IN THE NEWS

My Advice to Gen X: Financial Planning Isn't Just for the Wealthy

Lazetta Rainey Braxton, Dec 30, 2021

A recent study by the financial services research firm Hearts & Wallets: "By generation, Gen X exhibits the highest anxiety with concerns about 'making ends meet this year and inflation.'"...

Behavioral Finance 2.0

Judy Ward, Dec 20, 2021

Laura Varas, CEO and founder of Hearts & Wallets, trained as an economist, "So I understand the 'rational versus irrational perspectives, but I've never thought of decision-making in such a binary way."...

'Financial Awakening' Raises Questions for Young Investors

Brian Ponte, Dec 14, 2021

Millennials tend to be more interested in the managers behind their funds than the U.S. national population, according to a study from Hearts and Wallets....

Millennials Saving & Investing Up Since Pandemic Struck

Steff Chalk, Dec 14, 2021

Millennials’ sentiment on feeling experienced as investors increased 11% in just one year!...

Three in 10 households say COVID-19 changed their attitudes about saving and investing, especially among younger generations

Alan Goforth, Dec 7, 2021

The interest in fund managers and a desire to save more saw the highest year-over-year increases, both up 6%....

Pandemic spurs shift in financial, investing attitudes among millennials, Gen Z

Alan Goforth, Dec 7, 2021

Four in 10 millennials changed their savings and investment attitudes during the pandemic, according to the latest survey from Hearts & Wallets, a market research and benchmarking firm....

25% of Retirement Savers Upped Contributions in Pandemic

Brian Ponte, Nov 22, 2021

Focusing solely on keeping money in a bank account or retirement plan is a kind of “binary thinking” that misses a larger picture, said Laura Varas, founder and chief executive officer of Hearts and Wallets...

Putting the fee in free

Sean Allocca, Oct 29, 2021

In this podcast, Laura Varas of Hearts & Wallets joins Sean Allocca of InvestmentNews to discuss how large cash positions can deprive clients of potential gains from the market, and how many clients don’t understand the mechanisms.

Becoming The Main Source Of Retirement Advice Crucial For Advisors

Ayo Mseka, Oct 20, 2021

The best way for a financial services firm to grow customer share of wallet is to be the main source of retirement advice to its clients....

Young Investors Loving 'Modern Merrill:' Execs

Andrew Kessel, Oct 15, 2021

Bank of America is doing well with younger clients, Hearts and Wallets says. The company has a relationship with 33% of households under the age of 45 this year, up from 23% in 2020....

Clients favor firms that are their main source of retirement advice

Emile Hallez, Oct 13, 2021

The financial services firms that people identified as their main source of retirement advice tended to be those with the biggest 'share of wallet,' consumer research firm Hearts & Wallets found....

Providing Retirement Advice Critical to Growing Share of Wallet

Ted Godbout, Oct 13, 2021

New research suggests that the best way for financial services firms to grow their customer share of wallet is to be the main source of retirement advice....

Analyzing The Best Way To Grow Share Of Wallet & The Primacy Premium

Oct 13, 2021

Consumers put most of their money with firms they consider their main source of retirement advice (72% vs. 28% for others)....

Big Wealth Brands Battle for Robo-Investor Attention

Harrison Connery, Sep 27, 2021

Robinhood, Mint and Acorn have high awareness among investors, beating established players like Fidelity and Vanguard, according to Hearts & Wallets....

Who’s Using Robo Advisors?

Ted Godbout, Sep 21, 2021

A new report finds growing robo usage by pre-retirees and younger generations, as well as more balanced portfolios for those with less than $100,000 in assets....

Should You Play With F.I.R.E.?

Albert Costill, Sep 17, 2021

Hearts & Wallets, a research and benchmarking company that analyzes consumer behaviors around saving, investing, and seeking investment advice, found that 39% of consumers plan on retiring before the age of 65....

The Promises and Perils of Early Retirement

Paul Swanson, Sep 14, 2021

In 2020, more people (39%) anticipated retiring before age 65 than in any year since in 2010, and 18% of those said they plan to retire by age 59, according to the research firm Hearts & Wallets.

