The State of DCIO Distribution: 2017
Maintaining a Growth Trajectory in an Uncertain Market
Overview
Sway’s tenth in-depth study of DCIO distribution finds the industry in a state of uncertainty. The
impending implementation of the DOL fiduciary rule and a rash of lawsuits targeting DC plan
sponsors have the potential to radically change the marketplace. Based on surveys and interviews
of DCIO sales leaders and DC plan intermediaries, The State of DCIO Distribution: 2017 provides key
benchmarks and insights to help executives rationalize sales, asset growth, and budget allocations,
as well as address opportunities to improve product salability regardless of the challenges presented
by the DOL rule and legal environment. Any firm that competes in the DCIO space will find this
research essential.
This Research Will Help You
• Assess the impact of the DOL rule on plan intermediaries
• Evaluate and enhance DCIO sales and asset growth
• Gauge the demand for zero revenue vehicles
• Determine strategy for launching/marketing CITs in DC
• Identify the criteria plan advisors use to evaluate DCIO value-add
• Understand the demand for passive investments across asset classes
• Enhance compensation and metrics for DCIO sales via retail wholesalers
• Improve coverage of plan intermediaries and third-party fiduciaries
Key Findings
• IO assets now make up 48% of the DC market and total $3.5T.
• More than 7 in 10 plan intermediaries expect to increase passively-managed assets in
DC plan menus.
• More than 4 in 5 Retirement/Benefits Consultants believe the DOL fiduciary rule will lead
to enhanced business growth.
• DCIOs continue to staff up, as headcounts are up across manager segments again this year.
Key Benchmarks/Analysis
1. DCIO assets and sales growth
2. Top-selling DCIO portfolios and categories
3. Headcounts and plans to add staff, compensation, and goals
4. Sales and marketing budgets and resource allocations
5. Intermediary views on the impact of the DOL ruling
6. Evolving role of retail sales in the DCIO effort
7. Coverage of multi-state retirement advisory firms
8. Coverage of national and regional third-party fiduciary firms
9. Share of sales done via zero revenue vehicles
10.Recordkeeper payments
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Report Contents
• 160 pages
• 10 chapters
• 116 exhibits
Study Chapters
1. Market-Sizing, Sales and Asset Trends
2. Investments: Vehicles and Pricing
3. Investments: Top-Selling Categories
4. Investments: Key Portfolio Attributes
and Active vs. Passive
5. Investments: QDIA and Target-Date
6. Staffing & Compensation: Budgets,
Headcounts, Compensation and
Sales Tracking
7. Marketing: Budgets, Allocations and
Intermediary Views on Value-Add
Support
8. Distribution: Goals, Coverage, Payments and the Cost of Acquisition
9. Preferred and Best-in-Class Managers
of Plan Intermediaries
10.Manager Priorities and the Impact of
the New DOL Rules
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Table of Contents Methodology .......................................................................................................................................................... 1 The State of DCIO Distribution: 2017—Key Observations and Insights .................................................................. 3 Executive Summary ................................................................................................................................................ 9 Chapter One Market‐Sizing, Sales and Asset Trends ................................................................................................................. 19 I. Market‐Sizing ............................................................................................................................................ 20 II. Manager Sales and Asset Trends .............................................................................................................. 26 Chapter Two Investments: Vehicles and Pricing ....................................................................................................................... 31 I. Trends in Investment Vehicle Usage ....................................................................................................... 31 II. Trends in Product Pricing ........................................................................................................................ 37 Chapter Three Investment Product Trends: Top‐Selling Categories .......................................................................................... 45 I. R‐Share Assets by Broad Objective & Category ...................................................................................... 45 II. Top‐Selling Categories: DCIO Sales .......................................................................................................... 48 Chapter Four Investments: Key Portfolio Attributes and Active vs. Passive ........................................................................... 55 I. Intermediary Views on Portfolio Attributes ........................................................................................... 55 II. Trends in Active vs. Passive Management .............................................................................................. 58 Chapter Five Investments: QDIA and Target‐Date ................................................................................................................... 65 I. The Growth of Target‐Dates and the Impact on DCIO Sales ................................................................... 65 II. Leading Target‐Date Fund Managers ...................................................................................................... 