Advice for the masses?

Integrated multichannel
services are critical
to maximizing the
institutional retirement
advice opportunity
Thoughts

Cover statement this is dummy copy, for an opening statement. This is an example of how it would
look if it ran more than one line deep.
Advice for the masses?
Integrated multichannel services are critical to maximizing the
institutional retirement advice opportunity
By Alvi Abuaf, Matthew Cohn and Tom Wilson, Partners and Kathy Laing, Principal Consultant

The recovery in financial markets has provided a ray of hope for Americans approaching
retirement age. Nonetheless, the plunge and subsequent downturn over the past several years are
having a lasting impact across generations, from the 78 million baby boomers now entering their
retirement years to younger generations uncertain about their jobs and financial futures.1

At a glance participants will create a new avenue for the ongoing

Regardless of age, Americans are shouldering
more responsibility for retirement investment and
distribution decisions as the shift from defined benefit
(DB) to defined contribution (DC) plans continues.
Unfortunately, it’s a task they’re largely unprepared for
as many lack the knowledge and skills to make sound
investment decisions, or simply aren’t saving enough.
Responding to the situation, the federal government
has been working to finalize rules to implement
provisions of the Pension Protection Act of 2006 (PPA)
intended to make investment advice more accessible
to participants in 401(k)-type plans and Individual
Retirement Account (IRA) beneficiaries.2 Once
implemented, these changes should open the door for
financial institutions to extend advisory services to as
many as 21 million previously unadvised participants
and beneficiaries, according to U.S. Department of
Labor estimates.3
For large multiline providers, this could be a catalyst
for expanding customer relationships across business
lines by using retail advisory capabilities to serve
participants in institutional plans. The most effective
approach will guide plan participants seamlessly
through multiple choices to the option that best fits
the individual’s circumstances. Channel choices
must include online and phone. Product choices
must include banking, investments and insurance.
Extending these services to a greater number of plan
convergence of banking and wealth management,
while opening fresh territory for multiline providers to
grow their books of business.
How prepared, and how eager, are banks and
brokerages to seize this opportunity? Institutions have
certainly enhanced their retirement services in the
last several years. And as for the attractiveness of the
mass retirement market opportunity, it could be, as
the name suggests, massive.
But will banks and brokerages be able to capture such
opportunities and make money doing it? Providing
advice to more lucrative higher-net-worth clientele
is largely done face to face, an approach that’s
financially and logistically unrealistic for serving the
much larger, slimmer-margin mass business. At the
same time, many people have sought alternatives
to traditional full-service brokers, while others
have abandoned investing entirely beyond savings
accounts and money market funds. Both of these
groups will be difficult to woo.
A key factor in whether a firm can capture and
profitably serve the mass market is how well it can do
business online. People are increasingly comfortable
using the Web, social media, messaging and other
tools to fulfill an array of needs, including financial
activities.

2
Banks and brokerages that haven’t invested
sufficiently in online capabilities to serve large
numbers of accounts with modest holdings could
lag behind firms that already have such capabilities,
and not just in the mass market. Increasingly, such
investments are necessary to serve high-value,
wealthier clients whose demand for remote interactive
capabilities is growing rapidly.
This white paper discusses the crucial role online
services will play in meeting the investment needs of
retirement plan participants, as well as the potential to
strengthen relationships by offering a wide spectrum
of services to various client segments. It describes
online-driven services and features that firms can
implement to increase asset acquisition and retention
and create competitive advantage.
Uncertainty continues amidst
the recovery
The significant retirement assets of a large aging
population, combined with the decrease in confidence
of Americans in preparing for their retirement,
represent a significant opportunity for financial
3
institutions. However, that opportunity will have to be
earned. Consumers want more guidance and advice,
but their trust in the “financial establishment” was
shaken during the financial crisis.4
The numbers help explain why. After dropping by
some $4 trillion in the depths of the financial crisis,
U.S. retirement assets have recovered approximately
70 percent of their value, totaling more than $16
trillion in mid-2010 (Figure 1). Still, some $1.4 trillion
of assets have evaporated, and many people are
woefully unprepared for their later years. Thirty-four
percent of Americans, including one in four baby
boomers, have no retirement savings.5 A 2010 survey
of affluent investors showed that 52 percent of those
aged 18 to 34 described their risk tolerance as low.6
Add to this the effect of persistent unemployment, and
it is little wonder that confidence among consumers
that they will have enough money for a comfortable
retirement is at a 20-year low.7
 Annuities
Federal pension plans
State and local pension plans
Private DB plans
Trillions of dollars, end-of-period, 1999-2008, 2009: Q1-2010: Q1 DC plans
IRAs
20
17.9
18
16.7 1.6 16.5
16.1
16 1.5 15.6
14.9 1.2 1.5 1.5
13.9 14.4 1.5
13.8 1.1
1.3
14 1.4 13.3 1.4 1.3
3.3 1.2
12.5 1.3 1.4 1.4
11.8 11.7 11.3 3.2 1.4 1.2 2.9
12 1.1 1.1 1.2 2.8
0.9 1.0 10.5 2.8 1.2 2.7
0.8 1.0 1.0 3.3 2.5
10 0.8 1.0 2.6 2.4
0.9 3.2 2.3 2.8 2.9
2.4 0.9 2.4 2.7
2.3 2.8 2.5
8 2.3 2.4
2.0 2.6 2.3
2.4 4.4
2.4 2.3 4.2
2.3 4.1
6 2.0
4.1
3.6
4.0
3.6 3.5
3.3 3.3
3.0 3.0
4 3.0 2.7 2.5

