C A. The Cerulli Report TM ReleaseS IRA Rollover and Retention: Strategies and Positioning. September 2008

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1 C e r u l l i A s s o c i a t e s The Cerulli Report TM ReleaseS September 2008 This report contains the following sections: Rollover Landscape Marketsizing and Dynamics Direct Advice Model Limited Advice Model Full Advice Model Product Usage for Rollovers IRA Legislative Trends Industry Outlook and Prognosis Table of contents, exhibit list, and sample pages are attached This report examines the IRA rollover marketplace and provides insight for asset managers, providers, and distributors on how to best position themselves for success. In addition to case studies, the report includes marketsizing, marketshare rankings, projections for future growth, and insight into legislative trends affecting rollovers. Data for this report comes from three surveys; one delivered to advisors associated with the Financial Planning Association (FPA), one delivered to asset managers and IRA providers, and one delivered to investors by Phoenix Marketing Group. This report helps asset managers: Understand the changing landscape of advice delivery and its effect on IRA rollovers Assess current and future rollover opportunities Review strategies that are gaining momentum Examine investor behaviors related to rollovers, with a focus on Baby Boomers and the mass affluent Design products and services for the three rollover advice delivery models identified by Cerulli This report helps distributors: Learn how managed accounts are being used to facilitate IRA rollover advice delivery Weigh the extent to which rollovers are driving assets under management for advisors Gauge how advisors are using rollovers as the trigger point for more comprehensive planning relationships Identify how advisors are competing for rollover business and the resources that broker/dealer home offices are providing them Related Cerulli Research: The Cerulli Edge Retirement Edition Cerulli Quantitative Update: Retirement Markets 2008 Cerulli Quantitative Update: Advisor Metrics 2008 CERULLI ASSOCIATES 699 BOYLSTON STREET BOSTON, MA Tel: MAXWELL ROAD, #02-04 SINGAPORE Tel: BETTERTON STREET LONDON WC2H 9BP Exclusive data in this report: Breakout of traditional IRA asset flow projections by contributions, rollovers, and withdrawals Advisor attitudes, business practices, and methods for garnering rollovers IRA market share by channel and rankings of the top 15 IRA service providers Key Findings: Between 2008 and 2013 an estimated $1.9 trillion will rollover from 401(k), 403(b), and 457 plans into traditional IRAs. Of the three unique advice models identified for rollovers, limited advice offers semi-custom solutions that are gaining momentum, specifically in the form of embedded-advice solutions. Approximately 1/3 of IRA assets are controlled by the top 5 firms. The IRA segment is the fastest growing of all retirement markets, which together represent $15.9 trillion. Price: US$12,000 Faxable order form attached Purchase includes hardcopy, online access, exhibits in Excel, Key Findings in PDF, PowerPoint presentation, and a web recording of an analyst presentation Investor attitudes and trends towards rollovers Addressable market for rollovers, including an examination of positive and negative flows Product usage, including managed accounts Significant 5.0 opportunity 4.5 Not an opportunity Product focus (investments, packaged portfolios, etc.) Opportunities To Build IRA Rollover Business, 2008 Branding via marketing and advertising Being top of mind with advisors Internal specialist dedicated only to IRA rollovers Technology that identifies prospects quickly and seamlessly signs them on Call centers with advice oriented personnel Source: Cerulli Associates To order this report or for more information, log on to our website at or contact: Marketing & Business Development CAmarketing@cerulli.com

