TORONTO, April 9, 2013 (GLOBE NEWSWIRE) -- With several statements in the industry having undergone redesigns, the results from DALBAR's recently released Trends and Best Practices in Defined Contribution Pension Plan Statements displayed the highest quality in all the market segments tested. With an industry benchmark of 77.03 out of 100 points, this segment demonstrated that it remains at the cutting edge of innovation in client statements. The level of details offered, the quality of personalized messaging, and the online integration in the statements all speak to an industry that is committed to providing the best communications to their clients. The top-ranking firm, Industrial Alliance, demonstrated that redesigns can revitalize the value and client engagement offered to clients.
Many participants who are enrolled in group retirement plans have basic levels of financial literacy, making it critical to not only show them account details in a clear, understandable manner, but to also educate them on their plans. The statements evaluated this year all showed a consistently high level of plan detail, with the top statements showing clearly the plan features and options available to the participant. Co-branding, with both plan sponsor and provider logos was also prominent. These statement features all serve to increase feelings of ownership and encourage client engagement. The industry also integrates its online resources into the statement in an unobtrusive, yet valuable manner. Leveraging websites and other online tools on the statement is an effective way to ensure that clients are made aware of the full range of resources available to them.
Anita Lo, Vice-President at DALBAR commented that, "These best in class statements do their part in helping Canadians fully understand their corporate retirement plans. We commend the plan providers for their efforts in producing these forward thinking statements that have Canadians thinking and talking about their retirement plans."
The tables below provide the DALBAR ranking of statements evaluated in the 2013 Trends and Best Practices in Defined Contribution Pension Plan Statements Study.
|1||Industrial Alliance Insurance and Financial Services Inc.||Excellent|
|2||Desjardins Financial Security||Excellent|
|4||Sun Life Financial||Excellent|
|5||Manulife Financial||Very Good|
To purchase a copy of DALBAR's 2013 Trends and Best Practices in Defined Contributions Pension Plan Statements complete with rankings, please contact Anita Lo at 416.777.1103 ext 223 or firstname.lastname@example.org.
About DALBAR Inc.: As the world's premier financial services strategy and operations research firm, DALBAR, Inc. helps leading enterprises develop, build, and operate strong businesses that deliver sustained shareholder value growth. DALBAR's proprietary business design techniques, combined with its specialized industry knowledge and behavioural research expertise, enable companies to anticipate changes in customer priorities and the competitive environment, and then design their businesses and improve operations to seize opportunities created by those changes. The firm serves clients in the Americas and Europe.
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