4.2 4.8 4.3 4.3

2 3.3 3.7 3.6 3.8 4.1
2.7 2.6 3.0 3.4
2.6 2.5
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 2009 2009 2010
Q1 Q2 Q3 Q4 Q1

Source: Investment Company Institute

Annuities
Federal pension plans
State and local pension plans
Private DB plans
DC plans
IRAs
Figure 1. U.S. retirement assets
17.9
16.7 1.6 16.5
16.1
1.5 15.6
14.9 1.2 1.5 1.5
13.9 14.4 1.5
1.1
1.4 13.3 1.3 1.3
3.3 1.4 1.2
1.4 1.4
3.2 1.4 1.2
1.2 2.8 2.9
1.2 2.7
2.8
3.3 2.5
2.4
3.2 2.3 2.8 2.9
2.7
2.8 2.5
2.4
2.3
4.4
4.1 4.2
4.1 4.0
3.6 3.5 3.6
3.3

4
4.2 4.8 4.3 4.3
3.7 3.6 3.8 4.1
3.4
Beginning this year and for the next 18 years, between three and four million
baby boomers will reach age 65 each year. A rapidly aging population, along with
increasing employee turnover, will put significant levels of assets in flight in the
coming years.
Regardless of how prepared they are, most people
will be forced to navigate this uncertain environment
on their own. The more than 82 million DC plan
participants and their assets today exceed the
participants and assets in DB plans.8 DC plans
and IRAs combined have been the fastest growing
retirement savings instruments in recent years, with
11 percent compound annual growth from 2004
to 2009.
Beginning this year and for the next 18 years, between
three and four million baby boomers will reach age
65 each year. A rapidly aging population, along with
increasing employee turnover, will put significant
levels of assets in flight in the coming years.
According to LIMRA, about $250 billion in DB and
DC private sector assets become eligible for rollover
each year.9 Consequently, the need for competent
financial advice and appropriate retirement products
and services will only continue to grow.
The impact of the pending rules
With the increased participation in 401(k)-type
plans and IRAs, the retirement security of millions
of America’s workers increasingly depends on
their investment decisions. Thus, there is growing
recognition of the importance of investment advice
in helping participants make good retirement
investment choices.
5
Retirement plan providers have made significant
strides to meet this need in recent years by adding
target-date funds to plan offerings, creating innovative
customized target-date portfolios and adopting
automatic enrollment options. Still, the proposed
rules for implementation of the PPA could significantly
expand their ability to offer much-needed services
to plan participants and capture additional business
in the process.
The rule proposed by the Department of Labor seeks
to expand the availability of investment advice to
additional plan participants by providing a statutory
exemption under the Employee Retirement Income
Security Act (ERISA) and the Internal Revenue Code
for the provision of investment advice, as well as
certain related transactions and fees. The rule would
also impose safeguards to prevent advisers from
slanting recommendations for their own financial
benefit.
The rule would allow investment advice to be given
in two ways: through the use of a computer model
certified as unbiased; and through an adviser
compensated on a “level-fee” basis, meaning
fees would not vary based on the investments the
participant selects. Several other requirements also
must be satisfied, including disclosure of fees the
adviser is to receive. Final action on the proposed
rule is targeted for May 2011.10
The Department of Labor estimates the cost of individual investment errors
at $115 billion a year. Between $5.5 and $10.9 billion of such errors could be
eliminated annually by expanding investment advice to more than 20 million
participants and beneficiaries.
When the rules to implement the PPA were first
proposed in 2009, the Department of Labor estimated
that the new statutory and class exemptions