2 C e r u l l i A s s o c i a t e s The Cerulli Report IRA Rollover and Retention: Strategies and Positioning USER SCENARIOS: The following scenarios provide examples of how this report can be applied to business planning and strategic decision-making: Scenario 1: An asset manager is assessing its rollover strategy and is trying to understand the extent to which IRA rollovers are driving assets for advisors. They are also seeking information on the tools and resources advisors need and want most from the asset managers they choose to do their IRA business with. provides answers to the following questions: How much are IRA rollovers driving business for advisors? How does this vary by channel and by client net worth? How many different asset managers do advisors do their IRA business with on average? What tools and resources do advisors seek from asset managers? Scenario 2: An asset manager is conducting a competitive analysis of the IRA marketplace and is seeking marketsizing and marketshare data, including how IRAs are positioned with the larger retirement landscape. provides answers to the following questions: How big is the current rollover opportunity and what s its projected growth? How does the IRA rollover market compare to other retirement segments in terms of size and growth? Which firms are leading in IRA marketshare and what percentage of assets do they control? Scenario 3: A distributor would like to examine the different models that exist for targeting IRA rollovers to gauge where they (and their advisors) are best positioned to compete. IRA Rollover and Retention: Strategies and Positioning provides answers to the following questions: What are the different models that exist for supporting IRA rollovers? How does the opportunity differ for the three models identified by Cerulli? How are managed accounts being used to capture IRA rollovers? Scenario 4: A financial services firm is seeking analysis and data on investor behavior as it relates to IRA rollovers. provides answers to the following questions: How important are IRAs as a source of income in retirement for investors? Which consumer segment presents the largest opportunity for IRA rollovers? What obstacles do investors face in the IRA rollover process? For more information on how to apply this report to your firm s unique needs, please contact our Marketing & Business Development team at , CAmarketing@cerulli.com.

3 EXHIBIT 33 DESTINATION OPTIONS CHOSEN BY TERMINATED DC PARTICIPANTS, Option Remain in plan 29% 31% 36% 40% 45% 47% 47% Rollover 35% 29% 27% 25% 24% 24% 24% Installment payments 1% 1% <1% 1% 1% 0% 0% Cash lump sum 34% 38% 32% 32% 29% 27% 27% Rollover and cash 1% 1% 2% 2% 1% 2% 2% Sources: Vanguard, Cerulli Associates When the same Vanguard data is viewed by assets and their destination, terminated participants with their DC assets leave Vanguard at a rate of 47% for Of interest to note in the historical data, poor markets signal times when participants begin to reconsider their options. On the flip side, years where markets performed well showed that participants stayed happy with the status quo, thus leaving their assets in the plan. This data reconfirms the opportunity that exists for IRA providers to capture a share of the percentage of terminated DC assets, as the bulk of it represents the chance to collect those dollars in IRA packages. This is especially pronounced in years where market return has suffered significant losses overall. In those years, participants appear to be on the move with money increasing the pool of opportunity to capturing rollover dollars. EXHIBIT 34 DESTINATION OF TERMINATED DSSETS, $600 $ $ $42 $225 $34 $ $23 $160 $9 $10 $14 $16 $ $4 $76 $106 $78 $79 $78 $57 $253 $223 $ $169 $143 $134 $115 $131 $117 $ SEP & SAR-SEP Roth SIMPLE Sources: Vanguard, Cerulli Associates 52 EXHIBIT 58 IRA MANUFACTURES POINT OF VIEW: IMPROVING IRA BUSINESS, 2007 Technology that identifies prospects quickly and seamlessly signs them on 9.5% Call centers 4.8% Focus on product improvement via investment choice 9.5% Being top of mind with advisors 42.9% Focus on embedded advice (lifecycle funds, managed accounts) 33.3% Source: Cerulli Associates One further challenge for manufacturers? Advisors don t currently see many major obstacles to retirement income planning. The lack of consumer awareness and concerns about time consumption could very well lead this category for some time with advisors. Although advisors tentatively seek enhanced solutions in