70 III. Intermediary Views on Customizable T‐Ds, T‐D Increments and Managed Accounts ........................... 74 i The State of DCIO Distribution: 2017 Chapter Six Staffing, Budgets, Headcounts, and Sales Tracking ............................................................................................ 79 I. Sales Force Spending and Headcounts ...................................................................................................... 79 II. Sales Force Compensation and Tracking ................................................................................................... 83 III. Compensating Retail Sales for DCIO Business ........................................................................................... 87 Chapter Seven Marketing: Budgets, Allocations and Intermediary Views on Value‐Add Support ........................................... 91 I. DCIO Marketing Budgets and Allocations ................................................................................................. 91 II. Where Intermediaries Add Value ............................................................................................................. 96 III. Criteria Behind Intermediary Selections of Best‐in‐Class Value‐Add Managers .................................... 100 Chapter Eight Distribution: Goals, Coverage, Payments and the Cost of Acquisition ............................................................. 107 I. Focus Firms and Territory Goals ............................................................................................................ 107 II. Intermediary Coverage Strategy ............................................................................................................ 113 III. Trends in the Cost of Acquisition and Payments to Recordkeepers ...................................................... 116 Chapter Nine Preferred and Best‐in‐Class Managers of Plan Intermediaries ......................................................................... 121 I. Preferred Managers by Broad Objective ............................................................................................... 121 II. Best‐in‐Class Managers: Sales Support, Value‐Adds, and Advisor Website .......................................... 131 Chapter Ten Manager Priorities and the Impact of the New DOL Rule ................................................................................. 137 I. Manager and Intermediary Views on the Impact of the DOL Rule ........................................................ 137 II. Manager Priorities for Growing the DCIO Business ............................................................................... 144 Appendix A: Best‐in‐Class Ratings by Firm .......................................................................................................... 149 Appendix B: Preferred Managers by Firm ........................................................................................................... 155 Appendix C: Intermediary Commentary on Manager Value‐Adds ...................................................................... 163 Appendix D: Index of Companies ......................................................................................................................... 165 ii Directory of Exhibits Exhibit 1‐1: Growth of DC and DCIO Assets: 2006 to 2016P ............................................................................. 19 Exhibit 1‐2: Asset Growth Across Retirement Markets ..................................................................................... 20 Exhibit 1‐3: Annual Net Flows into IRAs and Private DB and DC Plans ............................................................. 21 Exhibit 1‐4: DC Assets by Plan Type .................................................................................................................. 22 Exhibit 1‐5: Plan Types Sold by Intermediaries ................................................................................................. 23 Exhibit 1‐6: Intermediary DC AUM by Plan Type .............................................................................................. 23 Exhibit 1‐7: Intermediary Views on the Importance of 403(b) Plans and HSAs to Their Business ................... 24 Exhibit 1‐8: DCIO Asset and Market Share Projections ..................................................................................... 25 Exhibit 1‐9: DCIO Assets, Gross Sales, and Net Sales by Manager Tier ............................................................. 26 Exhibit 1‐10: Share of DCIO Managers in Net Redemptions ............................................................................... 27 Exhibit 1‐11: DCIO Gross Sales‐to‐Assets: 2009 to 2016 ..................................................................................... 28 Exhibit 1‐12: DCIO Share of Firm‐wide Gross and Net Sales: 2008 to 2016P ..................................................... 29 Exhibit 2‐1: DCIO Gross Sales by Investment Vehicle: 2011 to 2016 ................................................................ 31 Exhibit 2‐2: Intermediary Views on Using CITs/CTFs in Plan Menus ................................................................. 32 Exhibit 2‐3: Percent of Intermediary DC Plan AUM in CITs/CTFs: 2016 to 2019P ............................................ 33 Exhibit 2‐4: Intermediary Views on Using ETFs in DC Plans .............................................................................. 34 Exhibit 2‐5: Intermediary Views on Using Stable Value vs. Money Market in DC Plans ................................... 35 Exhibit 2‐6: Intermediary Views on Using In‐plan Income Options ................................................................. 