provided for previously prohibited transactions
under ERISA and the Internal Revenue Code would
extend investment advice to 21 million previously
unadvised participants and beneficiaries. The class
exemption, which would have limited the impact
of the fee-leveling restrictions, has been eliminated
from the most recent proposal published in March
2010 after strong criticism during the commentary
period. Nevertheless, the Department of Labor still
believes that the increase in the number of advised
participants and beneficiaries could be similar
to the original estimates.
Investment advice could help plan participants
make better investment decisions and reduce costly
mistakes. The Department of Labor estimates the cost
of individual investment errors at $115 billion a year.
Between $5.5 and $10.9 billion of such errors could be
eliminated annually by expanding investment advice
to more than 20 million participants and beneficiaries,
according to Department of Labor estimates.11
How prepared is the industry?
The anticipated regulatory action presents both
opportunities and challenges for providers. Helping
participants manage retirement more effectively
provides an opportunity to strengthen and expand
6
relationships and the range of retail and institutional
services provided. At the same time, firms will need
to meet additional regulatory standards, structure
and price their services appropriately, and provide
low-cost, multichannel delivery.
Some firms will have an advantage in delivering
expanded retirement advice to plan participants.
These include firms with institutional retirement
businesses and strong retirement brand awareness,
as well as those that are already providing customers
with extensive multichannel sales and service
capabilities.
All firms will have to make it easy for customers to
find the right fit in terms of products, services,
advisers and channels, and many will need to make
substantial investments to serve plan participants
efficiently. The return on those investments will
not only come from serving a larger number of
relatively lower-margin mass market accounts, but
also from expanding capabilities to serve higher-
wealth customers effectively within and outside
sponsored plans.
As Figure 2 shows, higher-wealth investors are looking
online not just to check balances and track returns but
to communicate with advisers and access retirement
planning tools. As interactive technologies continue
to penetrate every aspect of daily life, remote access
and collaboration capabilities are rapidly becoming
essential for banks and brokerages to be competitive
in target client segments.
 (4 or 5 on a scale of 1 [not at all important] to 5 [extremely important])

Account balances and transaction history 70%

Portfolio trackers 63%

Communication/collaboration with my advisors 46%

Retirement planning 43%

Asset allocation tools 42%

Online trading functionality 41%

Equity research 38%

Stock screeners 33%

Mutual fund screeners 32%

Education on investing 30%

Investing articles and educational material 27%

Educational content about online fraud 27%

Account balances for investments held at another firm 27%

Financial calculators 25%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Source: “US Millionaires Use Multiple Channels To
Interact With Their Financial Advisors,” Forrester
Research, June 12, 2009

Figure 2. Communication is one of the three most important site

features to advised millionaires

Base: U.S. online millionaires with at least one financial advisor

7
 Investors in each asset category who are online at least monthly:

100%
92% 90%
88%

80%

60%

40%

20%

0%
Mainstream Mass-affluent Affluent
(<$100k) ($100k – $1 million) (>$1 million)
Source: “Full-Service Wealth Management
Firms Neglect The Net At Their Peril,”
Forrester Research, April 21, 2010

