IN THE NEWS

Missing the Target?

Judy Ward, Dec 30, 2019

As a growing percentage of plan assets flow into target date funds, investor data and analytics firm Hearts & Wallets, LLC has asked more than 50,000 Americans about their saving and investing habits. One theme that has emerged: People need more help than they’re getting from today’s packaged investment products. A few of the insights from Rye, New York-based Hearts & Wallets about where people say they need help:...

Trends in Wealth Transfer

Dec 29, 2019

More U.S. households expect to receive inheritances, as families say they have unmet needs in discussing family wealth, and couples say partner planning for retirement can cut worry in half. This is according to a new report by Hearts & Wallets, the source for retail investor data and insights....

Warren, Paul Float Bills to Expand Access to 401(k)s

Beagan Wilcox Volz, Dec 6, 2019

The private sector has been working for the past several years on ways to tackle the issue of student debt, says Laura Varas, CEO of Hearts & Wallets, a data and research firm. But legislative action “to make it easier for the middle class” would be welcome, she says....

What Builds – or Busts – Investors' Trust?

Ted Godbout, Nov 19, 2019

According to Hearts & Wallets’ “Trust Drivers 2019: Building Retail Investor Trust in the New Choice-Driven Marketplace,” trust drivers have changed over the past decade in a marketplace experiencing pricing disruptions and an explosion of choice. Consequently, customers want to understand firm offerings and they want to be understood, the report emphasizes. ...

What Really Drives Financial Trust?

Nov 19, 2019

Pricing, commission and fees have little impact, but satisfying client-yearning for information ranks very high...

The rise of the DIY investor

Marina Gerner, Nov 17, 2019

How do DIY investors decide what to invest in? “Consumers often believe they are self-directed, but closer analysis reveals a more complex reality,” says Laura Varas, chief executive and founder of Hearts & Wallets, a data and consulting firm. U.S. consumers find ideas in financial publications, online and also place their trust in advice from friends and family.

Getting Consumers Investing Again

Oct 16, 2019

With $10T sitting in cash, how do you break through the “Double Confusion”? Simple products can encourage average Americans to increase equity exposure...

8 Tips in Choosing a Robo Advisor

Debbie Carlson, Oct 3, 2019

Investors should think about their goals before reviewing robo advisors, says Laura Varas, CEO and founder of Hearts & Wallets, a consumer data and research firm....

Ex-OppyFunds CMO Lands at American Century

Beagan Wilcox Volz, Sep 24, 2019

Some asset managers in recent years have devoted considerably more resources to the sales function, at a cost to marketing, says Laura Varas, CEO of data and research firm Hearts & Wallets....

Investors Want Help Talking Inheritance. Shops Can Provide: Study

Beagan Wilcox Volz, Sep 12, 2019

The massive transfer of wealth from older to younger generations set to unfold in the coming years creates significant opportunities for asset managers to connect with financial advisors and end investors on the often-thorny subject of inheritance, a new Hearts & Wallets study suggests....

Inheritance plans still a needlessly taboo topic

Marlene Satter, Sep 10, 2019

A Hearts & Wallets study, highlights the fact that while people leaving an inheritance might want to talk about it more than they have already, beneficiaries can be reluctant to raise the topic for fear of seeming greedy—although they’d like to know more about what lies ahead....

Great Expectations for Inheritances

Sep 10, 2019

While families recognize unmet needs in discussing family wealth, they see a positive impact in "partner-planning." New research from Hearts & Wallets Investor Quantitative Database reveals the latest trends in wealth transfer...

Why brokerage accounts are becoming more popular

Andrea Coombes, Sep 4, 2019

When you’re not quite sure where life might take you — or what you’ll need your money to do for you — you want flexibility. That might be one reason why more Americans are turning to the old-school brokerage account....

Brokerage accounts are becoming more popular—here’s when you should open one

Alicia Adamczyk, Aug 27, 2019

Over 40% of U.S. investors said they had a brokerage account in 2018, compared to 31% in 2012, according to a May 2019 report from investment data research firm Hearts & Wallets....

