Client Statements Still Fall Short Across All Industries In Answering the Question "What am I Paying?" - DALBAR releases reports

Client Statements Still Fall Short Across All Industries In Answering the
Question "What am I Paying?" - DALBAR releases reports on Investor Statements

Boston, MA, Feb. 5, 2013 (GLOBE NEWSWIRE) -- DALBAR, Inc. announced the
release of its 15^th 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.

The public fears of financial services that were ignited by the enormous
losses of 2008 continue to grow. In turn, these fears have eroded the trust in
financial markets far more than volatility or weak performance. The financial
services industry has the weapon to fight this crisis in confidence: the
client statement. By far the most visible communication to clients, the
statement could be the Trojan Horse to enter every home with a reassuring
message of accountability.

The following firms have taken a leadership role in attempting to regain
client trust by providing a clear answer to the question of how much clients
are paying for their mutual fund investments:

  * BlackRock takes the mystery out of operating expenses by providing a
    paragraph that explains the funds' operating expenses. This paragraph is
    prominent as it is large and in the first page margin of the statement.
    They also put a dollar value on the estimated operating expenses paid.
    Saying "you paid $335.83" in fees means far more to an investor than
    saying "you paid 120 basis points."
     
  * Merrill Lynch provides the most information about mutual fund fees in the
    brokerage industry. The statement not only outlines the expenses
    associated with the funds in the account but further clarifies the effects
    of the fees with a hypothetical example of how the return on assets is
    impacted by said fees.
     
  * Principal is the only firm within the Retirement Plan statements evaluated
    that addresses investment related expenses as a dollar amount. The fees
    are indicated for each fund and include a note identifying what the fee
    was for in terms that are easily understood.

 "Rebuilding trust with regards to fees is remarkably simple and very low
risk," said Kathleen Whalen, Managing Director at DALBAR. She added, "Stating
what total fees were or what the fees are likely to be, highlighted on the
medium of the client statement, produces the desired effect of openness." 

DALBAR takes a systematic approach to evaluating statements using a method
that has been developed and refined over the past two decades. Statements
earned credit for including features that strongly impact an investor's
ability to act prudently and make financial decisions. Features include the
ability to understand the significance of the information, answer pertinent
questions and utilize design elements that enhanced their overall
effectiveness. The table below includes the firms that rated "excellent" in
each industry sector:

Firms Awarded DALBAR's 'Excellent' statement designation in 2012

Brokerage          Mutual Fund  Defined Contribution      Defined Benefit
Baird              BlackRock    American Funds            MassMutual
Edward Jones       Lord Abbett  Mass Mutual               Prudential Financial
Merrill Lynch      Transamerica Merrill Lynch              
Morgan Stanley                  Principal Financial Group  
National Financial              Prudential Financial       
Pershing                        Securian                   
Raymond James                   T. Rowe Price              
UBS Financial                                              
Services                                                   
Wells Fargo                                                
 

For more information on the 15^th Annual Trends & Best Practices in Investor
Statements reports or on DALBAR's Statement Evaluation services, please visit
the web site at www.dalbar.com or contact Brooke Halloran at 617-624-7273 or
bhalloran@dalbar.com.

DALBAR, Inc. is the financial community's leading independent expert for
evaluating, auditing and rating business practices, customer performance,
product quality and service. Launched in 1976, DALBAR has earned the
recognition for consistent and unbiased evaluations of investment companies,
registered investment advisers, insurance companies, broker/dealers,
retirement plan providers and financial professionals. DALBAR awards are
recognized as marks of excellence in the financial community.

CONTACT: Kathleen Whalen
         617.723.6400
         KWhalen@DALBAR.com

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