DALBAR S WebMonitor Q Mutual Fund Quarterly Ranking & Trending Report

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1 DALBAR S WebMonitor Q Mutual Fund Quarterly Ranking & Trending Report Mutual Fund Leaders in Web Support to Consumers and Financial Professionals Federal Reserve Plaza 600 Atlantic Ave, FL 30 Boston, MA May 2013

2 Table of Contents Introduction 3 Investment Industry Perspective 4 Recent Trends & Developments 7 Consumer Websites Changes to the Competitive Landscape 16 Excellent Consumer Websites 17 Top 25 Consumer Websites 18 Consumer Website URLs 19 Website Scores in Functionality 20 Website Scores in Usability 21 Website Scores in Behavior Centric 22 Website Speed Analysis 23 WebMonitor Ranking Criteria 24 Financial Professional Websites Changes to the Competitive Landscape 25 Excellent Financial Professional Websites 27 Top 25 Financial Professional Websites 28 Financial Professional Website URLs 29 Website Scores in Functionality 30 Website Scores in Usability 31 Website Scores in Behavior Centric 32 Website Speed Analysis 33 WebMonitor Ranking Criteria 34 Methodology 35 Page 2 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013

3 Introduction In recognition of the growing importance of the website to financial services firms marketing and operations strategies, DALBAR established its WebMonitor program in DALBAR s WebMonitor tracks website innovations across the financial services industry and identifies the industry s best sites, along with the latest trends and innovations. This Report This report is a summary of the program s most significant findings over the last quarter of analysis and includes: Rankings of the Mutual Fund industry s Top 25 websites A summary of the key trends in Internet development on Mutual Fund websites noted this quarter. Page 3 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013

4 Recent Trends & Developments INFOGRAPHICS: A PICTURE IS WORTH A THOUSAND WORDS Visual representations of data have been around for hundreds of years and many might not be aware of just how often they are presented with them. A typical weather forecast includes visual representations of the temperature and expected conditions, such as a cloud with rain, or a large, glaring sun. These images represent actual data and fall under the category of infographics. Infographic examples from The Weather Channel and Wall Street Journal Financial service firms produce surveys or utilize third-party studies to help understand investors needs and behavior but this research is also used to educate. Advisors can develop their own strategies to meet investor needs based on this research while clients can view research results as inspiration for getting on track financially. This research, traditionally presented in text format, can come across as boring and lose value if it is not read, absorbed and put into practice. Recently, many firms have turned to infographics to make statistics more digestible and appealing in hopes that a reader s fleeting attention span in this day of digital reading will be garnered long enough to absorb the actual research results, disseminating the details and information in a more accessible fashion. With regards to infographic use for financial service firms, there are a few considerations: Make images large enough to view completely and allow individuals to zoom in on specific information. Text on infographics that is too small or cannot be enlarged can be hard to read, negating the usefulness. Use larger numbers for the key points and vary the colors not only for visual appeal but to enhance visual learning. Use easily identifiable icons to symbolize information (i.e. a music note might better symbolize music than a musical instrument or CD depending on the context of the infographic). Do not overburden an infographic with too much information. They should help convey key points and not every statistic uncovered during a study. Page 4 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013

5 On social media, ensure infographics are not too large and at the very least, the majority of the infographic can be easily seen as posts before being selected to view in its entirety. American Century recently released results of a Social Media study, uncovering interesting statistics about advisor use of social media. The 19- page study is comprehensive and valuable but the results are even more appealing in an infographic the firm shared with readers. American Century leverages visual learning extensively through the digital medium, especially on their blog where readers can view a regularly updated Chart of the Week on a variety of topics. The Chart of the Week is also shared by the firm on their Facebook page. American Century infographic on advisor social media usage MassMutual produces a lot of surveys and has recently started including a link to View Infographic at the end of each survey press release. MassMutual also makes the infographics user-friendly by allowing readers to zoom in on the graphics to see corresponding text. Readers can easily access infographics for MassMutual studies at the end of each article Page 5 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013

6 The use of infographics by financial firms is even more prevalent on social media. Fidelity, Franklin Templeton, American Funds, Principal Financial and T. Rowe Price are just a few investment firms who share research in the form of infographics on Facebook and Twitter, while Northwestern Mutual, Liberty Mutual, Transamerica and State Farm are insurance companies who have embraced infographics on social media. Fidelity posted an infographic on investor behavior over the past five years since the 2008 financial crisis Franklin Templeton released an infographic on copper consumption around the world Principal used an infographic on their Facebook page to show how workers plan to spend their tax refund Page 6 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013

7 MAKING MOBILE APPS WORK FOR YOU Being mobile is no longer a trend; it s the world we live in. As mobile-friendly devices become cheaper, more powerful, and a fixture in the daily lives of millions, firms must find new inroads to capture this growing market share. The rise in use of mobile applications by the general public is staggering, with the number of downloads doubling in 2012, reaching 60.1 billion, an increase from the 29.5 billion downloads recorded in Additionally, Cisco s Visual Networking Index (VNI) forecasts that mobile traffic will triple that of fixed IP traffic, increasing 26-fold between 2010 and Recognizing the opportunities that exist in this market, many financial service firms are taking steps to solidify their presence in the mobile arena. Generally speaking, if a firm is going to develop a mobile application, they will test the waters with Apple products first, then venture into the world of Android devices, and then into Blackberry, Windows, and Kindle versions. While the number of Android users outnumbers Apple users, the simple reason why many firms choose to operate this way is due to the wide array of Android devices out in the marketplace. Configuring an application to operate optimally on these various platforms takes more time, money, and effort, while Apple s one size fits all approach makes it easier to introduce apps to the market. Of the surveyed firms, if the company offered a mobile application, 100% offered an Apple-supported application, whereas only 45% offered an Android app. For Mutual Fund firms, approximately 34% of firms offer a mobile application. Of the applications offered to financial professionals and consumers alike, some serving a specific purpose, while others offer continuous access to pertinent information. The following examples provide you, the reader, with a glimpse of the current state of mobile apps in this industry and how they are being used Page 7 Mutual Fund WebMonitor First Quarter 2013 DALBAR 2013