In the News

Plan Fiduciary Financial Literacy: Keeping It Simple

Steff Chalk, Dec 14, 2020

New research from Hearts & Wallets finds that using simple, clear language can help boost financial literacy – and retirement plan savings rates. ...

1 in 3 Americans Have Changed Their Attitudes Toward Saving, Investing and Financial Advice

Dec 10, 2020

A new report from Hearts & Wallets examines the impact of COVID-19 – how the initial shock and ongoing reactions have changed the consumer mindset....

Hearts & Wallets Study Shows Workers Want More Personalized Financial Advice

Amanda Umpierrez, Dec 9, 2020

The study, titled “Attitudes & Sentiment: COVID-19 as a Catalyst for Change in Saving, Investing and Advice Solutions” surveyed close to 6,000 U.S. households, and found that one in three Americans say COVID-19 has influenced their current attitude....

Merrill to Launch Robo-Like Retirement Product

Rheaa Rao, Dec 2, 2020

Merrill Lynch plans to roll out a retirement-focused digital offering in March for participants of retirement plans that use its recordkeeping services, a spokesperson confirms....

Here’s why women’s money decisions will shape the future for the U.S.

Ted Jenkin, Nov 30, 2020

Nearly 9 in 10 women who are married or live with a partner said they are involved in spending and investing decisions in their household, up from just 42% in 2012, according to a recent report from Hearts & Wallets...

Lack of Financial Literacy May Deter Retirement Plan Participation

Ted Godbout, Nov 23, 2020

Hearts & Wallets’ “Financial Fluency: What Consumer Understanding of the Language of Finance Means for Advice, Retirement and Asset Management” finds that only 19% of Americans achieved a passing grade when asked to choose the best answer for seven key investment selection terms that were presented to participants in a national survey of nearly 6,000 U.S. households....

How Avoiding Complex Financial Terms Can Benefit 401k Plans

Brian Anderson, Nov 18, 2020

New Hearts & Wallets research finds most Americans fail financial fluency investing quiz, but using simple, clear definitions can help participants save more...

Most Americans Fail Financial Fluency 'I.Q. Test’

Nov 18, 2020

New report from Hearts & Wallets examines consumer understanding of the language of investing, the connection to financial needs and behaviors, and the implications for advice, workplace retirement and asset management businesses....

Lack of Financial Literacy May Deter Retirement Plan Participation

Ted Godbout, Nov 18, 2020

The results of a recent survey reveal that most Americans, including retirement plan participants, failed a fluency quiz of key investment selection terms, which can translate into saving less and lower use of investment products....

Should 401(k)s require a test for savers to invest outside of target dates?

Emile Hallez, Nov 17, 2020

Terms like 'mutual fund' and 'passive investing' are misunderstood, and those who can't define them are less likely to invest and save for retirement, according to a new report....

Consumers Confused Over ‘Passive Investing’ Save Less, Study Says

Nov 17, 2020

Most Americans fail a financial fluency quiz of key investment selection terms, and confusion over a term like “passive investing” can translate into saving less and lower use of investment products, according to a new report by Hearts & Wallets...

Callan to Shutter Kaiser’s Custom TDFs

Ben Miller, Nov 13, 2020

“I think that some product rationalization, at the industry level, is very much in keeping with some of the bigger consolidations that we’re seeing,” says Laura Varas, founder and CEO of Hearts & Wallets....

Older Americans Want Retail Advice, Rollovers: Study

Danielle Andrus, Oct 19, 2020

For many Americans, an employer-sponsored retirement plan is the primary – if not the only – way they save for retirement. However, research from Hearts & Wallets finds these plans may not be providing older Americans with everything they need to be successful....

Older Americans More Receptive to Holistic In-Plan Solutions

Ted Godbout, Oct 16, 2020

Hearts & Wallets’ “What Older Americans Want from Workplace Investing: Ideas for Improving Advice & Income Products” study finds that the urgency to get more advice than what is available through current workplace service models is growing for older affluent Americans who currently prefer rollover IRAs to former employer plans....

Hearts & Wallets report finds participants want advice that their employer-sponsored plans simply can't provide

Emile Hallez, Oct 15, 2020

Some of the advice that 401(k) participants want most isn’t available in their workplace plans: guidance on real estate and a retirement timeline....

6 reasons your pre-retiree employees might actually prefer retail advice

Danielle Andrus, Oct 15, 2020

Hearts & Wallets identified six reasons older workers aren’t connecting with the retirement and investing resources offered through their workplace plans.

