Why Index Funds Belong in Retirement Plans...Sep 26, 2012 · •Asset Class Ranges • Monitor...

McGraw-Hill

Why Index Funds Belong in Retirement Plans

Tuesday, September 25, 2012 at 2:00 p.m. (EDT)For Financial Professionals/Not for Public Distribution

Analytic services and products by S&P Dow Jones Indices are the result of separate activities designed to preserve the independence and objectivity of each analytic process. S&P Dow Jones Indices has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process.

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Disclaimer

S&P Dow Jones Indices emphasizes to participants that Michael McClary and Diane Smola are guest speakers and are not affiliated with S&P Dow Jones Indices and that S&P Dow Jones Indices is not providing endorsements as to the opinions expressed which are those of the guest speakers for this webinar. S&P Dow Jones Indices offers no guarantees or warranties as to the accuracy and reliability of opinions expressed.Guest speakers are not affiliated with S&P Dow Jones Indices and S&P Dow Jones Indices does not sponsor, endorse, sell, or promote any product based on an S&P Dow Jones index nor does it make any representation regarding the advisability of investing in the products.

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Fei Mei Chan

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ModeratorAssociate DirectorS&P Dow Jones IndicesFei Mei Chan is associate director U.S. equity and real estate indices at S&P Dow Jones Indices. She is a member of the team responsible for the development of domestic equity indices. In her role, Fei Mei contributes to the design and methodology of new and existing indices and publishes related research, market commentary and educational content.

Prior to joining S&P Dow Jones Indices, Fei Mei was a member of the tax-exempt housing and structured finance group within U.S. Public Finance Ratings at Standard & Poor’s. Fei Mei has also reported and written for both Forbes and Barron’s covering equity and mutual funds.

Fei Mei holds a bachelor’s degree in Economics and Classics Anthropology from New York University.


Michael McClary

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Vice President, Chief Investment Officer, ValMark Investment Alliance/ValMarkAdvisers, Inc.Registered Principal, ValMark Securities, Inc.Michael McClary has been with ValMark, a leading national independent wealth management firm with offices in over 30 states and over $7 Billion in assets, since 2003. Mr. McClary has direct responsibility for ValMarkInvestment Alliance™, a 3 part entity that includes the RIA programs for ValMark Advisers, Inc., ValMarkInstitutional, and Bosshard Investment Management Company. Michael also oversees all broker-dealer investment products for ValMark Securities, Inc. Michael’s main focus is chairing the Investment committee for The Optimized Portfolio System (TOPSTM). TOPSTM is one of the nation’s longest running, largest, and most successful exchange traded fund (ETF) investment management programs with over $2 Billion in assets. TOPS™ is available through Separately Managed Accounts (SMAs), Collective Investment Funds (CIFs), and Variable Insurance Funds.

Michael has a Bachelor of Science Business Administration (Magna Cum Laude) in Financial Services and a Master’s Degree (MBA) in Financial Management, both from the University of Akron. Michael has furthered his education by taking part in the Executive Education program at Stanford University.

Recognized as one of the nation’s leading experts on ETFs, Michael was one of 3 individuals nationally selected to the 1st class of the ETF Advisors Hall of Fame by Research Magazine and IMN in 2007. Likewise, Michael has collaborated with the Wall Street Journal, Kiplinger’s, Financial Advisor, and Research Magazine on ETF related topics and been a featured speaker for organizations such as the Financial Planning Association (FPA) and IndexUniverse.


Diane Smola

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Senior Investment ConsultantHewitt EnnisKnuppDiane is a senior investment consultant in our Norwalk, CT, office. She consults with defined contribution plans, defined benefit plans, endowments and foundations on performance evaluation, investment manager selection and investment policy development.

Diane has over 25 years of experience in the financial management industry and over 10 years investment consulting experience. Prior to joining the firm, she was a Director of Investment Consulting at Rogerscasey. Diane has written numerous investment articles as an independent contractor, served institutional investor clients at Phoenix Investment Counsel, and was Plan Administrator for the Town of West Hartford, CT. She began her career at Phoenix Mutual Life Insurance Company.

Diane has an M.A. in Economics from Trinity College and a B.A. in Business Administration/Accounting from the University of Hartford.


Phil Murphy, CFA

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Vice President, Defined Contribution ChannelS&P Dow Jones IndicesPhil Murphy is vice president at S&P Dow Jones Indices, responsible for defined contribution channel management, focusing on managing index solutions for the defined contribution market.

Phil has twenty years of experience in the financial services industry in a variety of roles including portfolio management and asset allocation. Prior to his role in channel management, Phil was a member of the S&P Indices Global Research & Design team where he served as the lead analyst in creating the S&P Target Date Index.