36 Exhibit 2‐7: DCIO Gross Sales in Retail vs. Institutional Priced Vehicles .......................................................... 37 Exhibit 2‐8: Percentage of Managers With a Majority of DCIO Sales in Retail Vehicles ................................... 38 Exhibit 2‐9: Assets in Retirement Shares by 12b‐1 Fee Type ............................................................................ 39 Exhibit 2‐10: Assets in Retirement Shares by Revenue‐Share Status ................................................................. 40 Exhibit 2‐11: Number of Portfolios with a Zero Revenue Share Class ................................................................ 40 Exhibit 2‐12: Percent of Gross Sales in Zero Revenue Vehicles .......................................................................... 41 Exhibit 2‐13: Percent of Managers With a High Concentration of DCIO Sales in Zero Revenue Vehicles .......... 41 Exhibit 2‐14: Intermediary Revenue Mix by Fee Structure: 2013 to 2016 .......................................................... 42 Exhibit 3‐1: Exhibit 3‐2: Exhibit 3‐3: Exhibit 3‐4: Exhibit 3‐5: Exhibit 3‐6: Exhibit 3‐7: Exhibit 3‐8: Average Large/Mega Plan Asset Allocation: June 2016 ................................................................ 45 Assets in Retirement Shares by Broad Objective ........................................................................... 46 Assets in Retirement Shares by Investment Category .................................................................. 47 Concentration of DCIO Sales in Top‐Selling Portfolios ................................................................... 48 Share of Top‐Selling Portfolios and Gross Sales by Investment Objective .................................... 49 Allocation of Top‐3 Selling Portfolios by Broad Objective: 2011 to 2016 ...................................... 50 Allocation of Top‐Selling Portfolios by Manager Tier and Broad Objective: 2016 ........................ 51 Top Categories for DCIO Sales ........................................................................................................ 52 iii The State of DCIO Distribution: 2017 Exhibit 4‐1: Exhibit 4‐2: Exhibit 4‐3: Exhibit 4‐4: Exhibit 4‐5: Exhibit 4‐6: Exhibit 4‐7: Exhibit 4‐8: Exhibit 4‐9: Ranking Investment Attributes by Importance: R/B Consultants ................................................. 55 Ranking Investment Attributes by Importance: Retirement Advisors .......................................... 57 401(k) Assets in Passive/Active Portfolios ..................................................................................... 58 Impact on DCIO Sales of Passive Management & Fee Pressure .................................................... 59 Projected Directional Change in Passive Share of DC AUM: 2016 to 2019 ................................... 60 Percent of Intermediary DC AUM in Passive Investments: 2016 to 2019P .................................. 60 Ranges of DC AUM in Passive Investments by Intermediary Type: 2016 & 2019P ...................... 61 Plans for Usage of Asset Classes in Plan Menus: Retirement/Benefits Consultants ..................... 62 Plans for Usage of Asset Classes in Plan Menus: Retirement Advisors ......................................... 63 Exhibit 5‐1: Percentage of 401(k) Assets in Target‐Date Solutions .................................................................. 65 Exhibit 5‐2: Impact to DCIO Sales from the Growth of Target‐Dates Within DC Plans ................................... 66 Exhibit 5‐3: Manager Approach and Plans for the Target‐Date Market .......................................................... 67 Exhibit 5‐4: Percentage of Plan Intermediaries Using QDIAs by Type .............................................................. 68 Exhibit 5‐5: Allocation of QDIA AUM by QDIA and Intermediary Type ............................................................ 69 Exhibit 5‐6: Leading Target‐Date Mutual Fund Managers ................................................................................ 70 Exhibit 5‐7: Preferred Target‐Date Series of Plan Intermediaries: 2016 ..................................................... 71‐72 Exhibit 5‐8: Market Share of T‐D Series & Assets by Proprietary, Non‐Prop., or Multi‐Manager Status ......... 73 Exhibit 5‐9: Intermediary Use of Customizable Target‐Date Solutions ............................................................ 74 Exhibit 5‐10: Allocation of QDIA AUM by Views on Constructing Custom T‐Ds ................................................. 75 Exhibit 5‐11: Intermediary Views on Target‐Dates with 5‐Year vs. 10‐Year Increments ................................... 76 Exhibit 5‐12: Intermediary Use of Managed Accounts ....................................................................................... 77 Exhibit 6‐1: DCIO Sales Force Compensation and T&E Expenditures by Tier: 2014 to 2016 ............................ 79 Exhibit 6‐2: Number of DCIO FTEs by Function: 2015 & 2016 .......................................................................... 80 Exhibit 6‐3: Average Travel & Entertainment Spending Per External Salesperson: 2015 & 2016 ................... 81 Exhibit 6‐4: Number of Full‐time DCIO Employees: 2010 to 2016 ................................................................... 81 Exhibit 6‐5: Plans to Add Staff by Position ........................................................................................................ 82 Exhibit 6‐6: Total Compensation by Position: 2014 to 2016 ............................................................................ 83 Exhibit 6‐7: High, Low, and Average Compensation Per Function: 2016 ......................................................... 