retirement income planning for clients, they are fairly happy with the way they create this income for client s today- dividend paying stocks and bond ladders. EXHIBIT 59 ALL ADVISOR COMPARISON: OBSTACLES TO RETIREMENT INCOME PLANNING, 2007 Great Somewhat of an Not an Obstacle Obstacle Obstacle Obstacle Lack of consumer awareness 20.7% 48.4% 30.9% Very time consuming 16.2% 49.0% 34.8% Lack of technology 11.8% 37.3% 50.9% Lack of home-office support resources 10.3% 37.6% 52.1% Product complexity 10.2% 48.9% 40.9% Lack of planning assistance 10.0% 41.4% 48.6% Unable to garner significant compensation 8.8% 32.1% 59.1% Lack of product offering 8.4% 29.1% 62.5% Lack of training or designations 7.3% 30.3% 62.4% Client resistance 7.0% 42.2% 50.8% Sources: Cerulli Associates, Cerulli Associates-Financial Planning Association Advisor Surveys, Cerulli Associates-Investment Management Consultants Association Advisor Surveys The full advice model is best exemplified by wealth managers, but in this chapter we review advisor activities across the spectrum of distribution channels and practice types. Increasingly, the maestro behind the orchestra- 87 Products Advisors Use for Rollovers Advisors have an array of choices when it comes to parking their client s money into retail IRA rollover programs. However, the vast majority of Advisors chose mutual fund programs as the main destination for rollover monies. According to Cerulli data collected through the advisor membership of the Financial Planning Association, 78% always chose mutual funds as product for their client s rollover accounts. Of note to watch, exchange traded funds and separate accounts made a strong showing in the always category among advisors. In addition, advisor working with ultra high net worth clients are seeking the advantages of pricing and flexibility that high minimum balance separate accounts offer. However, much like in the 401(k) industry, ETFs and other alternative products have yet to truly dent the dominance of mutual funds in the respective industries. EXHIBIT 72 ALL ADVISOR COMPARISON: FREQUENCY OF PRODUCT USE FOR IRA ROLLOVERS, % 13.0% 8.9% % 48.6% 51.0% 53.9% 71.0% % 24.6% 26.9% 28.6% 34.9% % 27.8% 24.5% 20.3% 11.3% 4.8% 0 Mutual funds Exchange-traded Individual Separate Annuities Other funds securities accounts Always Sometimes Never Sources: Cerulli Associates, Cerulli Associates-Financial Planning Association Advisor Surveys On the other hand, annuity vehicles are chosen much less often. Only 13% of advisors always recommended this platform as the bucket for their client s rollover dollars. While 53.9% of advisors never recommend annuities, there a number of advisors who see value in the recommendation 102 the same age group. To growth between 1980 and 2000 was 28% while the growth from 2000 to 2003 was 17%. Overall, it appears that prime groups for rollover opportunities, workers on the very cusp of traditional retirement ages of 65, are actually working longer. The resulting effect often slows the expected retiree rollover wave while simultaneous widening the base of rollover opportunity as these workers accumulate more assets in long standing DC accounts or new one started with a new job late in life. EXHIBIT 88 LABOR PARTICIPATION OF RETIREMENT AGED PERSONS, 2007 Men 35% 32.8% 30.1% % % 17.9% 18.8% % 8.3% 8.0% to to or older Women 25% 22.7% 19.4% % % 9.9% % 5 3.5% 4.1% 2.5% to to or older Sources: MetLife, Cerulli Associates Workers work longer to collect and receive benefits like healthcare and retirement plan savings from their employers. The employer and the benefits that they provide are truly a means to the end of retirement for consumers. They can t get there without things like health care, tax deferred savings with employer matches, etc. while many are finding that they need to work longer to help secure benefits, close the gap on inadequacies in their 120 C e r u l l i A s s o c i a t e s The Cerulli Report IRA Rollover and Retention: Strategies and Positioning Marketing & Business Development CAmarketing@cerulli.com To purchase this report, fill out this form and fax to or visit our website at Name: Company: Address: Phone: Special Feature: To view thumbnails of the contents of this report, please visit our website at Go to Order/Info and click on view next to the report title. CERULLI ASSOCIATES 699 BOYLSTON STREET BOSTON, MA Tel: MAXWELL ROAD, #02-04 SINGAPORE Tel: Page 52 Page 87 Page 102 Page BETTERTON STREET LONDON WC2H 9BP File: Eblast 09/08

