DALBAR, Inc.

Financial Services Market Research and Evaluationdalbar.com

DALBAR is a 50-year-old independent financial services market research firm offering service-quality audits, digital experience evaluations, investor communications assessments, fiduciary certifications, and the QAIB investor behavior research to investment managers, insurers, retirement plan providers, and retail banks.

Company typePrivate
Founded1976
HeadquartersMarlborough, United States
Headcount51–100
GTM typeB2B
OfferingServices

What DALBAR, Inc. does

DALBAR, Inc. is a privately held, independent financial services market research and evaluation firm founded in 1976 and headquartered in Marlborough, Massachusetts. The company provides objective third-party evaluations, certifications, and award programs to investment managers, insurance companies, advisory firms, retirement plan providers, and retail banking institutions. Its core service lines span contact center service-quality audits, digital experience assessments (UXploration Lab), investor communications evaluations (statements, illustrations, e-delivery), fiduciary and regulatory compliance certifications (408(g), 3(38), Registered Fiduciary, Plan Termination), and a portfolio of ten-plus industry-recognized awards. Named enterprise clients include Fidelity, Ameriprise Financial, TIAA, Voya Financial, Morgan Stanley, Nationwide Retirement Solutions, Guardian Life Insurance, JPMorgan Asset Management, Lincoln Financial, and RBC.

DALBAR's product portfolio is anchored by the Quantitative Analysis of Investor Behavior (QAIB) annual research report, now in its 32nd edition, which uses historical data extending back to 1985 to quantify the impact of investor behavior on realized returns. Adjacent research products include QAIB-VA (Variable Annuities) and the State of the Industry – E-Delivery report. The Competitor IQ division, established in 2020, provides proprietary competitor shopping data and human analytics to financial institutions and retailers via the ciqdata.com platform. DALBAR's underlying technology consists of proprietary evaluation methodologies that combine quantitative data with human expertise to assess customer service quality, investor communications, and digital experiences; no AI/ML capabilities are disclosed as part of the core stack.

The business operates four distinct revenue streams: subscription-based contact center audits with monthly reporting (recurring), one-time digital research report sales through qaib.com, licensing and award-certification fees, and quote-based custom digital audits and professional services. Distribution combines enterprise field sales to large financial institutions with self-service e-commerce on qaib.com and ciqdata.com. Marketing is driven primarily by award ceremonies, press releases, peer roundtables (Client Reporting Board, E-Delivery Roundtable), and thought-leadership content on LinkedIn and X. DALBAR is privately held with no disclosed funding rounds, parent company, or external investors.

DALBAR, Inc. firmographics

Firmographics

Name: DALBAR, Inc.
Legal name: DALBAR, Inc.
Website: https://dalbar.com
Company type: Private
Founded year: 1976
Operating status: Operating
Headcount range: 51–100 employees
Short description: DALBAR is a 50-year-old independent financial services market research firm offering service-quality audits, digital experience evaluations, investor communications assessments, fiduciary certifications, and the QAIB investor behavior research to investment managers, insurers, retirement plan providers, and retail banks.
Ownership category
akta.pro rank

DALBAR, Inc. industry classification

Industry

Product category: Financial Services Market Research and Evaluation
NAICS: Portfolio Management and Investment Advice (52394), Professional, Scientific, and Technical Services (54)
akta.pro primary industry: Mortgage Secondary Data, Analytics & Pricing/Valuation Services (FSALAFAN)

Keywords

Financial services research
Service quality evaluation
Investor behavior analysis
Industry certification programs
Contact center audits

Where DALBAR, Inc. is headquartered

Location

Headquarters

HQ city: Marlborough
HQ country: United States
HQ region: North America

Offices1 record

Markets served

DALBAR, Inc. business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

Research Reports and Studies: Sale of digital research reports including the annual QAIB (Quantitative Analysis of Investor Behavior) report, State of U.S. Retail Banking studies, and specialized reports. Reports are sold as digital downloads with options for derivative works licenses.
Service Quality Evaluations: Subscription-based contact center audits providing ongoing performance benchmarking and reporting for financial services firms seeking to improve customer service quality.
Award Certifications: Third-party certifications and award programs recognizing firms that meet or exceed industry standards in customer service, communications, and digital experience.
Custom Digital Engagements: Tailored audits designed for unique digital environments and complex challenges, providing flexibility for firms to focus on their highest priorities.