83 Exhibit 6‐8: External Sales Compensation Structure and Components ............................................................ 84 Exhibit 6‐9: Key Accounts Compensation Structure and Components ............................................................ 85 Exhibit 6‐10: Quality of Manager Sales Data ...................................................................................................... 86 Exhibit 6‐11: Percentage of Managers Compensating Retail Sales for Trackable DCIO Business ...................... 87 Exhibit 6‐12: Percentage of Managers Compensating Retail Sales the Same for DCIO as Retail ....................... 87 Exhibit 6‐13: Metrics Used for Evaluating Retail Sales Performance ................................................................ 88 Exhibit 6‐14: Percentage of DCIO Gross Sales Attributable to Retail Sales Efforts............................................. 88 Exhibit 6‐15: Paying Retail for DCIO Sales Through Multi‐State Retirement Plan Advisory Firms ..................... 89 iv Exhibit 7‐1: DCIO Marketing Spend by Tier: 2014 to 2016 ............................................................................... 91 Exhibit 7‐2: Marketing Dollars Leveraged from Other Areas ........................................................................... 92 Exhibit 7‐3: Marketing Budget Allocations Excluding Staff Comp: 2015 & 2016 .............................................. 93 Exhibit 7‐4: Marketing Budget Allocations Including Staff Comp: 2015 & 2016 .............................................. 94 Exhibit 7‐5: Spending on DCIO Value‐Add Programs & Conferences/Events: 2014 to 2016 ............................ 95 Exhibit 7‐6: Where Plan Intermediaries Seek to Add Value in 2016: R/B Consultants ..................................... 97 Exhibit 7‐7: Where Plan Intermediaries Seek to Add Value in 2016: Retirement Advisors .............................. 99 Exhibit 7‐8: Areas Cited as Criteria Behind Best‐in‐Class Value‐Add Ratings .................................................. 100 Exhibit 7‐9: Areas Cited as Best‐in‐Class Value‐Add Criteria: Marketing Programs and Tools ....................... 101 Exhibit 7‐10: Areas Cited as Best‐in‐Class Value‐Add Criteria Under “Marketing Collateral” .......................... 102 Exhibit 7‐11: Areas Cited as Best‐in‐Class Value‐Add Criteria Under “Intermediary Tools/Support” .............. 103 Exhibit 7‐12: Criteria Behind Best‐in‐Class Value‐Add Selections: Leading Managers ..................................... 104 Exhibit 8‐1: Focus Firms: Number of and Share of Gross Sales ....................................................................... 107 Exhibit 8‐2: Goals for Interactions Between External Sales and Intermediaries ............................................ 108 Exhibit 8‐3: Intermediary Focus by Tier: 2015 & 2016 ................................................................................... 109 Exhibit 8‐4: Gross Sales Goals: DCIO Unit Overall & Per Territory .................................................................. 110 Exhibit 8‐5: Impact to DCIO Sales of Recordkeeper M&A Activity .................................................................. 111 Exhibit 8‐6: Fastest‐Growing Recordkeepers .................................................................................................. 112 Exhibit 8‐7: Coverage of Multi‐State Retirement Plan Advisory Firms ........................................................... 113 Exhibit 8‐8: Coverage of National Third‐Party Fiduciaries .............................................................................. 114 Exhibit 8‐9: Coverage of Regional Third‐Party Fiduciaries .............................................................................. 115 Exhibit 8‐10: Sales & Marketing Expenses as a Percentage of Gross Sales Goals ............................................ 116 Exhibit 8‐11: Cost of Acquiring a Billion of DCIO Assets .................................................................................... 117 Exhibit 8‐12: Trends in Recordkeeper Payments: 2008 to 2016 ....................................................................... 118 Exhibit 9‐1: Preferred Asset Managers of Plan Intermediaries: 2016 ............................................................. 122 Exhibit 9‐2: Usage of Preferred Managers Across Multiple Asset Classes ...................................................... 123 Exhibit 9‐3: 2016 Preferred Managers: U.S. Equity Portfolios ........................................................................ 124 Exhibit 9‐4: 2016 Preferred Managers: Int'l/Global Developed Markets Portfolios ....................................... 125 Exhibit 9‐5: 2016 Preferred Managers: Emerging Markets Equity/Bond Portfolios ....................................... 126 Exhibit 9‐6: 2016 Preferred Managers: Target‐Date Portfolios ..................................................................... 127 Exhibit 9‐7: 2016 Preferred Managers: U.S. Fixed Income Portfolios ............................................................. 128 Exhibit 9‐8: 2016 Preferred Managers: Specialty/Sector* Portfolios ............................................................. 129 Exhibit 9‐9: 2016 Preferred Managers: Stable Value/Money Market Portfolios ............................................ 130 Exhibit 9‐10: Best‐in‐Class Managers of Plan Intermediaries: External DCIO Sales .......................................... 131 Exhibit 9‐11: Best‐in‐Class Managers of Plan Intermediaries: Internal DCIO Sales .......................................... 132 Exhibit 9‐12: Best‐in‐Class Managers of Plan Intermediaries: Advisor Website ............................................... 