Figure 3. Investors at each wealth level who are online

at least monthly

Base: U.S. adults with at least one investment account

8
Providing advice to high volumes of small accounts in a manner consistent with
likely regulatory direction will only be feasible via the online channel. Online
delivery can be cost effective for the size and volumes of these accounts, while
dedicated advisers are likely to be too expensive.
The online imperative
Leading providers are taking a holistic approach
to retirement services to increase asset acquisition
and retention. In another example of the ongoing
convergence of banking and wealth management,
providers are bringing together a wide range of
products and services to address the lifetime
retirement needs of clients, such as offering banking,
lending and investing solutions and personal
financial management capabilities through a single
sales channel.
Integrating online capabilities is a critical component
of provider efforts to adapt to customer needs.
Online retirement services represent one of the most
promising growth markets for financial institutions
over the next two decades for several reasons.
Consumers are in general using the Internet more
for financial information and activities. Internet use for
financial services increased among 55- to 64-year-
olds from 13 percent in 1998 to 59 percent in 2007.
In the next cohort planning for retirement, 45- to
54-year-olds, usage increased from 19 percent to
69 percent over the same period.12
The explosion in the use of social media and social
networking is another factor compelling firms to
strengthen their online presence. Consumers
are increasingly interested in creating relationships
and doing business with enterprises they can
communicate with through social channels.
9
Plan participants primarily use the online channel.
Most retirement savers get started through their
employer’s 401(k) plan, which is largely administered
online. These initial experiences are crucial in shaping
personal retirement management behavior through
future life and work stages.13
The proposed Department of Labor rule allowing
expanded investment advice also increases the
importance of online capabilities. Providing advice
to high volumes of small accounts in a manner
consistent with likely regulatory direction will only
be feasible via the online channel. Online delivery
can be cost effective for the size and volumes of
these accounts, while dedicated advisers are likely
to be too expensive. In addition, online investment
recommendations are more easily audited for
bias than face-to-face interactions. Both are key
considerations as more stringent, and perhaps more
costly, fiduciary standards are contemplated under
Title IX of Dodd-Frank.
With or without the new rule, the large majority of
retirement investors, including mass market and
more affluent customers, are leveraging online
platforms, creating an imperative for firms to enhance
these capabilities (Figure 3). And some investors
simply prefer online services over live advice and
support, a fact that may challenge traditional views
of what customers want. As the insightful marketers
at Esurance say, “People when you want them.
Technology when you don’t.”
The primary drivers for the online channel should be consistent with those of the
firm—for example, retaining or acquiring assets and increasing wallet share of
existing customers.

A robust online platform makes retirement planning,
monitoring and transacting simpler for investors.
Activities such as education, research and account
management, which have traditionally been done
face to face with an adviser, are effectively supported
online. In addition, research shows that firms with
robust online capabilities tend to hold more assets
per investor, a strong impetus to offer a platform
that is inviting and easy to use for customers in
every segment.14
• Answer their retirement questions – Help
customers understand their personal retirement
readiness; provide information on retirement
planning, how to invest, and how to plan and
manage distributions easily and effectively.
• Keep customers informed and engaged –
Provide plan and portfolio monitoring, as well
as ongoing communications using tools such as
action alerts and social media interaction.
• Offer added value – Introduce customers to
the convenience of converged services through
tools such as dashboards and single sign-on,
information on the firm’s full breadth of services,
and cross-selling.

What firms should do Figure 4 depicts a Client Engagement Model that firms
can use as a framework to design and deliver these
The type of firm and the customer segments it is
strategic capabilities to clients online. The model
targeting will dictate how it should deploy online
depicts the investment life cycle of retirement services
resources. A firm catering to high-net-worth investors
clients. From obtaining financial education and saving
may use the online channel to develop its brand and
for the future in early life stages, to turning savings
engage customers to maintain exclusivity. Firms
into reliable income during retirement, a wide range
catering to a wider spectrum of customers are likely
of services and capabilities must come together in
to pursue broader objectives. The primary drivers for
the right way at the right time to support a client’s
the online channel should be consistent with those
retirement journey. This requirement for a broad set
of the firm—for example, retaining or acquiring assets
of capabilities aligned to the specific needs and life
and increasing wallet share of existing customers.
events of target clients is well supported online. When
done well, the online channel serves as the focal point
Based on our work with banks, wirehouse and
of a rich multichannel experience.
discount brokers, Capco has identified three key
strategic capabilities that help firms acquire and
retain retirement services clients by satisfying the
full range of their financial needs:

10
 Investment
Awareness Initiation Planning and product Monitoring Distribution
selection

• Demonstrate • Transform • Educate • Enable • Assist investors • Support

the firm’s awareness investors and investors to to monitor and investors with
capabilities into actions guide them to allocate assets adjust their consumption
(products and through various develop a plan and select portfolio and distribution
services) and transactions investments
enhance brand such as • Assist investors • Track
perception account through their • Facilitate contribution
opening, life events to investment and distribution
funding and maintain the and other progress
asset transfer plan product against plan
selection
through
solutions and
tools Source: Capco analysis