Pricing tiers

Model	Billing	Price
One time/ perpetual license	Pay-as-you-go	Digital research reports available for purchase
Subscription	Monthly	Contact Center Audits

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

DALBAR, Inc. product offering

Product offering

Core offering

DALBAR provides independent financial services market research, service quality evaluations, and industry certification programs to financial institutions. Its flagship offerings include the annual QAIB (Quantitative Analysis of Investor Behavior) research study, subscription-based contact center audits, digital experience benchmarking through the UXploration Lab, competitor intelligence via its Competitor IQ division, fiduciary compliance certifications, and a portfolio of recognized award programs that validate excellence in service, communications, and digital channels.

Product overview

DALBAR, Inc. is a financial services market research and evaluation firm offering a portfolio of solutions including independent evaluations, certifications, and award programs. The core products include QAIB (Quantitative Analysis of Investor Behavior) research reports and Competitor IQ competitive intelligence division. The company operates multiple award programs including Customer Experience Excellence Award, Service Award, Mobile Communications Seal, Web Communications Seal, Statement Communications Seal, Total Client Experience, Retirement Excellence Award, First Impressions Seal, and Recognition for Excellence. Service solutions include Elevate Service Quality (contact center audits), Strengthen Digital Experience (UXploration Lab), Elevate Investor Communications, Boards & Roundtables, and Ensure Compliance (fiduciary certifications). The firm serves investment managers, insurance companies, advisory firms, retirement plan providers, retirement plan sponsors, and retail banking institutions.

Differentiator

Problem solved

Functional benefit

Products and services

QAIB (Quantitative Analysis of Investor Behavior) DALBAR's flagship annual research study that quantifies the impact of investor behavior on realized returns, providing longitudinal analysis across equity, fixed income, and asset allocation fund investors using proprietary data dating back to 1985. Sold as a digital download with an optional Derivative Works License for distribution rights.
Competitor IQ A division of DALBAR providing exclusive competitor data and human analytics to financial institutions and retailers, delivering proprietary competitor shopping data, pricing, product, and service intelligence to improve performance and customer experience.
Elevate Service Quality Subscription-based contact center audits and award eligibility determinations that evaluate real customer interactions against rigorous behavioral criteria, capturing tangible elements (transaction details) and intangible elements (tone, empathy), with monthly reporting, performance benchmarks, and actionable guidance for financial services firms.
Strengthen Digital Experience UXploration Lab evaluations and custom digital audits that benchmark content, features, and usability of financial services websites through real end-user testing, with annual rankings and deep-dive reports tailored to digital experience challenges.
Elevate Investor Communications Evaluations and optimization of investor statements, delivery methods, and supporting documents including Statement Services, E-Delivery Reports, Gap Analysis, and Investor Insights Reports delivered to financial services firms for communication effectiveness improvement.
Ensure Compliance Independent certifications and due diligence assessments for retirement plan fiduciaries including 408(g) Computer Model Certification, 408(g) Level Fee Audits, 3(38) Certification, Registered Fiduciary Certification, and Plan Termination Certification delivered to plan sponsors and providers.
Boards & Roundtables Peer-driven industry forums including Client Reporting Board meetings held three times annually and E-Delivery Roundtable held biennially that bring together financial services leaders to address shared challenges and shape best practices.
DALBAR Award Programs Portfolio of paid award and seal programs recognizing financial services firms for excellence across customer experience, service quality, mobile and web communications, statement communications, total client experience, first impressions, retirement, and sustained recognition for excellence. Awards are earned through rigorous independent evaluation against industry standards.

Quantifiable outcome

Narrowed investor gap to 72 basis points in 2025, the third smallest gap since 1985
+1 more outcomes

Companies that use DALBAR, Inc.