He is a CFA Charter Holder and is a member of the New York Society of Security Analysts and the CFA Institute. He received his undergraduate degree from Queens College of The City University of New York and a master’s in economics from Fordham University.


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Indexing for DC Plans: Reducing the Administrative Burden with Index FundsLearn how indices can help reduce the number of investment options in your plan’s lineup, streamline fund evaluations and simplify communications with plan participants.

SPIVA (S&P Indices Versus Active Funds) ScorecardFind out how active funds have stacked up against indices over one-, three- and five-year periods.

Please click on the widget at the bottom of your screen to complete the survey. Your feedback is important to us.

S&P Dow Jones Indices WebinarSeptember 25th, 2012

Version 6/21/201210 For Professional Use Only

Major Fiduciary Benefits of Indexing:

• Diversification• Access to Multiple Asset Classes, without Picking Active Managers

• Eliminate Risk of Underperformance• ~75% of Managers Underperform their benchmark

• No Style Drift• Full Transparency in ETFs


Benefits of Diversification & the TOPS™ Process

Benefits of TOPS™:

• One of the longest running ETF

programs in the country

• Investment Team / Advisory

Committee with over 100 years of

combined experience

• Currently manage close to $2

Billion of ETF assets

• Diverse clients including non-

profits, individual clients and

Fortune 500 companies

Benefits of Diversification:

• Asset class performance is

unpredictable – this year’s best

may be next year’s worst - “Don’t

put all of your eggs in one basket”

• Maximizing Risk Adjusted Return• Balancing investments with the

goal of providing the most return

possible for a given level of risk


REASONS FOR POTENTIAL INTEREST IN ETFs

Benefits ETF’s have to Offer:

• Better Diversification Tools

• Risk Management through Asset Targeting

• Index Tracking

• Opportunity for Lower Fees

• Opportunity for Lower Taxes

• Intraday Liquidity

• Full Transparency of Underlying Holdings

• Access to Sectors/Indices

• Invest Throughout Global Markets


PORTFOLIO MANAGEMENT TEAM

• Michael McClary, MBA – Chief Investment Officer

• Otto Bosshard, CFA – Sr. Portfolio Advisor

• Robert Leggett, CFA – Sr. Portfolio Advisor

• Tyler Denholm – Director of Investment Research


OUTSIDE ADVISORY COUNCIL

• Daniel Crawford, CFA

• Jim Chandler, CFA

• Doug Kahl, Ph.D. (adjunct)

• Larry J. Rybka, CFP, J.D.

• David McKechnie


MAXIMIZE RISK ADJUSTED RETURN

•RiskStandard Deviation

•ReturnGrowthIncome

•Correlation•Market Volatility


STRATEGIC RANGE INVESTING•Target Risk (equity / fixed income)

•Asset Class Ranges

• Monitor Drift

•Rebalance

• Target within Each Asset Class Range (ex. Moderate Growth)

Asset Class Strategic Range Asset Class Strategic Range

Cash 1-5% Domestic Mid Cap 5-15%

Corporate Bond 5-14% Domestic Small Cap 5-15%

TIPS/US Treasuries 0-20% Developed Int’l 5-25%

High Yield 0-10% Emerging Int’l 0-10%

Emerging Mkt Debt 0-5% Natural Resources 0-10%

Domestic Large Cap 10-30% Real Estate 0-10%


OVERVIEW

• Quantitative• Qualitative• Quantitative• Qualitative

Asset Allocation

• Quantitative• Qualitative• Quantitative• Qualitative

ETF Selection

• Portfolio team meetings• Reporting• Portfolio team meetings• Reporting

Monitoring


ASSET ALLOCATION - QUANTITATIVE

• Asset Class Review

• Look at all investable asset classes Review newly defined asset classes Note changes to current asset classes

Taxation Political issues Economic issues Valuations Risk attributes Correlations Return estimates



• Asset Class Review

• Eliminate non-desirable asset classes Lack of liquidity Barriers to entry Undesirable risk/return estimates High correlation to other assets



• Optimizer

• AllocationMaster Use proprietary asset class assumptions Run Monte Carlo Adjust constraints

• Correlation Calculators iShares SSGA Vanguard


ASSET ALLOCATION - QUALITATIVE

• Decipher Data

• Adjust Models

• Allow for biases• Incorporate team feedback


ETF SELECTION - QUANTITATIVE

• ETF experience, AUM, stability, breadth of offerings• ETF experience, AUM, stability, breadth of offeringsProvider