Figure 4. Client engagement model

11
The following are some leading practices that firms
can consider as they work to develop the three
strategic capabilities for retirement services online.
These interactive capabilities also can be leveraged
more broadly to meet the demands of high-value,
wealthier clients for enhanced access
and functionality:
Answer their retirement questions
Most clients want to know “how much do I need to
save,” “will I have enough to retire” and “how do I
manage distributions in retirement.” These questions
are best answered through a holistic financial planning
process, but few people will devote the time required
or have enough choices. Industry responses vary, but
best practices include:
• A suite of tools, from simple to comprehensive,
enabling online users to develop, monitor and
update financial plans with an adviser or on their
own. For those with limited time, ability, attention
or interest, simple calculators can quickly answer
questions such as “how much should I save?”
Inertia can be overcome by setting up automatic
contributions. A Fidelity study showed that more
than 1.1 million 401(k) plan participants took
advantage of Fidelity’s online tools in 2010 and of
those, 47 percent increased contributions to their
401(k)s by an average of three percentage points
from 4 percent to 7 percent.15
• Services that extend planning from savings and
investments to income in retirement coupled with
a complete array of cross-industry products from
target retirement date mutual funds to options
with guaranteed returns.
12
• Website triage and business intelligence
mechanisms that lead prospective customers to
the proper area based on risk tolerance, needs
and asset potential—for example, bank or
guaranteed income products for those who are
highly risk averse, online tools for savers with less
than $50,000 in assets, and live sales channel
offers for high-potential customers.
• One-click access to live help by phone or chat,
or to the client’s adviser, with the ability to see
what the client is seeing and help navigate the site,
also called “online collaboration.”
Keep customers informed and engaged
• Personalized, outcome-oriented progress reports
to help clients track progress relative to their
retirement plan.
• Test platforms to allow clients to experiment with
advice recommendations, as well as life scenarios
and “extreme events” (e.g., what if there is another
recession similar to 2001 in five years?)
• Data-driven personalization using sophisticated
customer analytics and targeted marketing
campaigns that identify customer needs, such
as increasing contributions, adjusting holdings,
rollover options and consolidating accounts.
• Calls to action such as provider-initiated chat
sessions that appear when an online tool makes
a recommendation.
• Social media channels such as podcasts that offer
firms a way to share knowledge and perspectives
in a controlled manner. Social channels with less
control, such as Facebook, YouTube and Twitter,
lend themselves to marketing and cross-selling.
Multichannel integration is also critical. Different business units need to have
the same view of customers. Customers need to be treated consistently
in their preferred media, including online, mobile, phone, video, print and
in-person channels.
Offer added value
• Comprehensive dashboards providing a full
customer view across investments, banking and
insurance accounts, including aggregation of
accounts held at other institutions. Views are
customizable to consolidate all of a customer’s
institutional assets, such as DC and DB holdings,
retail assets such as IRAs, and other savings and
insurance accounts such as annuities and life. The
dashboard also provides ready access to relevant
market information and content, as well as planning,
goal monitoring and transactional capabilities.
• Integrating the customer experience across
multiple touch points such as online, including
mobile devices, the call center and retail outlets.
Cross-channel integration expands opportunities
to tailor the customer experience to target segment
needs and behaviors and increases the potential
value of the customer relationship.
• Simple, well-explained online steps and tools for
the rollover decision and process, including online
account opening, or “high-touch” concierge services.
• Promoting awareness of retirement and non-
retirement offerings on the most frequently visited
pages of the website and using business intelligence
to identify events that trigger a change in a client’s
financial profile, such as moving or changing jobs.
Additional considerations
Along with the critical factors of ease-of-use and
rational information architecture, firms should strive
for consistency across customer touch points. It
is important to view a customer’s accounts in his
or her life context, not by organizational barriers.
Barriers need to fall between retail and institutional
retirement services’ business units to address
13
customer needs such as simplifying rollovers. Barriers
should also be removed between bank, brokerage
