The RIIA Market Insight Program ADVANCE INSIGHT = COMPETITIVE ADVANTAGE

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The RIIA Market Insight Program

ADVANCE INSIGHT = COMPETITIVE ADVANTAGE

The Asset

The RIIA Market Insight Program (RMISM) brings researchers and their data together to take a 360-degree

view of the households who need and buy our industry’s products and services, identifying the disruptions and challenges in their lives that transcend traditional product and organizational silos. Our approach is household focused; we use the collected data and analyses to devise creative new solutions that meet the entire household need.

We engage seasoned researchers who are comfortable working across silos. Our program utilizes familiar data that when organized in new ways can enable you to better navigate the challenges that inevitably disrupt strategic plans. You will see standardized data from all sides – household demand, distributor performance and product sales – giving you a broader view of the market opportunities and keener discernment to chart the course that makes the most sense for your organization.

The Details

The RMI program has four distinct, but progressive offerings:

(1) The RIIA Household Segments

Financial profile, holdings and attitudes – First, data is gathered that details particulars of the financial affairs and major financial products held by all US households, delineated by the RIIA wealth and age segments. The engine at the core of the household segment profiles is SBI’s MacroMonitor, the largest, longest continuous macro-economic data collection and analysis program in the United States. Based on questions that have been asked of households every other year since 1978, the MacroMonitor data contains a wealth of financial information on households that is incorporated into the RIIA market segment profiles.

Household spending –Additional data is gathered that shows household spending broken out by RIIA wealth and age segments. The spending data comes from the Survey of Consumer Expenditures, which is the Federal government survey that provides information on the complete range of households’

expenditures.

(2) Product and Distribution Channels

Then, another research step is taken that provides a first-hand view into the annuity and insurance transaction data processed by DTCC for insurance companies selling through a vast number of third party channels. DTCC’s Analytic Reporting for Annuities service is a breakthrough online solution that allows insurance companies and broker/dealers to better track their sales, their product trends and their relative position in the marketplace. With the assistance of analysis by Gallant Consulting, data in Analytic Reporting can be evaluated in six distribution channels.

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(3) Projections

Next, this full, rich snapshot of household products, spending and channels is projected into the future through the use of proprietary models from Price Waterhouse. Patterns and trends in Boomers’ retirement years and the full impact of those trends on the industry are brought into full view.

(4) Synthesis

Finally, the researchers write reports and presentations that assimilate the collective input, with additional information and direction from the Advisory Board. The Board has the opportunity to challenge the researchers with their reality. The reports from this data must be broad enough to identify market

opportunities, while specific enough to enable business planning and budget allocations. All of the issues in the product life cycle are within the scope of the data, from the evaluation of new products to the monitoring of existing products, channels and markets.

One project that this research is designed to support is the determination of the capacity of the life insurance and mutual fund industries to support the income needs of retired and retiring households.

The Opportunity

The Retirement Income Industry Association (RIIA®) is pleased to offer you a seat on the Advisory Board

for RIIA’s Market Insight Program. As a member of this Board, you will sit among the elite firms in the industry and direct a combined research program the scope of which has never before been assembled. RIIA researchers will conduct analysis and write the reports that no one else has developed because we analyze the data in entirely new ways and combinations.

As a Board Member, you will provide a service for RIIA by helping to steer the decisions about which business insights to pursue, to preview preliminary analyses and to decide which findings will be made available to the wider RIIA community. In the course of this process, you will also realize your own benefits by building a deeper set of data for your own use and leveraging the services of a team of RIIA researchers to develop a customized presentation of the data to take back to your organization. Most of all, you will be refreshed by your new perspective. After a time on the Board, where silos are no longer a constraint, you will be pleasantly surprised to see that previously distant wishes have now become actionable opportunities.

The Value

The RMI Advisory Board is currently capped at 25 member firms. Firms can focus on one of two tracks:

• Retirement Income Market Issues

• Health Care and Financial Services in Retirement Firms on either track receive:

• Complimentary copies of a report series that will be sold to non-members • Copies of conference presentations derived from the report

• Tabular profiles for further research

• One-half day of consulting services from a team of RIIA researchers to customize a more in-depth presentation to your company. Services can be provided remotely or on site at your choosing. *

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The Fee

The cost of joining the RMI Advisory Board varies by a firm’s relationship to RIIA and DTCC.

The Action

To join the RIIA Market Insight Advisory Board or to request more information, please contact: • François Gadenne, Chairman and Executive Director, RIIA at (781) 738-0484, or

Elvin Turner, Director of the Research Business Unit, RIIA at (860) 242-4878.

The Team

Following is background information about RMI’s core team of: • Program Managers

• Data Experts, and • Market Analysts

Program Managers:

Turner Consulting LLC

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Elvin Turner, JD, MBA

Background

Mr. Turner is RIIA’s Research Director, managing research projects for insurance companies, broker dealers, mutual fund companies, banks and other RIIA members. He brings 31 years of experience working at or for leading financial services organizations. With Larry Cohen, he wrote four of the RIIA Research Reports.