Consumers receptive to leaving money in-plan and getting advice from retail providers

Oct 15, 2020

New research from Hearts & Wallets reveals an urgency among affluent Americans to get more than what is available through today’s workplace service models....

Robo-Advisors Thrive in 2020 Amid Volatility and Consolidation

Teresa Carey, Oct 13, 2020

Laura Varas, Hearts and Minds CEO, believes that there is room for more robo-advisories....

Unemployment in the LGBT community is steep—here’s a little help for those with money anxieties

Rich Eisenberg, Sep 24, 2020

The COVID-19 pandemic has really done a number on the personal finances of millions of Americans, but the LGBTQ community has been especially bruised....

Where Retirement Savers Most Want Help: Schwab

Beagan Wilcox Volz, Sep 22, 2020

Among about 1,500 retirement plan participants ages 25 to 70, nearly 60% said they did not know the age at which they would stop working full-time, according to 2019 research from Hearts & Wallets....

Robos gain traction with affluent millennials: Study

Nicole Casperson, Sep 14, 2020

Robo-adviser users are often stereotyped as young, first-time investors with minimal assets who are just getting their footing in financial planning. Yet fresh data show robos are making inroads with affluent and experienced millennial investors, too....

Social Security demystified

Judy Ward, Sep 14, 2020

Laura Varas, CEO and founder of Hearts & Wallets, says pre-retirees worried about their finances need to get a realistic handle on both their expenses in retirement and the retirement income they will require....

Who actually uses robo advisors? New data reveals surprising answers

Ryan Neal, Sep 11, 2020

Though clients using digital investment platforms are commonly stereotyped as rookie investors with limited assets, new data shows robo advisors are attracting wealthier and more sophisticated clients....

Less than one in 10 U.S. households use robo-advisory platforms

Victor Chatenay, Sep 10, 2020

Less than one in 10 U.S. households use robo-advisors. This is according to analytics firm Hearts & Wallets' survey of 5,641 households....

Roboadvisers make slow progress gaining ground with investors

Rheaa Rao, Sep 9, 2020

Just 8 per cent of U.S. households report having money in such services, which typically rely on portfolios made of ETFs, the Hearts & Wallets study says...

Robos Have Attention. But Not Enough of It: Report

Rheaa Rao, Sep 4, 2020

Many large asset managers have shelled out time and money to develop robo-advisors. But only a sliver of investors actually use such digital services, according to a report by data and analytics firm Hearts & Wallets....

Help for the Money Anxieties of Older LGBT Adults

Rich Eisenberg, Sep 3, 2020

According to new data from the Hearts & Wallets research firm, 8% of LGBT people age 55 to 75 it surveyed have money invested in a robo-adviser and about 16% of LGBT people of any age do....

Robo Competition Heating Up as More Americans Gain Digital Aptitude

Ming Li, Sep 3, 2020

The popularity of robo-advisors is growing among wealthy millennials and more experienced investors, but only robos with distinctive value propositions that meet new customer needs will survive, according to a recent Hearts & Wallets analysis.

How Robos Are Gaining Traction By Providing Critical Digital Advice

Sep 3, 2020

A new study from Hearts & Wallets, a data and analytics company, identifies new consumer needs and analyzes what’s behind the growth of Acorns, Robinhood and other new entrants.

Many Focus on Saving for Retirement Over Paying Off Debt

Lee Barney, Sep 1, 2020

Some of the same people say they plan to work in retirement, and they may have to if they don’t manage their debt.

Majority of People Prioritize Retirement Saving Over Being Debt-Free

Lee Barney, Sep 1, 2020

Laura Varas, CEO and founder of Hearts & Wallets, says, “Financial wellness programs need to help people holistically with all of their financial goals—not just retirement. Programs that do not just favor retirement savings but that take a more holistic approach to all of their goals will better engage participants.”

Clients appreciate phone calls now more than ever: Survey

Emile Hallez, Aug 6, 2020

Advisers who made calls during the COVID-19 crisis have more satisfied clients than those who sent form emails.

Student loans get cheaper, but college is a big question amid COVID-19

Emile Hallez, Jul 30, 2020

Paying for college has moved toward the bottom of people’s financial priorities, according to Hearts & Wallets survey data....

New study focuses on impact pandemic is having on saving, investing and advice behaviors

Jul 29, 2020

Parents are saying no to college saving, and health care is the top concern for the newly unemployed, according to a new COVID-19 tracking report from Hearts & Wallets....

Business People: Ameriprise Financial

Jul 19, 2020

Ameriprise Financial, Minneapolis, announced that it has been named a top performer in the 2020 Wants & Pricing customer satisfaction report conducted by independent research and benchmarking company Hearts & Wallets.