and insurance units to deliver the most appropriate
products and services.
Multichannel integration is also critical. Different
business units need to have the same view of
customers. Customers need to be treated consistently
in their preferred media, including online, mobile,
phone, video, print and in-person channels.
Finally, face-to-face communication will remain the
more effective communications vehicle for certain
aspects of providing service to clients. Ranked among
the top 100 financial advisers by PLAN ADVISER
magazine,16 Andrew Wilshinsky of Morgan Stanley
Smith Barney points out that nothing gets participants
started down the right path as well as face-to-face
advice, but that’s not always feasible. “For employee
populations that are geographically difficult to
reach, we use webinars to offer the personalization
necessary to connect with individuals and help them
understand the importance of their 401(k) decisions.”
Looking at the life cycle of retirement planning using
the client engagement model presented above, direct
client contact through face-to-face or video-based
methods is most effective at driving client participation
and decision making.
How to proceed
Although the specific rules to implement the PPA
are still to be decided, Capco believes firmly that
retirement services providers must act with urgency to
strengthen their online capabilities and multichannel
Today more than ever, consumers are responsible for charting their own financial
futures, and they need help in the process. This need presents unprecedented
opportunities for financial services firms, especially those that offer integrated,
feature-rich online services.
integration to remain competitive and ultimately
deliver a differentiated level of service to their
customers.
For many firms, making the business case for
investing in online services has been a barrier to
progress. Consider some key questions firms must
answer to make the most of their investments:
• Where do you stand vs. your competitors’
capabilities?
• What capabilities matter most to your target
customer segments?
• Can you pick a good prospect out of your site traffic
and create an engaging relationship with them?
• Does your website convey information in a way
that’s easy for users to make decisions and
compels them to overcome inertia?
• Have you streamlined, automated and integrated
your processes online and across channels to
match the speed and quality of interactions
customers have come to expect based on their
experiences with leading retailers?
To answer these questions and make progress
quickly, immediate next steps may include:
• Validate the strategy for retirement advice services
and identify potential multichannel capabilities to
support the strategy
• Assess the strategies and capabilities of key
competitors in target markets; identify competitive
gaps and opportunities for differentiation
• Define the target multichannel environment,
including the business and technical change
initiatives needed to implement the target
• Develop a structured, multigenerational plan and
business case that delivers value to clients and
the firm over time
14
Capture the retirement services opportunity
Today more than ever, consumers are responsible
for charting their own financial futures, and they
need help in the process. This need presents
unprecedented opportunities for financial services
firms, especially those that offer integrated, feature-
rich online services. By incorporating leading
online strategies and approaches, firms can be well
positioned to capitalize on the growing demand for
retirement services in the years ahead.
Footnotes
1. “Baby Boomers by the numbers: Census Reveals Trends”, USA TODAY, March 2010,
http://www.usatoday.com/news/nation/census/2009-11-10-topblline10_ST_N.htm
2. “Proposed Regulation to Increase Workers’ Access to High Quality Investment
Advice”, US Department of Labor, February 2010, http://www.dol.gov/ebsa/
newsroom/fsinvestmentadvice.html
3. “US Labor Department rules to improve retirement security announced as part of
White House Middle Class Task Force’s year-end report”, US Department of Labor,
February 2010, http://www.dol.gov/opa/media/press/ebsa/EBSA20100251.htm
4., 7. EBRI Retirement Confidence Survey, Employee Benefit Research Institute, 2010,
http://www.ebri.org/surveys/rcs/
5. “Number of Americans Reporting No Personal or Retirement Savings Rises”, Harris
Interactive, February 2011, http://www.harrisinteractive.com/NewsRoom/HarrisPolls/
tabid/447/mid/1508/articleId/684/ctl/ReadCustom%20Default/Default.aspx
6. “Merrill Lynch Affluent Insights Quarterly Survey Reveals Complex Family Dynamics,
Financial Concerns and Heightened Sensitivities to Risk Create Need for More
Comprehensive Advice Across Multiple Generations”, Merrill Lynch Affluent
Insights Quarterly, July 2010, http://mediaroom.bankofamerica.com/phoenix.
zhtml?c=234503&p=irol-newsArticle&ID=1452948&highlight=
8. “5500 Filings Track DB, DC Plan Trends”, Asset International, Inc., 2008 http://www.