Survey: Millennials Increasingly Turn to Financial Advisors

Samuel Steinberger, Aug 26, 2021

Hearts & Wallets found just 8% of survey participants used robo advice in 2019....

Fidelity TikTok Video Explains Why Mutual Funds Are Like Burritos

Rheaa Rao, Aug 19, 2021

Growing numbers of younger investors may have opened accounts with brokerages in the past year, but many are still looking for better guidance on how to save and invest, Hearts & Wallets data shows....

Unsure about investing? Join the club—an investment club.

Rich Eisenberg, Aug 6, 2021

The Hearts & Wallets financial research firm says that at the end of 2020, small investors controlled $68.3 trillion in investible assets, an all-time high....

Why You May Want to Start, or Join, an Investment Club

Rich Eisenberg, Aug 6, 2021

How these clubs work and how they can work for you and your money....

Mass Affluent Numbers Shrink as Wealthy Take Bulk of Market Gains

Alex Padalka, Jul 26, 2021

As of August 2020, close to 80% of all wealth in the U.S. was already held by around 10% of households with $1 million or more, Hearts & Wallets says in a new market sizing report....

Where Did the Mass Affluent Households Go?

Michael S. Fischer, Jul 19, 2021

Mass affluent households with $100,000-$500,000 dropped in number in the pandemic market runup, the market research firm Hearts & Wallets found....

Mass Affluent Ranks Drop During COVID

Brian Anderson, Jul 15, 2021

New Hearts & Wallets research shows wealth concentration accelerates for $5 million-plus and older households in COVID market runup, while mass affluent ranks aren’t replenished by up-and-comers....

Those With $5M Or More Grabbed 80% Of The Covid Market Run-Up, Hearts & Wallets Says

Jacqueline Sergeant, Jul 15, 2021

Retail investors in the U.S. controlled a record $68.3 trillion in investable assets at the end of 2020, up from $52 trillion in March 2020 during the Covid-19 volatility and $60.1 trillion at the end of 2019 before the crisis hit. But the lion’s share of that wealth is in the hands of, well, the wealthy, according to a new report by Hearts & Wallets....

Where Did The Mass Affluent Go? Wealth concentration accelerates for $5 million-plus and older households in COVID market runup

Jul 15, 2021

A new report from Hearts & Wallets reveals the need for product solutions to lift up lower-asset consumers and support for aging consumers and their families....

Wealth Concentrates Among $5M-Plus And Older Households: Study

Jul 15, 2021

Households with $5 million-plus in investable assets grabbed over 80% of the COVID market runup, while mass affluent households with $100,000 to under $500,000 declined in number over the same time period, according to a new market sizing report by market research firm Hearts & Wallets....

The FIRE movement: How to retire early with no mortgage debt

Chonce Maddox Rhea, Jun 25, 2021

One in three Americans has made retiring early a financial goal, according to a report from the financial research firm Hearts & Wallets....

Share of Wallet & Household “Reach” Grows At Leading Financial Firms; Key Trust Metric Declines

Jun 17, 2021

New research from Hearts & Wallets shows how financial services firms increased reach into U.S. households and grew share of wallet amidst declines in trust and other key success metrics....

Plan Sponsors Push Managed Accounts to Tepid Participants

Beagan Wilcox Volz, Jun 16, 2021

The financial advice that is offered in the retail market is generally “richer and deeper” than advice that participants get through the workplace, says Laura Varas, CEO and founder of Hearts & Wallets....

Carson Group partners with insurance marketing firm

Emile Hallez, Jun 14, 2021

Hearts & Wallets Inside Advice^® benchmarking data show that more full-service firms have begun including insurance over the past several years.

Clients Want Pricing Clarity, But Many Aren’t Getting It

Ming Li, Jun 9, 2021

Wealth management clients want clearer and more reasonable pricing, but many don’t understand what they’re paying for, according to a Hearts & Wallets report....

Who invests in crypto? Younger, higher-earning households, research shows

Ryan Neal, May 26, 2021

While cryptocurrencies’ advocates tout its potential to help lower-income communities build wealth, investors drawn to Bitcoin and other digital assets tend to have higher incomes and more money on hand to put in the market, according to market research firm Hearts & Wallets....