133 Exhibit 9‐13: Best‐in‐Class Managers of Plan Intermediaries: Value‐Add Tools/Programs .............................. 134 v The State of DCIO Distribution: 2017 Exhibit 10‐1: Expected Impact of DOL Regulations on Plan Intermediaries: Summary Table .......................... 137 Exhibit 10‐2: Impact of DOL Rule: Retirement/Benefits Consultants ............................................................... 139 Exhibit 10‐3: Impact of DOL Rule: Retirement Advisors ................................................................................... 141 Exhibit 10‐4: Impact to DCIO Sales of the Passage of the DOL Rule ................................................................. 142 Exhibit 10‐5: Potential Impact of the DOL Regulations on DCIO Sales & Marketing ....................................... 143 Exhibit 10‐6: Top Manager Priorities: 2016 vs. 2015 ........................................................................................ 145 Exhibit 10‐7: Top Manager Priorities for Enhancing DCIO Growth: 2016 ........................................................ 146 Exhibit 10‐8: Top Priorities by Manager Tier .................................................................................................... 147 vi Methodology Welcome to the tenth report in our series of annual in‐depth studies of DCIO distribution. The core of the find‐
ings in this report are the result of surveys and interviews of DCIO sales leaders and retirement plan‐focused in‐
termediaries. In addition, findings from previous Sway Research studies, and publicly available data, such as that from industry trade groups, are also included in the analysis. Below are details on the DCIO managers and inter‐
mediaries that form the core of this research: DCIO Managers ‐ Leaders of DCIO sales efforts at 25 asset management firms completed an in‐depth survey and interviews on the following topics:  DCIO assets and sales growth  Top‐selling DCIO portfolios and categories  Sales force benchmarks, including headcounts and plans to add staff, compensation, and territory goals  Resource allocations, sales and marketing budgets, and the leveraging of other units  Potential impacts of the DOL ruling  Evolving role of retail sales in the DCIO effort  Coverage of multi‐state retirement advisory firms, as well as national and regional third‐party fiduciary firms  Share of sales done via zero revenue vehicles  Recordkeeper payments The respondent firms manage about $950 billion of DCIO assets. In order to enhance the analysis, managers are segmented into the following tiers based on DCIO assets under management, sales and marketing budgets, and DCIO staff headcounts so that the groups are similar not only in terms of assets, but also in terms of their level of commitment to the business. The 2016 DCIO Manager Survey was in the field from August 2 to August 25, 2016. 2016 DCIO Manager Segments Avg. Total DCIO AUM June 2016
$59B
Avg. DCIO AUM in Retail‐Priced Vehicles
June 2016
$21B
No. of Firms in Segment
10
Tier 2
$17B $4B 9
Tier 3
Overall
$4B $31B $1B $9B 6
25
Segment
Tier 1
vii The State of DCIO Distribution: 2017 Plan intermediaries representing 124 practices (57 Retirement/Benefits Consultants and 67 Retirement Advi‐
sors) completed the 2016 DC Plan Intermediary Survey between June 21 and July 12, 2016. Together, these practices manage nearly $70B of DC assets. In addition to the usual benchmarks, this year's survey included the following subjects:  Expectations for the impact of the DOL rule on their DC business  Preferred asset managers across seven objectives  Best‐in‐class managers in DCIO sales, value‐add, and website  Criteria behind best‐in‐class value‐add ratings  Preferred Target‐Date series  Use of customizable Target‐Date solutions  Usage of passive/active management across 14 objectives  Ranking the importance of portfolio attributes  Importance of 403(b) plans to their DC practice  Views on using CITs in plan menus and DC AUM in CITs The following firms are representative of (and among) the respondents to the 2016 DC Plan Intermediary Survey: Retirement/Benefits Consultants ‐ CAPTRUST, CBIZ, Fiduciary Investment Advisors, Institutional Investment Consulting, InTrust Fiduciary Group, Lockton Retirement Services, Mayflower Advisors LLC, PFE Group, Sage‐
View Advisory Group Retirement Advisors ‐ Compass Benefit Partners, LPL Financial Retirement Partners, Merrill Lynch, Raymond James, Retirement and Benefit Partners, Retirement Benefits Group, Robert W. Baird, Strategic Retirement Partners, UBS 2016 Plan Intermediary Segments Avg. No. of DC Plans Serviced
DC AUM ($Mils)
Retirement/Benefits Consultants
82
$1,115
$14
80%
87%
Retirement Advisors
35
$75
$2
44%
49%
Overall
55
$554
$10
60%
67%
Segment
Average % of Annual % of AUM Plan Size in Revenue in DC $Mils
from DC Plans
About the change in advisor labels. We decided to go back to calling our more elite group Retirement/Benefits Consultants (instead of the Mid‐tier Consultant label used in past studies), because, even though mid‐tier firms like Lockton and SageView are represented, this group also includes many employer benefits‐focused RIAs and brokerage‐based teams. We’re also now applying the term “Plan Intermediary” to the overall group to avoid confusion with the Retirement Advisor segment. viii Appendix D: Index of Companies AB ................................................................................................................................ 102, 105, 125, 149, 155, 163 Alger ............................................................................................................................................................ 149, 155 Allianz Global Investors ................................................................. 