June 2016 – Corporate Insight’s Annual Statement Analysis

Corporate Insight is proud to present the latest installment of our annual analysis of hardcopy statements for this month’s Broker Monitor Report – a topic we have examined consistently for over a decade. Using our proprietary Benchmarking Audit software, we assess the hardcopy statements provided by every firm in the Broker Monitor competitive set across roughly 70 individual data points. Additionally, we actively solicited statement submissions from the firms that we track in order to broaden our view of available features that may not appear on our own statements.

Fidelity was the only firm to make major changes to its statement since our last report, and saw a corresponding jump in our rankings. The firm was the highest ranking discount brokerage, and out-ranked two full-service firms, which generally sit exclusively at the top of our rankings. The firm upgraded statement readability and added asset allocation information to both the portfolio and Account Summary sections. For its part, Merrill Lynch augmented its account summaries with asset allocation information as well, and added e-delivery preferences to statements. For the most part, other firms eschewed large-scale changes and only a few made incremental updates to their offerings. The leaders in the report were Merrill Lynch, Morgan Stanley and Wells Fargo, which finished within .02 points of each other in our rankings—the slimmest of margins.