Top Goal of 401k Money Movers: Simplify Finances

Brian Anderson, Aug 27, 2019

The top reason investors say they move money from 401k plans and other accounts is to “simplify their finances,” according to a new Hearts & Wallets report...

Why Do Participants Roll Out of 401(k)s?

Lauren Corradi, Aug 27, 2019

The top reason investors say they move money from 401(k) plans and other accounts is to "simplify their finances," according to Hearts & Wallets recent report....

Simplification Trend Drives Money Movement as Younger Consumers Take the Lead in Transactions

Aug 27, 2019

New research from Hearts & Wallets, a data and consulting firm focused on understanding the drivers behind retail investor decision making....

Retirement Scan

Paola Peralta, Aug 26, 2019

The percentage of investors with a taxable brokerage account rose to 42% in 2018 from 32% in 2010, according to a survey by Hearts and Wallets in this NerdWallet article. Although this type of account has fewer restrictions compared with retirement accounts, clients should still contribute to their 401(k)s and IRA because of the benefits, such as tax deferral on the contributions and tax-free growth on investments....

Why This Investment Account Is Becoming More Popular

Andrea Coombes, Aug 23, 2019

There’s a “thirst for liquidity,” says Laura Varas, founder and chief executive of Hearts & Wallets. “More and more consumers are recognizing the tension between the ability to defer taxes through accounts like 401(k)s and the need for ready access.”...

Preretirees aren’t being realistic about expenses in retirement—and it’s not just health care

Rich Eisenberg, Aug 13, 2019

A survey shows retirement expenses vary greatly from what people expect...

Financial Advice: Consumers Weigh in on Subscription Pricing, Flat Fees and Other Pricing Options

Aug 13, 2019

New research from Hearts & Wallets, a data and consulting firm focused on understanding the drivers behind retail investor decision making, offers new perspectives on advisor compensation....

State of Financial Advice: This benchmarking report tracks top trends and industry best practices

Aug 1, 2019

Hearts & Wallets has released its annual benchmarking report, which identifies factors that distinguish the best financial advice "experiences" that advisors offer to their clients....

What people think they'll spend in retirement isn't what they actually do

Rich Eisenberg, Jul 30, 2019

...Hearts & Wallets financial research firm, asked 495 “late career” workers age 53 to 64 whether they thought they’d spend more, less or the same on key expenses in retirement than they currently do. The researchers also asked 1,994 retirees whether they’re spending more, less or the same on those expenses as they did before retirement....

Here’s the Reality About What We’ll Spend in Retirement

Rich Eisenberg, Jul 30, 2019

Our ability to avoid outliving our money is, in large part, due to our expenses in retirement. Turns out, a new study reveals, we’re pretty lousy at predicting how much we’ll actually spend on housing and health care when we retire. And another study shows our spending just before retirement and in the first years of retirement is often wildly volatile....

Schwab Exec: Subscription Advice Models 'Underrated'

Carmen Germaine, Jul 19, 2019

Hearts & Wallets' research has found that investors are interested in pricing mechanisms that allow them to “jump in and out of getting” financial planning services and prefer flat fees to ongoing subscription services, founder Laura Varas says....

The Finance of Longevity

Jun 28, 2019

Sharp contrasts between the expectations of the yet-to-be retired with the realities of current retirees suggest retirement income recipes will mix multiple sources, incorporating work, where possible, and creative use of real estate, according to the latest report by Hearts & Wallets, the source for retail investor data and insights....

Not-Yet-Retirees Miscalculate Retirement Income

Lauren Corradi, Jun 25, 2019

There are significant contrasts between expectations and reality when it comes to retirement expenses and more, according to a recent study by Hearts & Wallets....

Investors Divvy Up Assets Among More Providers, Pushing Shops to Adapt

Beagan Wilcox Volz, Jun 24, 2019

Investors are doing business with a growing number of financial services firms, according to a recent Hearts & Wallets report....

