2010 10-K: Part I In 2010, Ibbotson Associates launched a lifetime financial advice  solution that combines annuities as part of investors’ portfolios over  time for a new client in Hong Kong; expanded its target-maturity  portfolio construction services to additional large-plan sponsors;  incorporated an analysis of statistically unlikely (aka “fat tail”) events  in its risk tolerance questionnaire; further developed global tactical  asset allocation methodologies for a select number of clients; and  introduced a new alternative investment strategy ETF. Morningstar Retirement Manager is designed to help retirement  plan participants determine how much to invest and which invest- ments are most appropriate for their portfolios. It gives guidance  explaining whether participants’ suggested plans are on target to  meet their retirement goals. As part of this service, we deliver per- sonalized recommendations for a target savings goal, a recom- mended contribution rate to help achieve that goal, a portfolio mix  based on risk tolerance, and specific fund recommendations.  Morningstar Retirement Manager includes a managed account  service designed for plan participants who choose to delegate man- agement of their portfolios to Morningstar’s investment profession- als. We offer these services both through retirement plan providers  (typically third-party asset management companies that offer pro- prietary mutual funds) and directly to plan sponsors (employers that  offer retirement plans to their employees). To help retirement plan sponsors meet their fiduciary duties, Ibbotson  developed a website specifically for its plan sponsor consulting  services. The site helps plan sponsors gather the data and informa- tion they need to meet their fiduciary responsibilities. In 2010, we enhanced the Retirement Manager interface to make  it easier for participants to enter information. We also expanded  Retirement Manager to provide advisory services to individuals who  are in retirement and redesigned our personalized retirement strat- egy report to make it more engaging to participants. We expanded our Investment Consulting business outside the United  States with two acquisitions in 2010: Old Broad Street Research  Ltd. in the United Kingdom and Seeds Group in France. In 2009, we  acquired Intech Pty Ltd, a leading provider of multimanager and  investment portfolio solutions in Sydney, Australia. We rebranded  Intech under the Ibbotson name in February 2010. Our Investment Consulting business competes primarily with Mercer, Mesirow Financial, Russell Investments, Watson Wyatt,  and Wilshire Associates, as well as some smaller firms in the retire- ment consulting business and various in-house providers of invest- ment advisory services. As of December 31, 2010, approximately 13.4 million plan participants  had access to Morningstar Retirement Manager through approxi- mately 82,000 plan sponsors and 16 plan providers. Pricing for  Morningstar Retirement Manager depends on the number of par- ticipants, as well as the level of service we provide. Pricing for the consulting services we provide through Morningstar  Associates and Ibbotson Associates is based on the scope of work  and the level of service required. In the majority of our contracts, we  receive asset-based fees, reflecting our work as a portfolio construc- tion manager or subadvisor for a mutual fund or variable annuity. Advice by Ibbotson offers a set of services and proprietary software  to give retirement plan participants access to investment education,  self-service advice, and managed retirement accounts. We offer  these services both through retirement plan providers and directly  to plan sponsors. The platform includes installed software advice  solutions that can be co-branded by retirement plan sponsors and  providers. Advice by Ibbotson combines asset allocation and pat- ented human capital methodologies that help participants determine how to prepare for retirement based on their financial assets as  well as their future earnings and savings power. Advice by Ibbotson’s  customized software can be integrated with existing systems to  help investors accumulate wealth, transition into retirement, and  manage income during retirement. Investment Consulting was our second-largest product based on  revenue in 2010 and accounted for 13.1%, 13.1%, and 15.2% of our  consolidated revenue in 2010, 2009, and 2008, respectively. We have two Retirement Advice offerings that help retirement plan  participants plan and invest for retirement: Morningstar Retirement  Manager (offered by Morningstar Associates) and Advice by Ibbotson  (offered by Ibbotson Associates). We plan to combine some of their capabilities during 2011to simplify our product lineup and offer  clients the best combination of products and solutions to meet their  needs. 40 Retirement Advice