4 TABLE OF CONTENTS INDEX OF EXHIBITS REPORT SCOPE METHODOLOGY KEY FINDINGS SECTION I - ROLLOVER LANDSCAPE New Advice Landscape for Rollovers Key Implications MARKET SIZING AND DYNAMICS Players in the IRA Rollover Market Manufacturers Recordkeepers Distributors Investors Market Sizing DC and 401(k) Assets and Flows IRA Assets IRA Asset Flows and Growth Rates IRA Marketshare IRA Projections IRA Rollover by Type, Size, and Channel Key Implications SECTION II - ROLLOVER ADVICE DELIVERY AND WHERE PIECES FIT DIRECT ADVICE MODEL Direct Advice Firms Other Strategies for Firms without Retail Distribution Key Implications

5 LIMITED ADVICE MODEL Retirement-Income Products and Accounts Embedded-Advice Products Managed Accounts Call Centers and Advice Key Implications: FULL ADVICE MODEL Advisor Channels and Practice Types Advisor Rollover Requirements Methods to Growing Rollover Business Products Advisors Use for Rollovers Key Implications SECTION III -CONSUMER, PRODUCT AND LEGISLATIVE ROLLOVER TRENDS Consumer Demographics and Rollovers Triggers Causing Rollovers Reasons for not Rolling Over Defining the Rollover Window Mass Affluent Consumers and IRAs Baby Boomers and Rollovers Distribution of Mass Affluent Retirement Assets Rollover Marketshare Leaders per Consumers Key Implications PRODUCT USAGE FOR ROLLOVERS Mutual Funds Banks and Life Insurance Brokerage Managed accounts Annuities Key Implications

6 IRA LEGISLATIVE TRENDS Pension Protection Act Automatic IRAs Funding HSAs with IRAs Key Implications INDUSTRY OUTLOOK AND PROGNOSIS Rollover Markets - Next Three Years Firms and Their Rollover Organizations CITs and Changes for Rollovers Packaging for Investor Needs Next Steps INDEX OF COMPANIES

7 INDEX OF EXHIBITS 1. IRA/Rollover Point of Sale Continuum Retirement Rollover Product/Services Continuum Practice Type Definitions Limited Advice Convergence Top 10 Long-Term Mutual Fund Asset Managers, Top 5 Managers of 401(k) Plan Assets, Top 15 Broker/Dealers by Advisor Headcount, Retirement Markets by Segment, E Private Dssets, E Annual Growth Rates: Total IRA Assets and Private Dssets, E Largest 20 Managers of Private and Public Dssets, (k) Assets, E (k) Average Account Balance by Plans Asset Size, (k) Selected Account Balances by Age Group, Total IRA Assets and Annual Growth Rates, E IRA Assets by Traditional and Other Assets, Other IRA Assets by Type, Other IRA Projections, 2008E-2013E IRA Assets by Age, IRA Assets by Income, Traditional IRA Asset Flows, Components of Traditional IRA Asset Growth Over Selected Periods Traditional IRA Asset Flows, 2008E-2013E Growth Rates by Type of IRA, IRA Opportunity Breakdown, E Total IRA Assets Administered, 4Q Q Total IRA Assets by Investment Product, Total IRA Marketshare of Assets by Investment Product, Traditional IRA Assets and Flows Breakout, 2008E-2013E Annual New IRA Rollover Contributions, Projected Annual New IRA Rollover Contributions, 2008E-2013E Components of Projected Traditional IRA Asset Growth, 2008E-2013E Destination Options Chosen by Terminated DC Participants, Destination of Terminated Dssets,

8 35. Distribution of Rollover Clients, Distribution of Rollover Clients by Channel, Rollover Account Size, Retirement Rollover Product/Services Continuum IRA/Rollover Point Of Sale Continuum Obstacles to Winning Rollovers, Importance of Factors in Attracting Rollover Dollars Importance of Asset Retention Strategies, Retirement Rollover Product and Services Continuum IRA/Rollover Point Of Sale Continuum Best Methods for Enhancing IRA Strategies, Retirement Management Account Consumer Experience, Advisor Perceptions of Useful Tools From Asset Managers, Strategies for Improving IRA Business, IRA Lifecycle and Lifestyle Assets, Top 20 Mutual Fund Advisory Programs, 2Q Top DC Managed Account Sponsors, 4Q Q Asset Managers Outlook on Future Growth of Product Vehicles, Opportunities to Build IRA Rollover Business, Advisors Discussions With Rollover Clients, Different Financial Companies Used For IRAs, Retirement Rollover Product and Services Continuum IRA/Rollover Point Of Sale Continuum IRA Manufactures Point of View: Improving IRA Business, All Advisor Comparison: Obstacles to Retirement Income Planning, 2Q Channel Comparison: Percent of Rollover Clients That Retired or Changed Jobs, Percent of Advisor s Book Attributable to Rollover Assets by Channel, Percent of Advisor s Book Attributable to Rollover Assets by AUM Range & Channel, Customers Who s First Product Purchase Was IRA, Investment Product Usage by Channel, Practice Type Comparison: Percentage of Rollovers From Qualified Plan Sold by Advisor, Minimum Size of a Rollover That Advisors Will Pursue for a New Client, Average Age at Which Job Changers Roll Assets to an Advisor,

