June 2018 – Make a Statement: Corporate Insight’s Annual Statement Analysis Report

Corporate Insight is proud to present the latest installment of our annual analysis of hardcopy statements, 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. For the first time, we also include a statement sample and analysis from Robinhood as the firm was added to the Broker Monitor coverage group in March 2018.

Six firms—Ameriprise, Fidelity, Merrill Lynch Wealth Management, Morgan Stanley Wealth Management and RBC Wealth Management—made major changes to their statements since our last report. Ameriprise updated its Account Value charts to show net contributions, added additional holdings details and redesigned its Account Summary page. Merrill Lynch added a section that includes funds with a floating net asset value or with a trade settlement on the business day after the trade date. It also now displays stock borrow charges. Morgan Stanley added a Detailed Margin Loan Interest Schedule for all accounts with margin debits and a new footnote where both Wash Sale and Married Option conditions apply. It also improved its presentation of partially called fixed income securities, among other changes. Fidelity now includes additional Exchange Traded Product details in multiple areas, like the Holdings and Cash Flow sections. Additionally, it now separately designates internal transfers throughout the statement.

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