Customer profile

Named customers9 records

Segments1 record

Ideal customer profiles2 records

DALBAR, Inc. technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

DALBAR, Inc. partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Competitor IQ (Division of DALBAR)coreStrategic or Co-development PartnerCompetitor IQ is a division of DALBAR that helps financial institutions and retailers leverage exclusive competitor data and human analytics to improve performance, deliver actionable insights, and create seamless customer experiences across every touchpoint.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

DALBAR, Inc. competitors and assessment

Company assessment

Broad incumbents

Ipsos: Ipsos is a global market research firm covering financial services, customer experience, and public opinion polling — overlapping thematically with DALBAR's market research, customer benchmarking, and investor behavior studies.
Celent (Oliver Wyman): Celent provides research and advisory on technology and innovation in financial services, including investor behavior and digital experience — a broader incumbent covering more of the FS research stack than DALBAR but with overlapping subject matter.
Forrester Research: Forrester provides market research and advisory across industries including financial services digital experience and customer experience — partially overlapping with DALBAR's UXploration Lab digital evaluations and CX benchmarking.
LIMRA: LIMRA is a major financial services research and consulting organization covering insurance, annuities, retirement, and wealth — comparable to DALBAR's insurance/annuity/retirement research and award programs but with broader scope and larger scale.
J.D. Power: J.D. Power is a large-scale customer satisfaction benchmarking and award firm across many industries including financial services — comparable to DALBAR in methodology (independent customer-experience benchmarking, awards) but with a much broader industry scope.
Kantar: Kantar is a global market research and insights firm serving financial services clients on brand, customer experience, and communications — broadly comparable to DALBAR's investor communications and CX evaluation work at much larger scale.

Direct peers

Corporate Insight: Corporate Insight provides competitive intelligence, benchmarking, and award programs for financial services firms across digital, mobile, and contact center channels — a near-direct comparator to DALBAR's evaluation, award, and CIQ offerings serving the same enterprise client base.
Coalition Greenwich (formerly Greenwich Associates): Coalition Greenwich produces research and benchmarking studies on institutional and retail financial services, including investor behavior, advisor satisfaction, and digital experience — overlapping closely with DALBAR's QAIB research and FS benchmarking scope.
Spectrem Group: Spectrem Group is a financial services market research firm producing investor behavior studies, wealth segmentation, and advisor benchmarking — directly comparable to DALBAR's QAIB-style investor research and Wealth/Retirement client base.
Hearts & Wallets: Hearts & Wallets is a retail investor research and benchmarking firm covering retirement, wealth, and investor behavior — closely aligned with DALBAR's investor-behavior research and retirement plan participant focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

DALBAR, Inc. compliance and trust

Trust signal

Compliance1 record

DALBAR, Inc. financial estimates

Financial estimate

Revenue estimate

Valuation estimate

DALBAR, Inc. leadership team

Management profile

Number of profiles

Profiles2 records

DALBAR, Inc. subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

DALBAR, Inc. funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

DALBAR, Inc. M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DALBAR, Inc.

What does DALBAR, Inc. do?

Is DALBAR, Inc. a public or private company?

DALBAR, Inc. is a private company. It is classified as founder individual operated bootstrapped and is currently operating.

When was DALBAR, Inc. founded?

DALBAR, Inc. was founded in 1976. It employs 51 to 100 people.

Where is DALBAR, Inc. based?

DALBAR, Inc. is headquartered in Marlborough, United States, in the North America region.

How does DALBAR, Inc. make money?

Four revenue lines are on record. Research Reports and Studies are the primary driver. The others are service Quality Evaluations, award Certifications and custom Digital Engagements.

Who are DALBAR, Inc.'s main competitors?

Broad incumbents on record are Ipsos, Celent (Oliver Wyman), Forrester Research, LIMRA, J.D. Power and Kantar. Direct peers are Corporate Insight, Coalition Greenwich (formerly Greenwich Associates), Spectrem Group and Hearts & Wallets.

Does DALBAR, Inc. have an API?

No public API is recorded for DALBAR, Inc..

What industry is DALBAR, Inc. in?

DALBAR, Inc.'s product category is Financial Services Market Research and Evaluation. Its primary akta.pro industry code is FSALAFAN, Mortgage Secondary Data, Analytics & Pricing/Valuation Services. Its NAICS code is 52394.