9 68. All Advisor Comparison: Impact of Rollovers to Advisor Practices, All Advisor Comparison: Advisor Methods To Target Rollovers, Advisor Channel Comparison: Factors to Help Capture Additional Rollovers, Advisor Usage of Methods for Targeting Rollovers, All Advisor Comparison: Frequency of Product Use for IRA Rollovers, All Advisor Comparison: Opinion of Annuities As Rollover Vehicles, Advisor Usage of Retirement Income Products, 2Q Advisors Expected Change in Product Vehicle Mix, 2Q Primary Sources of Income in Retirement, Household Net Worth by Asset Type, Mass Market Ownership of Retirement Products, Milestone Events That Trigger Rollovers, Events Causing One to Rollover Funds to an IRA, Percent of Customers Whose First Product was an IRA, Consumer Activity with Rollovers to Traditional IRAs, Reasons for Not Rolling Over Assets From a Previous Employer, Frequency of Orphan Accounts, Size of Orphan Accounts, Shelf Life of a Rollover Opportunity After a Trigger Event, Primary Reason for Changing Job Status-Pre-retirees and Retirees, Labor Participation of Retirement Aged Persons, The Working Situation of Pre-Retirees and Retirees, Most Important Financial Goals-Mass Affluent, Primary Advisor Channels Mass Affluent Segment, Investable Asset Distribution-Mass Affluent, Primary Advisory Channels Baby Boomers, Financial Planning Sources for Self Directed Consumers, Age Range Comparison: Expenses Relative to Income, Investable Asset Distribution-Baby Boomers, Baby Boomers-Level of Comfort With Goals, Levels of Concerns with Financial Issues-Baby Boomers, Changes in Assets with Primary Provider Baby Boomers, Households That Agree With Select Statements, Asset Distribution-Mass Affluent,

10 102. Investable Asset Distribution-Mass Affluent, Types of Retirement Accounts Held by Mass Affluent, (k) Rollover Marketshare, Top Primary Providers to Mass Affluent Households, Total IRA Mutual Fund Asset Allocation, IRA CAGR for Selected Years by Investment Product, IRA Assets in Managed Accounts by Program Type and Percent of Traditional IRA Assets, 4Q Type of Assets in Managed Account Program Segments, 2Q Mutual Fund Advisory Program Inflow Activity From IRA Rollovers, 2Q Comparison of Mutual Fund Advisory Program and Separate Account Consultant Program Sources of New Assets, 2Q Advisor Assessment of Annuities as Rollover Vehicles, Channel Analysis: Advisor Assessment of Annuities as Rollover Vehicles, Wealth Tier Analysis: Advisor Assessment of Annuities as Rollover Vehicles, Compensation Structure Analysis: Advisor Assessment of Annuities as Rollover Vehicles, Potential Legislation of Automatic IRAs, Thoughts on IRA Rollovers Over the Next 3 Years, Destination of Assets Following Termination, Median Expense Ratio-Retail vs. CIT, Hybrid Insurance Product Growth Opportunities, Services Offered to Attract New Rollovers,

11 REPORT SCOPE The reports sizes and trends the opportunities in the rollover marketplace with proprietary Cerulli data, including data from our Quarterly Retirement Surveys that gather regular data from IRA and DC providers in the marketplace. In addition, the report covers IRAs/Rollover from three key strategic constituencies to the rollover process: Manufacturers: CA collected data on best practices related to boosting retention, reaching consumers, product usage with a key look at managed accounts, constructing a profitable book of business and building beneficial partnerships with advisors. Distributors: CA captured data from hundreds of advisors exploring how rollovers impact their business and their needs as it relates to partnerships with providers and asset managers. Consumers/Investors: The data gathered here offers a new perspective from typical CA reporting by integrating consumer level financial data with rollover trends. We worked in conjunction with a new CA partner, Phoenix Marketing Group, to asses consumer level financial trends. This includes the typical time horizon on rollover opportunity, attitudes and behaviors in the rollover process, and measurements of the likelihood of money movement as retirement nears. Finally, CA places a bow on the data package with insightful perspectives on where rollover products work best and why through our rollover point of sale continuum diagram. We then map the asset manager opportunity by describing the movement of consumer retirement monies from institutional to retail markets over several key types of advisory services. Then CA offers a view point of the best practices in the rollover retirement industry with an outlook for the future of the marketplace. 8

