Dalbar, Inc. announced the Top 5 Quality Rankings across the three most important customer touchpoints of financial services companies: Contact Centers, Statements and Websites, based on 2015 year end data.
Dalbar, Inc. announced today that Nationwide’s institutional commitment to a superior standard of care earned it four Dalbar awards.
Today DALBAR released the 2015 winners of its annual Annuity Service Award. AIG Variable Annuities, AXA, Genworth, New York Life, and Prudential Financial emerged as the customer service leaders in 2015.
Today Dalbar released the 2015 winners of its annual Mutual Fund Service Award. BlackRock, Deutsche Asset & Wealth Management, JPMorgan Funds, MainStay Investments, Primerica, Putnam Investments and Voya emerged as the superior service providers in customer service in 2015.
Dalbar submitted its response to the Department of Labor (“DoL”) regarding its regulatory proposal, Definition of the Term ‘Fiduciary’; Conflict of Interest Rule--Retirement Investment Advice” (“COI Proposal”). The response contained the findings of an analysis of the effect the proposal is likely to have on investors/participants and on the employers who offer retirement plans.
Dalbar, Inc. announced today the release of its evaluation of financial services firms’ financial advisor web sites. This evaluation included an in-depth study and review of 39 Web sites.
Dalbar, Inc. released its 17th annual Trends and Best Practices in Investor Statements report which evaluates the statement’s ability to address the needs of both investors and financial advisors. The firms ranked #1 include: AIG for annuities, BlackRock for mutual funds, Edward Jones for brokerage, MassMutual for defined benefit, Merrill Lynch for defined contribution, and Prudential for total retirement.
Dalbar announced today the 2014 winners of its annual Life & Long Term Care Insurance Service Awards. Genworth ranked first for the high quality of service in long term care and third for the quality of service provided to life insurance policyholders. With this industry leading service, Genworth has earned both the Dalbar Long Term Care and Life Insurance Service Awards in 2014.
Today Dalbar released the 2014 winners of its annual Annuity Service Award. AIG Variable Annuities, AXA, Genworth, New York Life, Pacific Life and Prudential Financial emerged as the titans of customer service in 2014.
(Boston, MA September 15, 2014) Dalbar, Inc. announced today the release of its evaluation of financial services firms' retirement plan web sites. This evaluation included an in-depth study and review of 48 web sites.
(June 9, 2014, Boston, MA) Dalbar, Inc. and Target Date Analytics LLC (Dalbar/TDA) have jointly filed a comprehensive response to the Securities and Exchange Commission (SEC) request for comments on Target Date Fund Name Marketing.
(Boston, MA. May 19, 2014) Dalbar, Inc. announced today the release of its first-ever national evaluation of financial services firms mobile optimized websites. This evaluation included an in-depth study and review of a total of 44 Mobile Web sites.
(Boston, MA. March 4, 2014) 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 fourth consecutive year that Waddell & Reed has achieved this level of excellence in serving the needs of both investors and financial professionals.
(Boston, MA. January 9, 2014) Dalbar, Inc. released its 16th annual Trends and Best Practices in Investor Statements report which evaluates the statement’s ability to address the needs of both investors and financial advisors. The firms ranked #1 include: BlackRock for mutual funds, Mass Mutual for defined benefit, Merrill Lynch for defined contribution, Pershing for brokerage, Prudential for total retirement, and SunAmerica for annuities.
(Boston, MA. December 10, 2013) Dalbar announced today the 2013 winners of its annual Life & Long Term Care Insurance Service Awards. Genworth was the only firm in the life insurance or long term care insurance industry to emerge as a leader in customer service for 2013.
(Boston, MA. November 21, 2013) Dalbar, Inc. announced today the release of its first-ever international evaluation of financial services firms mobile apps. This evaluation included an in-depth study and review of a total of 45 applications.
Dalbar, Inc. announced today the release of the fourth 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.
Dalbar, Inc. announced the release of its 15th annual Trends and Best Practices in Investor Statements reports for Brokerage, Mutual Funds, Annuities and Retirement Plans. These reports evaluate the statement’s ability to address the needs of both the investor and the financial professional.
Today DALBAR released the 2012 winners of its annual award for excellence in sales support. For the second consecutive year, Allianz Life Insurance Company of North America and JP Morgan Funds emerged as the leaders in sales support in 2012.
Global health service company Cigna (NYSE: CI) is the first health plan to be awarded the Dalbar Recognition for Excellence for 2012. Dalbar issued the excellence award to recognize Cigna's My Personal Champion® program that offers specialized support for customers with serious illnesses.
Dalbar announces the introduction of its new online tool that estimates the likelihood of a regulatory examination and the penalty associated with an excessive fee finding from such an examination.
DALBAR announced today the 2011 winner of its Total Client Experience Award. Putnam Investments was the first firm to emerge as a leader in the combination of quality, security and accuracy of customer service provided to investors.
Dalbar released the 2011 winners of its annual Mutual Fund Service Award. BlackRock, DWS Investments, JPMorgan Funds, Lord Abbett, Mainstay Investments, Primerica, Putnam Investments and Transamerica Funds emerged as the leaders in customer service in 2011.
Dalbar’s Registered Fiduciary (“RF™”) program has been upgraded with the addition of the RF™ for IRA that qualifies advisers to meet the requirements of the final regulations on investment advice. These regulations require that investment advice given to any IRA investor or 401(k) participant must meet new fiduciary requirements by December 27, 2011.
Dalbar, Inc.announced today the release of its national e-Delivery Benchmarks study. The e-Delivery Benchmarks report summarizes the findings of an online survey of digital product/project managers, executives, and communication specialists in the brokerage, employer-sponsored retirement plan, life insurance, mutual fund and variable annuity industry. Findings cover the prevalence of electronic delivery of quarterly statements, annual reports, prospectuses, tax documents, transaction confirmations and other client communication.
In spite of the recovery of the stock market, a general unease continues as sectors of the economy struggle to gain solid footing. Dalbar’s annual Qualitative Analysis of Investor Behavior (QAIB) continues to present ways to reduce destructive investor behavior.
Dalbar and T-Base Communications announced today that they have signed a definitive agreement; Dalbar, the leading independent expert for evaluating, auditing and rating communication, and T-Base Communications, North America's leader in ensuring important customer communications materials are inclusive, accessible, and useable by blind, deafblind and partially sighted individuals. T-Base and Dalbar will work together in launching new Accessibility Criteria that measures the effectiveness of standard Explanation of Benefit (EOB) statements, which are considered to be the most important healthcare communication... reporting on what is covered and what is not!