25, 101, 104, 106, 127, 133, 134, 149, 155, 163 American Century ........ 25, 70, 71, 72, 102, 103, 104, 106, 122, 123, 124, 127, 131, 132, 134, 135, 149, 155, 163 American Funds ....... 40, 69, 70, 71, 72, 78, 104, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130,131, 132, 133, 134, 135, 149, 155, 163 AON Hewitt ........................................................................................................................................................... 20 BlackRock .................. 40, 71, 72, 102, 103, 104, 105, 106, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 149, 155, 163 BMO/BMO Funds ............................................................................................................................... 111, 149, 155 BNY Mellon/Dreyfus ................................................................................................................................... 149, 155 Brightscope ........................................................................................................................................................... 86 CAPTRUST ..................................................................................................................................................... 89, 113 Callan Associates ............................................................................................................................................. 45, 66 Charles Schwab/Schwab Funds ........................................................................................................... 70, 152, 159 Columbia Threadneedle ...................................................................................... 103, 106, 130, 131, 149, 156, 163 Delaware Investments ................................................................................................................................ 149, 156 Deutsche Funds/Deutsche Bank ..................................................................................................... 19, 25, 150, 156 DFA ............................................................................................. 103, 124, 125, 126, 129, 133, 135, 150, 156, 163 Dodge & Cox ....................................................................................................................... 102, 124, 125, 150, 156 Eaton Vance ....................................................................................................................... 103, 106, 128, 150, 156 Empower/Great‐West Financial ................................................................. 111, 112, 119, 124, 127, 133, 150, 156 Envestnet .................................................................................................................................................... 115, 119 Federated Investors .............................................................................. 40, 103, 104, 130, 131, 132, 150, 156, 163 Fidelity ........... 20, 70, 71, 72, 78, 104, 112, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 150, 156, 163 Fiduciary Benchmarks ................................................................................................................................. 103, 106 Financial Engines ................................................................................................................................................... 76 Franklin Templeton ....................................... 25, 102, 103, 106, 122, 123, 125, 126, 128, 132, 135, 150, 157, 163 Galliard ................................................................................................................................................ 130, 150, 157 Goldman Sachs ...................................................................... 40, 103, 122, 123, 124, 128, 129, 131, 132, 150, 157 GuidedChoice ...................................................................................................................................................... 114 Harbor Funds ........................................................................................................................................................ 40 Invesco ................................ 102, 103, 104, 105, 122, 123, 124, 125, 129, 130, 131, 132, 133, 134, 151, 157, 163 Investment Company Institute ....................................................................................................................... 20, 21 ix The State of DCIO Distribution: 2017 iShares ................................................................................................................................................ 126, 151, 157 Ivy Funds ............................................................................................................................................. 129, 151, 157 J.P. Morgan Asset Management ............. 66, 69, 70, 71, 72, 78, 100, 101, 102, 104, 106, 111, 121, 122, 123, 151, 124, 125, 126, 127, 128, 131, 132, 133, 134, 135, 157, 163 Janus ............................................................................................................................................ 102, 124, 151, 158 John Hancock Funds/RPS ........... 40, 70, 71, 72, 103, 104, 106, 111, 112, 122, 123, 124, 125, 127, 128, 129, 151, 132, 133, 134, 135, 158, 163 Legg Mason.......................................................................................................... 102, 104, 124, 134, 151, 158, 163 Leafhouse Financial .................................................................................................................................... 