Who's in charge of family finances after 5 p.m.? It depends on net worth, age

Dylan Jackson, Jul 14, 2020

Hearts & Wallets found that women are markedly more involved in financial decisions than in the past. Nearly 9 in 10 women in relationships say they are involved in their household’s “spending and investing” decisions, up from 4 in 10 in 2012....

Fidelity Go Will Be Free for Low-Balance Investors

Rheaa Rao, Jul 8, 2020

“Fidelity is democratizing advice for lower account values,” Varas says. “It’s basic advice in the scheme of advice, but people are still getting access to balanced portfolios and investment selection.”...

Goldman Sachs’ Ayco adds ‘marketplace’ for workplace clients

Emile Hallez, Jul 7, 2020

“Scalable technology solutions for empowering financial wellness in the mass market [are] the golden egg that many firms are going after,” Varas said. “The size of the market opportunity to provide advice to the workplace … is enormous. A lot of investors have their first [financial advice] experience through the workplace.”...

Empower’s $1B Robo Buy Pushes Firm Beyond Retirement

Rheaa Rao, Jun 30, 2020

Personal Capital’s dashboard, through which it allows investors to see accounts that they might have spread across multiple firms, is popular with investors, says Laura Varas, CEO of Hearts and Wallets, a data and consulting firm. The tool engages investors to learn more deeply about investing, she adds....

Another Risk for Retirement Savings: Divorce

Amanda Umpierrez, Jun 24, 2020

Forty-two percent of women age 59 and older say they are considering moving to a smaller, less expensive home to free up money to fund retirement, says Hearts & Wallets data.

Leaving Finances to the Husband: Not Wise

Carla Fried, Jun 17, 2020

A new survey of 50,000 households from Hearts & Wallets, a data analytics firm, suggests trouble ahead: 56% of women say they “share responsibility” for spending and investing decisions; another 31% say they’re “primarily responsible.” But only 5% of married/partnered men say their spouse/partner is in charge of the money decisions, and only 40% say the responsibility is shared....

Pandemic a Good Time for Our First National Ad Spot: Empower

Beagan Wilcox Volz, Jun 16, 2020

“It’s been for many years our view that it’s good for companies that have traditionally been operating behind the scenes in terms of consumer awareness to introduce themselves to consumers and make themselves known,” Varas says...

Women Say They’re in Charge of Finances, But Male Partners Often Disagree

Jun 11, 2020

New findings by the data-analytics firm Hearts & Wallets show a third of U.S. women say they are “primarily responsible” for household spending and investing decisions, but only 5% of male partners agree...

Women taking bigger role in family finances, despite men: Report

Emile Hallez, Jun 10, 2020

Nearly nine in 10 women who are married or live with a partner said they are involved in spending and investing decisions in their household, up from just 42% in 2012, according to a report this week from consumer research firm Hearts & Wallets....

Retirement-Age Households Show a ‘Chunk or Nothing’ Withdrawal Pattern

Rebecca Moore, Jun 8, 2020

Consumer behavior shows a consistent “chunk or nothing” pattern in retirement, first identified by Hearts & Wallets in 2012, where nearly half (43%) of households age 65 and older draw either nothing (0% of assets) or chunks (8% or more of assets)....

What do women want from their financial advisers? Straight talk, clear explanations, and lower fees, for starters

Kerry Hannon, Jun 3, 2020

Ameriprise Financial Named "Top Performer" in Customer Satisfaction Ratings

May 28, 2020

Ameriprise Financial (NYSE: AMP) today announced that it has been named a top performer in the 2020 Wants & Pricing customer satisfaction report conducted by independent research and benchmarking company Hearts & Wallets. The annual survey asked more than 5,000 households to rate their financial firms based on service dimensions that customers most value. Ameriprise garnered top performer status in "unbiased, puts my interest first," "explains things in understandable terms" and "understands me and shares my values."...

What Women 50+ Want From Financial Advisers — Much More Than Men

Kerry Hannon, May 21, 2020

Hearts & Wallets found, women’s attitudes have been shifting to an “I demand respect and performance” attitude when working with money pros. These days, women who are financial adviser clients or prospects —especially those over 50 — often want more, much more...

What Women 50+ Want

Kerry Hannon, May 21, 2020

Recent research from the Hearts & Wallets financial research firm found that when women and men 50+ were asked what they want from financial advisers and financial services firms, the percentage of women saying they wanted something was far more than men. Those factors deemed more important to women ranged from low fees to a person or team assigned to their account to online account access and tools to clear and useful statements to sharing their values....