• Expense ratios, intrinsic and extrinsic costs• Expense ratios, intrinsic and extrinsic costsExpenses

• Liquidity, volume, spreads, AUM• Liquidity, volume, spreads, AUMTrading

• Components, weighting scheme, turnover, valuations, volatility, selection (computer or committee), back-tested vs. actual performance

• Components, weighting scheme, turnover, valuations, volatility, selection (computer or committee), back-tested vs. actual performance

Index Data

• 1940 Act, UIT, Grantor Trust, LP• 1940 Act, UIT, Grantor Trust, LPLegal Structure


ETF SELECTION - QUANTITATIVE

• Selection of possible ETF alternatives

• Up to 5 ETFs per asset class are presented• Relevant data presented to team


ETF SELECTION - QUALITATIVE

• Joint committee review of available ETF alternatives

• Joint committee suggestion of ETF/model changes

• Portfolio Management Team final decisions


MONITORING

• Regular portfolio management team meetings

Allocation review, fund comparison, economic analysis

• Monthly reporting

AUM, fund size, standard deviation, P/E, duration, returns


STRATEGIC ALLOCATION PORTFOLIOS

Model Equity/Bond Cost

Capital Preservation 27 / 73 0.49%

Income & Growth 40 / 60 0.53%

Balanced 57 / 43 0.54%

Moderate Growth 70 / 30 0.54%

Growth 85 / 15 0.53%

Aggressive Growth 98 / 2 0.50%

Target 2015 40 / 60 0.52%

Target 2025 69 / 31 0.53%

Target 2035 83 / 17 0.52%

Target 2045 85 / 15 0.53%



Model 1 Mo 3 Mo YTD 12 Mo 3 Yr 5 Yr Since Inception

Capital Preservation 1.65% 0.02% 4.25% 4.63% 9.86% 4.50% 4.81%

Income & Growth 2.41% -1.14% 4.66% 2.37% 10.98% 4.03% 5.09%

Balanced 3.17% -2.12% 5.35% 0.22% 12.23% 2.75% 4.69%

Moderate Growth 3.67% -3.08% 5.88% -1.47% 13.02% 1.47% 4.21%

Growth 4.17% -4.27% 5.95% -4.14% 13.14% 0.24% 3.82%

Aggressive Growth 4.35% -4.75% 6.77% -4.69% 13.90% -0.61% 3.57%

as‐of 6‐30‐2012Returns that exceed 12 months are annualized



Model 1 Mo 3 Mo YTD 12 Mo 3 Yr Since Inception

Target 2015 2.29% -1.07% 4.72% 2.03% 12.48% 4.90%

Target 2025 3.61% -2.99% 5.89% -1.92% 12.87% 3.46%

Target 2035 4.18% -3.87% 6.32% -3.99% 13.07% 2.60%

Target 2045 4.26% -4.14% 6.14% -4.03% 12.72% 2.11%

as‐of 6‐30‐2012Returns that exceed 12 months are annualized


ValMark Advisers, IncAn SEC Registered Investment Advisor

130 Springside Dr, Ste. 300

Akron, OH 44333

Passive Investment Options in Defined Contribution Plans

Passive Investment Options in DC Plans 09/2012 31

2012 Hot Topics in Defined Contribution Plans

Employers’ confidence in employees’ ability to succeed has dropped

– Improving participant understanding of programs and resources

Sponsors trying to improve employees’ results

– Recognizing diversity in needs

– Offering new tools and options

Focus on Fees

– Compliance

– Improving Participant Results


Likely Action on Investment Fund Offerings in 2012

Perform a comprehensive review of fund offerings

– 40% of Plans surveyed responded this was completed recently/not needed

– 59% of the remaining plans say this action is very likely in 2012

Review DC Fund operations, including fund expenses and revenue sharing

– 33% completed recently/not needed

– 61% of remaining plans responded this action is very likely in 2012

Change/alter fund options to reduce costs of funds


– 40% of remaining respondents say this is likely in 2012


Likely Action on Investment Fund Offerings in 2012 – Passive v. Active

Change some or all funds from actively managed to index funds



Add a tier of index options



Move from active to passive composition of Target Date Funds




13%

0%

12%

9%

31%

25%

42%

95%

32%

10%

15%

42%

30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Percent of Plans

R EIT

Specialty/ Secto r

Emerging M arkets

Glo bal Equity

Internat io nal Equity

Small C ap Equity

M id C ap Equity

Large C ap Equity

P remixed

B alanced

Specialty B o nd

Intermediate B o nd

Sho rt -T erm B o nd

Index funds are often part of defined contribution plans.