115, 119 Lockton ..................................................................................................................................................89, 113, 119 Loomis Sayles ..................................................................................................................................... 128, 151, 158 Lord Abbett .......................................................................................................... 103, 106, 128, 133, 151, 158, 163 MainStay Funds/NY Life ........................................................................................................ 40, 111, 130, 151, 158 MassMutual .......................................................................................................................... 68, 126, 130, 152, 158 Mercer ................................................................................................................................................................ 111 Merrill Lynch ........................................................................................................................................... 68, 74, 112 Mesirow .............................................................................................................................................................. 114 MFS Investment Management .............. 40, 103, 106, 122, 123, 124, 125, 126, 127, 131, 132, 135, 152, 158, 163 Morgan Stanley .................................................................................................................................................... 25 Morningstar ............................................................................................................................ 56, 71, 104, 114, 119 Natixis ......................................................................................................................................................... 152, 159 Neuberger Berman ............................................................................................................................................... 25 NFP ....................................................................................................................................................................... 71 OneAmerica ................................................................................................................................................ 111, 112 OppenheimerFunds ..... 102, 103, 104, 106, 121, 122, 123, 124, 125, 126, 131, 132, 133, 134, 135, 152, 159, 163 Pensionmark ................................................................................................................................................. 89, 113 PIMCO .......................... 102, 104, 121, 122, 123, 125, 126, 128, 129, 130, 131, 132, 133, 134, 135, 152, 159, 163 Principal Financial ......................................................................................... 40, 70, 71, 72, 127, 129, 133, 152,159 Prudential ............................................................................................................ 103, 122, 123, 128, 129, 152, 159 Putnam Investments ............................................................................................................. 25, 127, 129, 152, 159 Russell Investments .................................................................................................................................... 152, 159 SageView ...............................................................................................................................................89, 113, 119 SSgA ............................................................................................................................................................ 153, 160 T. Rowe Price ........ 69, 70, 71, 72, 78, 102, 103, 104, 105, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 134, 135, 153, 160, 163 TIAA/Nuveen ....................................................................................................... 40, 70, 71, 72, 112, 127, 153, 160 Thornburg Investments ....................................................................... 103, 104, 106, 125, 126, 134, 153, 160, 163 x The State of DCIO Distribution: 2017 Transamerica .......................................................................................... 68, 74, 111, 112, 127, 133, 153, 160, 163 UBS ........................................................................................................................................................................ 71 USAA ........................................................................................................................................................... 153, 160 Vanguard ................. 34, 69, 70, 71, 72, 78, 104, 112, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 153, 160 ,163 Virtus .................................................................................................................................................... 40, 153, 160 Voya ............................................................................................................................................. 40, 102, 153, 161 Wells Fargo ....................................................................................................................... 32, 70, 72, 112, 153, 161 Willis Towers Watson ........................................................................................................................................... 25 Wilshire Associates ............................................................................................................................................. 114 Xerox HR Solutions.............................................................................................................................................. 112
xi