A study of iOS
users shows how iPad and iPhone adoption breaks down among specific groups. The
survey by analytics firm Flurry sheds some light on what Apple’s most
popular portable devices are used for, having broken down users by persona, such as “business professionals,” “bookworms” and “TV
lovers.”
“Pet owners” were
the top category for iPad users, with 70% favoring the tablet. Next-most popular
was “small-business owners.” More than half (60%) use iPads. “Moms” came in
third in the category of iPad over iPhone users, with “casual simulation
gamers” fourth and “home design enthusiasts” fifth.
From there, the
split among iPhone and iPad is about 50/50, before the iPhone begins to
dominate among “entertainment enthusiasts.”
Among other
findings:
The popularity of
iOS devices by persona shows the iPhone is hot among “value shoppers,” while “singles”
come in second and “hip urban lifestyle” takes third;
Data show that “on
the move” personas are more likely to be on their iPhone, while the iPad’s
larger size makes it less ideal for mobile activities; and
The iPad is most
popular for education, Apple’s Newsstand feature, games and reference. The
iPhone is users’ go-to choice for navigation, health and fitness, and photos
and videos.
iPad
use peaks between 6 p.m. and 11 p.m. The iPhone also peaks during that time,
but user engagement remains higher after 10 p.m. iPhone users most likely have
their device at bedside or may be out for a late night, the study suggests.
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The
agency recommended plan fiduciaries re-evaluate the TDF choices they made
following the passage of the Pension Protection Act of 2006 (PPA), Glenn Dial,
managing director and head of U.S. Retirement Distribution at Allianz Global
Investors Distributors, told attendees of the Plan Sponsor Council of America’s
(PSCA’s) 66th Annual Conference (see “EBSA Offers Tips for Selecting ETFs”).
Dial
and Paul Powell, an adviser with 401K Advisors, discussed how plan fiduciaries
can implement the tips into their processes.
Establish
a process for comparing and selecting TDFs
Dial
said the DOL recommended employers consider participant demographics, as well
as behaviors, including salary, contribution rates and access to a defined
benefit plan. He explained that if participants usually contribute a lot and
have other savings, they can use a TDF with a less risky glide path. If they save
less, they should use a riskier glide path to generate more returns.
Powell
said plan fiduciaries should also ask what they are trying to provide with
TDFs—a growth of assets to retirement or continued income after retirement.
This will determine whether they want to select a TDF with a “to” glide path or
“through” glide path. This is why the DOL also wants plan fiduciaries to
consider withdrawal patterns, Dial pointed out. If participants usually take a
distribution when they leave employment, this may warrant selection of a “to”
glide path.
He assured attendees
there is no one right or wrong answer, but fiduciaries just need to document
their processes. Powell reminded them that the Employee Retirement Income
Security Act (ERISA) requires a prudent process.
Establish
a process for the periodic review of selected TDFs
According
to Dial, the DOL said fiduciaries should consider changing TDFs if there are
changes to investment strategies or investment managers for the fund, or if the
manager is not adhering to the plan’s investment policy statement. Dial said
they may also change funds if the plan sponsor’s goal has changed—they now want
to carry participants “through” retirement and not just “to” retirement.
Understand
the fund’s investments—the allocation in different asset classes (stocks,
bonds, cash), individual investments and how these will change over time
According
to Dial, in this tip is where the DOL defines “to” and “through” glide paths
for TDFs. Plan sponsors need to ask where a TDF reaches its most conservative
point.
Powell
pointed out that many plan sponsors do not know the equity allocation of their TDFs
at the point of retirement. They should know this since they’re basically
telling participants the TDFs are good investments, he said. Knowing this may
also help plan sponsors that are trying to convince participants it’s a better
deal for them to keep their assets in the plan.
Review
the fund’s fees and investment expenses
Dial said
one thing plan fiduciaries should investigate is the expense ratios of underlying funds
compared to the total expense ratio for the TDF. If they are a lot less than
the overall expense ratio, plan fiduciaries should ask what services and fees
make up the difference.
Inquire
about whether a custom or nonproprietary target-date fund would be a better fit
for the plan
According
to Dial, the DOL is concerned about plan participants’ ability to diversify to more
investment providers. An advantage of custom funds is the ability to use the
plan core investment menu; it may help with adhering to the investment policy
statement. However, the higher expense of a custom solution may not be worth
it. According to Powell, the choice to
go custom depends also on plan size; more large plans are doing it.
Develop
effective employee communications
Dial
said the DOL is concerned that many participants think TDFs offer a guarantee.
Plan fiduciaries should explain the basics of TDFs and tell employees they are
not guaranteed and can lose money.
Powell
added that communication is key to proper fund use by participants. Often
participants select a TDF as just one of their investment choices, not
understanding the diversification is built in.
Finally, the DOL
recommended plan fiduciaries take advantage of all available information and
tools for evaluating TDFs, and document all processes.