Source: Hewitt’s 2011 Trends and Experience in 401(k) Plans Survey.

Prevalence of Index Funds


Motivations for Passive and Active Management

Benefits of Passive Management

＋Broad Diversification

＋Assured Market Returns

＋Low Fees

＋Minimal Review

＋Simplifies Participant Communications

Benefits of Active Management

＋Potential for above-market returns in down markets

＋More conventional approach

＋Market Efficiency

＋Selection of value added managers

＋Need more than passive market returns


Rolling 3-Year Value Added

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12

Large Cap Core AF Universe 25th Ranked vs. Russell 1000Large Cap Core AF Universe Median vs. Russell 1000Large Cap Core AF Universe 75th Ranked vs. Russell 1000


-6%

-4%

-2%

0%

2%

4%

6%

8%

10%


Large Cap Value AF Universe 25th Ranked vs. Russell 1000 Value Large Cap Value AF Universe Median vs. Russell 1000 Value Large Cap Value AF Universe 75th Ranked vs. Russell 1000 Value


-6%

-4%

-2%

0%

2%

4%

6%

8%

10%


Large Cap Growth AF Universe 25th Ranked vs. Russell 1000 GrowthLarge Cap Growth AF Universe Median vs. Russell 1000 GrowthLarge Cap Growth AF Universe 75th Ranked vs. Russell 1000 Growth

Rolling 3-Year Value Added by Large Cap Equity Managers



-10%

-5%

0%

5%

10%

15%

20%


Small Cap Core AF Universe 25th Ranked vs. Russell 2000Small Cap Core AF Universe Median vs. Russell 2000Small Cap Core AF Universe 75th Ranked vs. Russell 2000


-10%

-5%

0%

5%

10%

15%

20%


Small Cap Value AF Universe 25th Ranked vs. Russell 2000 ValueSmall Cap Value AF Universe Median vs. Russell 2000 ValueSmall Cap Value AF Universe 75th Ranked vs. Russell 2000 Value


-10%

-5%

0%

5%

10%

15%

20%

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Small Cap Growth AF Universe 25th Ranked vs. Russell 2000 GrowthSmall Cap Growth AF Universe Median vs. Russell 2000 GrowthSmall Cap Growth AF Universe 75th Ranked vs. Russell 2000 Growth

Rolling 3-Year Value Added by Small Cap Equity Managers



-6%

-4%

-2%

0%

2%

4%

6%


Fixed Core AF Universe 25th Ranked vs. BC AggregateFixed Core AF Universe Median vs. BC AggregateFixed Core AF Universe 75th Ranked vs. BC Aggregate

Rolling 3-Year Value Added by Active Core Fixed Income Managers


Path

s

Target Date/Lifecycle

Index Funds

Actively Managed Funds

Self-Directed WindowINVESTMENT SURVEY

KNOWLEDGEABLE AND COST FOCUSED

NOVICE OR DISINTERESTED

ACTIVE INVESTOR

Our Philosophy: Tiered Option Structure

“Tiers” help guide participants in their investment decision making by categorizing the investment options

KNOWLEDGEABLE AND COST FOCUSED

NOVICE OR DISINTERESTED

ACTIVE INVESTOR


Our Client Experience

Streamline the investment option structure as much as possible

Tailor investment option structure to meet participant needs

Establish appropriate balance between active and passive management

– Passively managed funds offer lower cost alternative

– Time/resources to identify active manager skill

Vast majority of our clients have mixture of active and passive management

McGraw-Hill

Indexing for 401(k)sActive Management Fees Under the Microscope

September 25, 2012For Financial Professionals/Not for Public Distribution

Analytic services and products by S&P Dow Jones Indices are the result of separate activities designed to preserve the independence and objectivity of each analytic process. S&P Dow Jones Indices has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process.


What Does Active Management Really Cost?

Source: S&P Dow Jones Indices. Hypothetical example for illustrative purposes only.

Active Manager Index ManagerExpected Market Return (%, before fees) 6.00% 6.00%

Expected Active Outperformance (%, before fees) 1.00% 0.00%Investment Principal 100,000$ 100,000$

Expected Market Return (before fees) 6,000$ 6,000$ Expected Active Return (before fees) 1,000$ -$

Management Fee (%) 0.90% 0.25%Estimated Management Fee 932$ 258$

Fees Over and Above Index Manager 674$ Extra Fee as % of Active Return 67.40%

Expected Active Return (after fees) 326$ Expected Active Outperformance (%, after fees) 0.33%


Feeling Lucky?