Edward Jones, Charles Schwab, Morgan Stanley Among Most Trusted by Consumers

Garrett Keyes, Jun 12, 2019

Edward Jones, Charles Schwab and Morgan Stanley are among the firms leading the pack in consumer trust ratings, according to a new study from retail investor research firm Hearts and Wallets....

Share of Wallet at Leading Financial Services Firms Drops as Multiple Relationships for Consumers at All-Time High

Jun 12, 2019

Consumers are spreading their wallets around with use of financial services firms at an all-time high, as share of wallet drops at leading financial services firms, according to the latest report by Hearts & Wallets, the source for retail investor data and insights....

Gig Workers Report Higher Anxiety, Hunger for Financial Help

Beagan Wilcox Volz, May 7, 2019

Asset managers that fail to address workers in the growing “gig economy” risk overlooking millions of potential clients, a new Hearts & Wallets study suggests.

Gig workers would welcome some financial advice

C.J. Marwitz, May 7, 2019

Gig workers represent 31 percent of U.S. households, and while most say they gig by choice—70 percent for singles and even more for married or partnered—gigging is most common among the young and single....

Gig Workers Receptive to Financial Advice

Lee Barney, May 7, 2019

Gig workers comprise 31% of all U.S. households, according to a new report from Hearts & Wallets, “Income & Net Worth.”...

Retirement Cash-Outs a Growing Problem, Reports Show

Emile Hallez, May 3, 2019

...more workers appear to be recognizing the necessity of having emergency reserves. A 2017 report from Hearts & Wallets found that building up an emergency fund was the most common top financial goal among people the group surveyed.

Want Wealthy Millennial Clients? Here’s What They Really Want

Garrett Keyes, May 1, 2019

Millennials with assets greater than $100,000 use automated advisors seven times more than any other generation with the same asset base, a Hearts and Wallets national survey of more than 5000 households shows. And that number will increase among millennials, if not other age demographics too, sources say, adding that if advisors are looking to make headway in the demographic, they’d better get a robo....

Gig workers would welcome some financial advice

Marlene Satter, May 1, 2019

Americans may be saving more, but gig workers are having a tougher time of it. Not surprisingly, their financial situations are not only more complex but are causing them more anxiety, and they could really use some advice....

Tailoring Financial Advice Solutions to Address Personal Adversities of Diverse Consumer Groups

May 1, 2019

A new Hearts & Wallets Household Finance Report reveals Gig workers report more anxiety about their financial situations, more difficulty with financial tasks, and they also tend to use more advice...

Ameriprise Financial Reports First Quarter 2019 Results

Apr 24, 2019

Ameriprise continues to earn industry accolades for its client experience. During the quarter, Ameriprise earned Hearts & Wallets’ Top Performer™ recognition in the following categories: unbiased and puts my interests first, explains things in understandable terms, and understands me and shares my values....

Customers of Financial Services Firms Rate the Top Performers

Apr 12, 2019

The ninth annual Hearts & Wallets national customer satisfaction rating reveals Top Performer financial services firms and identifies top consumer wants for firms and financial professionals in a new report by Hearts & Wallets, the source for retail investor data and insights....

Top Performing Financial Firms According to Clients

John Sullivan, Apr 10, 2019

Hearts & Wallets released its national customer satisfaction rating on Tuesday, which identifies top performing financial services firms in the eyes of their customers and top consumer wants for firms and financial professionals....

At Wells Fargo, Cost Cuts and Shrinking Revenues

Ross Snel, Apr 9, 2019

...Wells Fargo Advisors, the company’s brokerage unit, is among the top advisory firms for understanding and sharing client values, according to a new survey. The poll by Hearts & Wallets shows that about 40% of the unit’s customers give it a “very high trust rating,” Financial Advisor IQ reports.

In the Middle of its “Rough Patch,” Here’s How Consumers Rate Wells Fargo Advisors

Garrett Keyes, Apr 9, 2019

Firms cited as "top performers" in “consumer understanding” and “value sharing” include Ameriprise, Edward Jones, Morgan Stanley and Wells Fargo Advisors....