planadviser.com/print.aspx?id=13082
9., 14. “With Ever-Present Access Retirement Plan Providers: Reaching Out to Customers
Online,” LIMRA’s MarketFacts Quarterly, Spring 2010; 29, 2; Alumni - ABI/INFORM
Global, pg. 90.
10. “Proposed Regulation to Increase Workers’ Access to High Quality Investment
Advice”, U.S. Department of Labor, February 2010, http://www.dol.gov/ebsa/
newsroom/fsinvestmentadvice.html
11. Investment Advice Final Rule & March DOL, U.S. Department of Labor, January 2009,
http://webapps.dol.gov/federalregister/HtmlDisplay.aspx?DocId=23559&AgencyId=8
&DocumentType=1
12. “Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of
Consumer Finances,” Federal Reserve Bulletin, vol. 95, February 2009, p. A1-A55.
Tables updated February 18, 2010
15. “Fidelity: Average 401k balances reach 10-year high”, Associated Press, February
2011, http://hosted.ap.org/dynamic/stories/U/US_FIDELITY_RETIREMENT_
SAVINGS_TRENDS?SITE=FLROC&SECTION=HOME&TEMPLATE=DEFAULT
16. PLAN Adviser’s Top 100 Retirement Plan Advisers,” November-December 2010
as identified by Plan Sponsor / Plan Adviser Magazines, bases its rankings on
quantitative and qualitative criteria. Advisors are judged by a panel comprised of
editorial staff, previous honorees, and external retirement industry experts. Additional
measures include interviews with the nominees. For more information on ranking
methodology, go to www.plansponsor.com. The rating may not be representative of
any one client’s experience because it reflects a sample of all of the experiences of
the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s
future performance. Neither Morgan Stanley Smith Barney nor its Financial Advisors
pay a fee to Plan Sponsor / Plan Adviser in exchange for the rating.
 Alvi Abuaf is a Partner,
the Wealth & Investment
Management practice leader
and a member of the Global
Management Team. Alvi
has developed deep expertise
in brokerage and wealth
management throughout his
25 year consulting career. He
has experience delivering
projects in brokerage houses, wealth managers, hedge
funds, prime brokers, mutual funds, consumer banks,
correspondent clearing and custodians. Alvi joined Capco
from CPM Braxis USA where he was the President,
CEO and a member of the Board of Directors.
Alvi.Abuaf@capco.com
Tom Wilson is a Partner at
Capco in the Banking practice.
He provides project and thought
leadership to the practice for work
with the firm’s global payments
and online financial services
clients. Tom has over 20 years’
experience as a line manager and
consultant to the retail financial
services industry. As a consultant,
he has worked extensively with the largest credit card
issuers in the world. This work has centered on business
and IT strategy, performance management and business
intelligence strategy development and implementation.
Thomas.Wilson@capco.com
15
Matthew Cohn, a Capco Partner,
leads the firm’s Banking group
in North America. Matthew has
extensive experience in selling
consulting services and delivering
solutions to complex, industry-
specific problems through
direct interaction with client
senior management. He has led
significant engagements on behalf
of several large financial services clients in business process
management-enabled sales and service transformation;
multi-channel service delivery; decision science-supported
cross-sell/up-sell to specific customer segments; and the
convergence of banking and wealth management.
Matthew.Cohn@capco.com
Kathy Laing is a Principal Consultant in Capco’s Banking
practice. Kathy is a financial services industry specialist
with diverse experience across wealth management,
private banking, retail banking and investment banking.
She specializes in strategic planning, program and
project management in large multi-line financial services
organizations. Her recent work has focused on integrated
multi-channel distribution strategy for wealth management
and the adoption of mobile devices and social networks
by clients and providers.
Kathy.Laing@capco.com
 About Capco
Capco, a global business and technology consultancy dedicated solely to the financial services
industry. We work in this sector only. We recognize and understand the opportunities and the
challenges our clients face. We apply focus, insight and determination to consulting, technology
and transformation. We overcome complexity. We remove obstacles. We help our clients realize
their potential for increasing success. The value we create, the insights we contribute and
the skills of our people mean we are more than consultants. We are a true participant
in the industry. Together with our clients we are forming the future of finance. We serve
our clients from offices in leading financial centers across North America and Europe.

Worldwide offices
Amsterdam • Antwerp • Bangalore • Chicago • Frankfurt • Geneva • Johannesburg
London • New York • Paris • San Francisco • Toronto • Washington DC • Zürich

To learn more, contact us at +1 877 328 6868 or visit our website at capco.com.

Capco © 2011. All rights reserved. T1021-0411-01-NA