Decile values calculated by S&P Dow Jones Indices from annualized 3-year alpha as

reported in the Morningstar™ Open-end Fund database for actively managed large-cap blend

funds as of July 31, 2012

9th 0.508th ‐0.647th ‐1.396th ‐2.135th ‐2.754th ‐3.373rd ‐4.062nd ‐4.891st ‐6.47

Alpha Deciles (%)

Source: S&P Dow Jones Indices. Fund universe provided by Morningstar™ Open-end Fund database.


Active Value Destruction

*Total Cost Ratio is calculated by S&P Dow Jones Indices. It is the sum of two Morningstar™ data items, “prospectus net expense ratio” and “brokerage commissions / avg net assets”. It does not include sales charges or indirect costs such as market slippage.

On average, index funds deliver market returns minus costs

However, active funds deliver negative alpha over and above the costs they charge and incur

Avg Total Cost Ratio (%) Avg Alpha (%)Index 0.58 ‐0.57Active 1.37 ‐2.82Diff 0.79 ‐2.24

Active Value Destruction - negative active alpha over and above index fund costs. It is a combination of higher fees and poor investment results.


Active Value Destruction

Age 47Years to Expected Retirement 20

Current Retirement Savings 200,000$ Current Salary 75,000$

Assumed Annual Salary Growth 2.5%Salary Deferral Rate 10%

Deferral Escalation1% per year until

reaching 15%Assumed Annual Market Return 6.00%

Index Fund Costs -0.58%Active Value Destruction -2.24%

Expected Index Fund Return 5.42%Expected Active Fund Return 3.18%

Index Fund Example Active Fund Example Difference % DifferenceAccount Balance at Retirement 1,130,641$ 820,276$ 310,365$ 27%

Projected 1st Year Income (4% withdrawal) 45,226$ 32,811$ 12,415$ 27%

Source: S&P Dow Jones Indices calculations. Expense data from Morningstar™ Open-end Fund database. Hypothetical example for illustrative purposes only. Active Value Destruction calculated as Expected Active Fund Return less Expected Index Fund Return.


General DisclaimerCopyright © 2012 by S&P/Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies. All rights reserved. STANDARD & POOR’S, S&P, and S&P Target Date Index are registered trademarks of Standard & Poor’s Financial Services LLC. “Dow Jones” is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Redistribution, reproduction and/or photocopying in whole or in part is prohibited without written permission. This document does not constitute an offer of services in jurisdictions where S&P/Dow Jones Indices LLC, Dow Jones or their respective affiliates, parents, subsidiaries, directors, officers, shareholders, employees or agents (collectively “S&P Dow Jones Indices”) do not have the necessary licenses. All information provided by S&P Dow Jones Indices is impersonal and not tailored to the needs of any person, entity or group of persons. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties. Any returns or performance provided within are for illustrative purposes only and do not demonstrate actual performance. Past performance is not a guarantee of future investment results.

It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. S&P Dow Jones Indices does not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that is offered by third parties and that seeks to provide an investment return based on the returns of any S&P Dow Jones Indices index. There is no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices is not an investment advisor, and S&P Dow Jones Indices makes no representation regarding the advisability of investing in any such investment fund or other vehicle. A decision to invest in any such investment fund or other vehicle should not be made in reliance on any of the statements set forth in this document. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other vehicle. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

These materials have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Dow Jones Indices. The Content shall not be used for any unlawful or unauthorized purposes. S&P Dow Jones Indices and any third-party providers (collectively S&P Dow Jones Indices Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Dow Jones Indices Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P DOW JONES INDICES PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Dow Jones Indices Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.

S&P Dow Jones Indices keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P Dow Jones Indices may have information that is not available to other business units. S&P Dow Jones Indices has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

In addition, S&P Dow Jones Indices provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.


Thank you for joining us…

47

Contact Us Want More?

Fei Mei ChanS&P Dow Jones [email protected]

Click on the widget at the bottom of your screen and visit www.spdji.com/spindices

Featured Content:

• Indexing for DC Plans: Reducing the Administrative Burden with Index Funds

• SPIVA® (S&P Indices Versus Active Funds) Scorecard

Please click on the widget at the bottom of your screen to complete the survey. Your feedback is important to us.

Michael McClaryValMark Investment Alliance/ValMark Advisers, [email protected]

Phil MurphyS&P Dow Jones [email protected]

Diane SmolaHewitt [email protected]

Visit www.spindices.com/events/sp-webinar to find out about upcoming events and access webinar replays.

Why Index Funds Belong in Retirement Plans...Sep 26, 2012 · •Asset Class Ranges • Monitor...

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