Fear Factor: Shops Work to Get Skittish Savers Comfortable With Investing

Carmen Germaine, Apr 4, 2019

Product providers that want to convince investors sitting on mounds of cash to put some of it in their funds first need to address the emotional aspects of money, a new Hearts & Wallets report suggests.

Consumers Share Six Top Reasons for Keeping a Cash Stash…and What Would Motivate them to Invest

Mar 26, 2019

According to a recent consumer study, consumers shared six top reasons why they keep stashes of cash and what might motivate them to invest their piggybanks, according to a new report by....

How your company may be hurting your retirement savings

Alessandra Malito, Mar 25, 2019

Auto-enrollment would be even better if companies offered employees the ability to defer some of their salary into nonretirement savings accounts, said Laura Varas, founder and chief executive officer of research and analytics firm Hearts & Wallets....

Workplace and Retail Advice Should be Complementary

John Manganaro, Mar 12, 2019

A recent Hearts & Wallets survey found retail advisers more often consider individualized financial and wellness goals with their clients, and they are more likely than workplace retirement plan advisers to have expertise on taxable brokerage accounts, contributory individual retirement accounts (IRAs) and rollover IRAs....

Netflix and Plan: Cetera Takes Cue From Subscription Services With New Advice Model

Jackie Noblett, Mar 6, 2019

Cetera aims to help advisors reach younger and less wealthy clients through a new system that lets investors pay for financial planning services on a subscription model....“The investment and savings industry is very push-oriented,” says Laura Varas, CEO of Hearts & Wallets. “Everyone in the industry has to stop thinking of themselves as salesmen.”...

Here Come The Power Savers

Feb 26, 2019

For younger U.S. households, ‘new saving’ represents more than half of their investable asset gains The Hearts & Wallets Portrait Grid™, reveals savings as main path to asset growth for Americans age 45 and under; Investments propel older consumer asset gains...

You Get What You Pay For, and Free Advice Is Risky: Report

Emile Hallez, Feb 15, 2019

Free online retirement planning programs give the worst financial advice, according to a recent report from Hearts & Wallets. The number of advice programs, ranging from free online calculators to paid, full-service options has exploded in recent years. And many have expanded to provide more comprehensive financial planning that builds in college savings, emergency funds and other factors beyond just retirement....

Financial advice differs from retail to workplace

Marlene Satter, Feb 11, 2019

The substance and quality of advice people get on financial actions vary, depending on whether they’re getting that advice on a retail level or at the workplace. So says a new report from Hearts & Wallets, which points out that there’s some broad variation between the two sources, with workplace financial advice mostly focused on 401(k)s while retail advice tends to “consider more goals and account types,” in addition to urging clients to save at higher levels than workplace-provided advice....

Top Financial Goals of U.S. Consumers

Ayo Mseka, Feb 1, 2019

The strong link between consumers' understanding of what personal financial advice is and seeing the value of paying for professional help is one of the top trends in consumer attitudes in 2018. This trend was identified in the latest report by Hearts & Wallets...

How seniors are redefining retirement

Lucy Dean, Jan 31, 2019

When you hear the term “gig economy” you might imagine young, tech-savvy graphic designers, web developers or energetic Uber and Delivery riders....In fact, US retail investor data and insights firm Hearts & Wallets released research in 2017 finding one-third of future retirees anticipate they will earn one-quarter of their income by working. That was a 6 per cent increase from 2016....

How the ‘Consumer Experience’ Fares in 401k Advice

John Sullivan, Jan 29, 2019

A hyper-focus on the “consumer experience” is all the rage, as younger generations—especially—value how an interaction makes them feel, in addition to its effectiveness. That includes financial advice, something an annual report from Hearts & Wallets seeks to quantify....

What Distinguishes The Best Advice?

Jan 29, 2019

The eighth annual report of Inside Advice® benchmarking of personal finance advice offerings identifies factors that distinguish the best advice experiences and also finds wide variations in recommendations, including saving allocation targets, as identified by Hearts & Wallets, the source for retail investor data and insights....