Roles in RMI

• Manages the projects assigned by the Board to the team of RMI consultants • Editor-in-chief of the reports, presentations and other deliverables of the RMI

• Assigns consultant teams to assist Board members in the development of customized presentations

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CANNEX

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Gary Baker

Background

Mr. Baker leads the U.S. operation of CANNEX Financial Exchanges, its operation in the U.S. market. CANNEX provides a central exchange for guaranteed product data and calculations in the U.S. and Canada. The business also provides educational tools, product illustrations, transaction support and custom

applications. His experience in the retirement market has broadly covered retail and institutional businesses as well as insurance and money management.

Roles in RMI

• Manages any project involving analysis of the annuity market • Manages any analysis of distributors

• Manages any analysis of the industry capacity to meet current or future household demand for retirement income programs or products

Healthview Services

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Ron Mastrogiovanni

Background

Mr. Mastrogiovanni brings more than 25 years of experience in the management consulting, financial services and computer technology industries. Co-founder of FundQuest, a provider of wealth management solutions for financial institutions. His expertise, strategic planning, and aggressive product management led FundQuest to become one of the most comprehensive fee-based money management solutions in the

industry. The company was recently sold to BNP Paribas, a global leader in banking and financial services.

Roles in RMI

• Manages any project involving analysis of the health and financial services market opportunity • Provides input as subject matter expert on reports

• Provide input to the health/wealth portion of a customized presentation

Sagence

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Joy Masterson Weir

Background

Ms. Masterson Weir is expert at analyzing and understanding the opportunities hidden within data. She helps her clients to transform their businesses through the strategic management and use of information. Her 20+ years of experience working for consulting firms, in industry and at software companies give her a unique ability to frame challenges and opportunities from multiple perspectives, ask the right questions and drive strategic change across many functions including sales, marketing, operations and finance.

Roles in RMI

• Manages any DTCC data analysis project

• Manages the analysis of household data that involve more than one database • Manages the household analysis portion of a customized presentation

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Data Experts:

Depository Trust Clearing Corporation (DTCC)

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Andrew Blumberg

Background

Mr. Blumberg is responsible for leading the DTCC Analytic Reporting business initiative. He brings over 15 years of experience leading information companies serving the financial services industry and over 10 years of experience in the mutual fund industry leading marketing and strategic planning.

Roles in RMI

• Manages the reporting of inflows, outflows and net flows from Analytic Reporting for Annuities • Provide data and input as subject matter expert

Strategic Business Insights (SBI)

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Larry Cohen, Director

Background

Mr. Cohen manages, markets, consults, and provides thought leadership for all SBI syndicated and custom research programs and projects. Prior to joining SBI, Larry was vice president of the Financial Services Division ofThe Gallup Organization and has also worked at Louis Harris and Associates, The Roper Organization, Mathematica Policy Research. Larry has been in the survey research area since 1976 and has focused exclusively on the financial services area since 1984.

Roles in RMI

• Manages the RIIA segments in the MacroMonitor data

• Manages the integration and use of spending data in the RIIA segments • Manages the integration and use of health spending data in the RIIA segments • Provides data and input as subject matter expert on reports

• Provides input regarding data provided to the creation of a customized presentation

Market Analysts:

Gallant Consulting

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Dennis Gallant

Background

Mr. Gallant is President of GDC Research (www.gdcresearch.com), a boutique firm providing applicable, actionable and customized consulting and research solutions for U.S. and international financial service companies. Mr. Gallant is an industry expert with 20 years of diverse experience in competitive analysis, tactical and strategic planning, business development and validation.

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Roles in RMI

• Defines distribution channels for the DTCC database • Manages any project related to distribution channel trends • Provides input as subject matter expert on reports

• Provides input to the distribution portion of a customized presentation

Community Senior Capital

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Dan Osterhout

Background

Mr. Osterhout has three decades of experience in developing and leading financial services businesses in the U.S. and Europe, serving in numerous corporate, financial and operating roles. He currently is managing director of Community Senior Capital, specializing in providing liquidity solutions for older Americans. He is a member of the Retirement Income Industry Association’s Resources Committee, and chaired the

National Reverse Mortgage Lenders Association’s Product Development and Capital Markets Committee.

Roles in RMI

• Manages the analysis of the household’s non-financial capital, primarily real estate equity • Provides input as subject matter expert on reports

• Provides input to the real estate equity portion of a customized presentation

Price Waterhouse Coopers (PWC)

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Anand Rao PhD, Principal

Background

Dr. Rao is principal with PwC’s Insurance Advisory Practice and Head of Simulation Analytics, with over 21 years of industry and consulting experience in US, Europe, Australia, and Asia-Pacific. He applies

behavioral economics and simulation modeling techniques to draw insights from structured and unstructured data that allow executives to explore various strategic scenarios. He has co-edited four books and published over fifty papers in major journals, conferences, and workshops and is a frequent speaker at various industry forums.

Roles in RMI

• Manages the assumptions for projecting the demand for retirement income • Develops the simulation models used for projecting demand

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