Beyond Returns: Inside the Award for Service Excellence

MARLBOROUGH, MA – January 15, 2026 – In an industry often dominated by discussions of market performance and returns, the spotlight turned this week to a different, yet equally critical, measure of success: customer service. DALBAR, Inc., a leading independent auditor for the financial services industry, has announced the recipients of its 2025 Mutual Fund Service Award, honoring firms that have demonstrated an exceptional commitment to their shareholders.

This year's distinguished honorees are DWS, JPMorgan Asset Management, New York Life Investments, Primerica Financial Services, Putnam Investments, Voya Funds, and the Voya Tomorrow's Scholar and IAdvisor 529 Plans. These organizations were recognized not for the performance of their funds, but for the quality of their human interactions, a factor that builds the bedrock of investor trust.

The Gold Standard of Service Audits

For nearly 50 years, DALBAR has positioned itself as the industry's independent umpire of customer experience. Winning its Mutual Fund Service Award is no small feat; it is the culmination of a year-long, exhaustive audit that scrutinizes the day-to-day interactions between a firm and its clients.

Unlike awards based on surveys or peer nominations, DALBAR's methodology involves the direct evaluation of actual customer service calls. Using a combination of proprietary quantitative metrics and expert human analysis, auditors assess contact center representatives on a range of behavioral criteria. These include their ability to build rapport, communicate complex financial information clearly, manage the flow of a conversation effectively, and flawlessly execute transactional requests.

To earn the award, firms must consistently exceed stringent quality benchmarks throughout the entire year. DALBAR emphasizes that this award isn't for a single great interaction, but for demonstrating "a model of consistency over time." This rigorous process is designed to ensure that the recognition reflects a deep, operational commitment to excellence rather than a superficial one. While the specific details of DALBAR's proprietary scoring remain confidential, the firm's long-standing reputation and recognition by both industry and government lend significant weight to its findings, making this award a coveted mark of distinction.

The Human Touch in a High-Tech World

The 2025 award winners represent a cross-section of the financial industry, each navigating the modern challenge of balancing digital efficiency with personalized human support. As investors increasingly expect seamless online tools, the importance of a knowledgeable and empathetic voice on the other end of the line has only grown.

Among the winners, Primerica Financial Services stands out for its remarkable consistency, now marking its 22nd consecutive year receiving the award. The firm’s model, which focuses on providing financial education and products to middle-income families through licensed representatives, appears to be validated by this long-running recognition. Their approach, combining personal guidance with a high-touch service model, has also earned them high marks on public review platforms.

Other major players like JPMorgan Asset Management, which also holds a strong "Above Average Parent rating" from Morningstar for its stewardship of client assets, and Putnam Investments, a past recipient of service accolades, demonstrate that large, diversified institutions can also maintain a superior level of client care.

However, the awards also highlight the nuanced and sometimes complex nature of "customer service." Voya Financial, recognized for both its Voya Funds and its 529 plans, earned its place on the list through DALBAR's rigorous contact center audit. Yet, this stands in stark contrast to the company's public reputation on consumer-facing sites like the Better Business Bureau and Trustpilot, where customers have voiced significant frustrations with issues outside the scope of a typical service call, such as payment processing and delays in accessing funds. This dichotomy underscores a critical point: while a firm may achieve excellence in one audited channel, the overall customer experience is a multifaceted journey with many potential points of friction. The DALBAR award validates a crucial piece of the puzzle—the direct support experience—but doesn't necessarily paint the entire picture of public sentiment.

The Competitive Edge of Client Commitment

In a marketplace crowded with firms offering similar products, the DALBAR award provides a powerful competitive advantage. It serves as an objective, third-party validation that a company's commitment to service is more than just a marketing slogan. For financial advisors and individual investors alike, this seal of approval can be a key factor when deciding where to place their trust and their capital.

The value of this recognition extends beyond client acquisition. Internally, it can serve as a significant morale booster, validating the hard work of customer service teams and reinforcing a company-wide culture of excellence. According to DALBAR, the ultimate goal of great customer service is building trust—a powerful driver of investor behavior, client retention, and long-term business growth.

While other industry benchmarks from firms like J.D. Power or Morningstar provide valuable insights into overall satisfaction or fund management, DALBAR's award occupies a unique niche by focusing intensely on the granular, behavioral aspects of service delivery. It answers a specific question: When an investor needs help, how well does this firm respond?

As the financial landscape continues to evolve, the principles highlighted by this award—clarity, empathy, and consistency—remain timeless. The firms honored this year have proven that even in an industry driven by data and algorithms, the human element remains an indispensable asset.