12 METHODOLOGY The research in Cerulli s IRA Rollover and Retention report developed from a variety of primary and secondary sources, analyzing IRA rollovers, asset retention of those assets, and products and services that have staying power in the market. The primary qualitative research relied on phone-based interviews with leading industry providers. The major leaders in each channel were interviewed at length about their thoughts on the marketplace, the strategies that their firms employs with IRA rollovers, attitudes regarding retail investors and the advisors that service them and thoughts on the future on the marketplace. The primary quantitative data used survey results from the leading IRA providers. This Cerulli original research drew historical trends from nearly two years of tracking company IRA flows. In addition, for this report, the 1Q 2008 Quarterly Retirement Survey was lengthened to include additional IRA data collection pertinent for the report. Additionally, quantitative data for this report synched with survey data collected from hundreds of advisors through Cerulli s relationship with the Financial Planning Association. In addition, many secondary sources were used and cited to gather and interpret retail consumer trends including: Federal Reserve Survey of Consumer Finance, Health and Retirement Data from the National Center for Aging, SRI s MacroMonitor, and many more. 9

13 SAMPLE SECTION from THE CERULLI REPORT IRA ROLLOVER AND RETENTION: STRATEGIES AND POSITIONING

14 The importance of rollovers from DC plans to IRA providers cannot be overstated. Rollovers grew steadily to $293 billon by year-end These flows, which move more in line with demographic trends than with stock market performance, have grown steadily since Demographics play a vital role as a driver behind the growth of rollover numbers. CA surmises that the relatively slow growth of IRA rollovers is not entirely surprising. The large waves of Baby Boomers have yet to reach retirement ages or, for many of them, the attainment of age 59 1/2 for penalty-free withdrawals of their accumulated funds. In addition it appears that many Boomers are delaying retirement to hang onto key benefits associated with employment, namely health insurance and retirement savings plans with employer matches. Thus, tornadic rollover activity of increased retirements, layoffs or job hoping appears to be holding steady. However, recent market volatility, recessionary times and the fact that the oldest boomers are now eligible for early Social Security benefits could produce an acceleration in rollovers that may not abate for some time. EXHIBIT 30 ANNUAL NEW IRA ROLLOVER CONTRIBUTIONS, ($ BILLIONS) $300 $ $199.9 $225.6 $187.8 $204.4 $205.0 $214.9 $244.3 $260.7 $ Sources: ICI, Cerulli Associates Cerulli projects the rollover marketplace on an aggregate level to gain steam in the coming years. At end of 2008, we anticipate new IRA rollovers into traditional IRA programs to increase by $135 billion to reach $451 billion by IRA rollover contributions are expected to grow at a compound annual rate of 7.4% between 2008 and This component of 49

15 building experiences with that technology to bring closeness to investors are what matter most. In contrast, a directional path away from this dividing line toward the direction of full advice enforces that the importance of the relationship between manufactures and advisors are the best pathway toward gaining rollovers in that directional path. It s important for assets managers and IRA providers on either side of the dividing to realize the line s existence know where their firm s legacy fits best and develop IRA rollover strategies, programs and solutions accordingly. Call Centers and Advice Cerulli asked asset managers and IRA providers to identify the best opportunities for building IRA rollover business. Many see advisory services delivered through call center representatives as a key component of rollover success. EXHIBIT 53 OPPORTUNITIES TO BUILD IRA ROLLOVER BUSINESS, 2008 Significant opportunity Not an opportunity 0.0 Product focus (investments, packaged portfolios, etc.) Source: Cerulli Associates Branding via marketing and advertising Being top of mind with advisors Internal specialist dedicated only to IRA rollovers Technology that identifies prospects quickly and seamlessly signs them on Call centers with advice oriented personnel 79

16 INDEX OF COMPANIES Ameriprise , 65, 75 Ameritrade , 106, 136 Bank of America Callan Associates Charles Schwab , 23, 45, 59, 61, 68, 106, 136 Chase E*Trade , 106, 136 Fidelity 12, 13, 21, 22, 23, 45, 59, 61, 62, 65, 68, 72, 75, 106, 135, 136, 162 Hewitt Associates ING MassMutual , 69, 70, 162 Merrill Lynch , 35, 89 Metlife , 119, 120, 121 Paychex Phoenix Marketing Group. 8, 111, 121, 122, 123, 124, 127, 128, 129, 130, , 134, 136 Principal USAA Vanguard , 45, 51, 52, 59, 68, 72, 135 Wachovia