Fidelity Rolls Out Rewards Program With Money Fund Perks

Carmen Germaine, May 20, 2020

Retaining more of investors’ cash is particularly important as investors increasingly shift their assets among several fund firms, Varas says. Loyalty programs are often as much about increasing wallet share as they are about improving investor satisfaction, she says....

What Are Clients Asking For Today? More Access, More Mobile

May 4, 2020

Understanding the new touch-points for Financial Services providers to reach their clients...

Is it bad that clients don't understand how financial services providers earn money?

Marlene Satter, Apr 28, 2020

Even before the lockdown resulting from the coronavirus pandemic, consumers were hankering for more ways to gain access to their financial services providers and accounts via mobile apps, online tools, telephone and branch access....

Many Long-term Investors Are Now First-time Financial Advice Seekers

Ted Godbout, Apr 27, 2020

A study by Hearts & Wallets found that investor demand for more access, in more ways, to financial services has been growing—and that was even before COVID-19 caused call volumes to spike....

Clients don’t grasp fees, and that’s bad for business

Emile Hallez, Apr 24, 2020

Nearly a third of investors have no idea how they pay for financial services, and that issue is likely to be exacerbated by the proliferation of zero-fee funds and trading, a report this week from Hearts & Wallets shows....

Clients Want More Access to Financial Advice Across More Channels

Alex Padalka, Apr 23, 2020

Financial advisors may have to make themselves more available to their clients as consumers increasingly want more contact across multiple touchpoints — even before the coronavirus pandemic, according to a recent survey...

Pandemic Reveals Overwhelming Need for Financial Wellness Programs

Lee Barney, Apr 22, 2020

“The first thing that is going to happen to financial wellness programs following this pandemic is that they are going to focus on helping people to be holistically financially well,” says Laura Varas, CEO and founder of Hearts & Wallets....

Big Drops in Millennials Saving for a Home and Gen Xers Saving for Children’s College

Apr 16, 2020

A Special COVID-19 interactive resource from the data & analytics company Hearts & Wallets. Top saving and investing goals of Americans are shifting dramatically in the wake of COVID-19 with cash, emergency funds running out quickly...

Millennials hit hardest in this economy, report says

Emile Hallez, Apr 15, 2020

The COVID-19 crisis has led to major changes in savings and spending behavior, but some generations are much more affected than others, according to a report issued Wednesday by Hearts & Wallets....

The Power of Multiples: How to Reduce Financial Pain Points

Mar 18, 2020

New research from the data analytics company Hearts & Wallets reveals how we comprehend, and manage, financial events within our lives.

Pershing Rolls Out New Pricing for RIAs

Carmen Germaine, Mar 9, 2020

The subscription pricing model could also make it easier for advisors on the platform to offer subscription fees to their own investors, says Laura Varas, CEO of Hearts & Wallets.

Investor Trust: Drivers, Builders and Busters

Feb 26, 2020

Understanding is key to improving customers’ trust of financial services firms, as identified in a new report by Hearts & Wallets, which features the top 10 drivers, trust builders and busters, and action steps that are within a firm’s control....

Morgan Stanley to Capture Younger Investors With E*Trade Buy

Carmen Germaine, Feb 21, 2020

About 14% of Morgan Stanley clients also have E*Trade accounts, according to 2018 estimates from Hearts & Wallets. Meanwhile only 6% of E*Trade customers also have Morgan Stanley accounts....

We want help with college loans, not 401(k)s, workers say

Emile Hallez, Feb 20, 2020

Two-thirds of workers age 21 to 27 said their companies should help them pay down student loans, while just over a quarter, 27%, said employers should help workers save for retirement, according to a report Wednesday from consumer research firm Hearts & Wallets...

Forget Retirement. 39% of Workers Want Help With Student Loans

Beagan Wilcox Volz, Feb 20, 2020

Nearly 40% of Americans believe companies should help their employees pay off student debt, according to a recent survey. In contrast, only 25% said employers should contribute to their retirement savings, Hearts & Wallets found in a 2019 survey of more than 5,400 U.S. households....

Debt, Saving & Taxes: Can employers play a role in the management of student loan repayment?

Feb 18, 2020

More Americans say employers have a role in paying off student loans than providing for retirement in a new consumer mindset report by Hearts & Wallets....

The UN and AARP Team Up for Age-Diverse Workforces

Rich Eisenberg, Feb 17, 2020

...a new Hearts&Wallets survey found that one in four pre-retirees is very concerned about “not being able to work as long or as much as I want.”...