June 2017 – 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 to broaden our view of available features that may not appear on our own statements. This year, we received submissions from six firms.

Three firms made major changes to their statements since our last report: Merrill Lynch, Ameriprise and Fidelity. Merrill Lynch added several new fee labels and sections for increased transparency. It also added a message encouraging clients to enroll in eDelivery and a message below the asset allocation chart urging clients to review allocation preferences with an advisor. The firm also enhanced transaction description names. In November, Ameriprise made a few enhancements that include an improved asset allocation chart, increased level of detail on the Portfolio Summary page, new callout messages, page numbers and more consistent data from page to page. Lastly, Fidelity added a Balances section to the Account Summary and Portfolio Summary pages. Additionally, rather than listing the holding type and percentage of the account in the Top Holdings table as it did previously, the firm now lists the actual holdings.