Investors Want More Comp Clarity, But 3 of 4 Don’t Get It

Steven A. Morelli, May 24, 2021

Fee transparency is the top want from investors across the wealth spectrum, but three in four customers do not understand how their broker or advisor is paid, according to a recent survey....

Vanguard, Fidelity Investors Stay Away From Crypto: Survey

Rheaa Rao, May 21, 2021

Vanguard and Fidelity investors are less likely to buy or trade cryptocurrency than investors who own funds run by other asset managers, according to a new report by data and consulting firm Hearts & Wallets....

Your 401(k) Isn't Free. Here's How to Figure out How Much You're Paying in Fees

Ana Lucia Murillo, May 19, 2021

More than four in 10 people say they don’t know how much their workplace retirement plan costs, according to a recent study from financial research firm Hearts & Wallets...

Who Uses Cryptocurrencies and Why

May 19, 2021

The 1 in 12 U.S. households who use cryptocurrencies are heavily male, Millennial or Gen X....

People Are Aiming to Retire Younger

Laura Pence, May 18, 2021

According to the market research company, “Hearts and Wallets”, many people want to retire younger....

Ameriprise Financial Named a Top Performer in Hearts & Wallets Customer Satisfaction Survey

May 10, 2021

Ameriprise Financial (NYSE: AMP) today announced it has again received high marks in an annual customer satisfaction survey conducted by independent research and benchmarking firm Hearts & Wallets....

More Americans retiring early to 'enjoy the senior years' after a year of COVID-19

Audrey Conklin, May 15, 2021

Americans under 54 represented a higher percentage — 13% — of pre-retirees, or people who are likely to retire within five years....

Clients most satisfied at Ameriprise, Ed Jones, Merrill: Report

Emile Hallez, May 6, 2021

Consumer research firm Hearts & Wallets surveyed 5,900 people and found that most have no idea how they pay for financial services....

Trend: More Americans now want to retire early

Alan Goforth, May 4, 2021

Workers want to retire at 55, but are they positioned to successfully do so?

Worried About Retirement? 8 Ways to Change Your Perspective

Kathleen Coxwell, May 4, 2021

The research firm Hearts & Wallets found that 28% of people 65 and older with at least $100,000 in savings withdrew less than 1% from their accounts....

How Advisers Can Play a Role in Serving Gig Workers

John Manganaro, Apr 28, 2021

In a Hearts & Wallets study, gig workers reported more difficulty with nearly all financial tasks....

Worried About Retirement? Try Changing Your Perspective

Kathleen Coxwell, Apr 21, 2021

Here are 8 ways to flip your perspective on retirement:

Aspiring to Retire at 55

Richard Eisenberg, Apr 16, 2021

It's great if people under 55 get "fired up" about saving and investing earlier....

Friends Talk Money: When to Retire (podcast)

Richard Eisenberg, Terry Savage, Pam Krueger, Apr 15, 2021

Listen to three hosts on Public Television discuss Hearts & Wallets study on "Aspire to Retire by 55" segment.

Weekend Reading for Financial Planners (Apr 10-11)

Apr 9, 2021

Based on a survey of nearly 6,000 Americans, recent research from Hearts & Wallets, a data and analytics company that specializes in how consumers save, invest, and seek financial advice, highlights the material impact the pandemic has had on retirement planning mindsets....

Is 55 the New 65?

Danielle Andrus, Apr 2, 2021

Despite the financial stresses of 2020, a Hearts & Wallets survey found that near-retirees are eyeing earlier retirements....

More Americans Want to Retire by 55. How Can FAs Help?

Ming Li, Apr 1, 2021

More Americans than ever want to retire at an earlier age, but many are not well-prepared financially, according to Hearts & Wallets....

Advice Gap: Retirement Dreams Often Divorced from Reality

Beagan Wilcox Volz, Mar 24, 2021

Nearly 40% of workers said last year that they plan to retire before age 65, according to a Hearts & Wallets survey....

More Clients Considering Early Retirement, But Are They Ready?

Cheryl Winokur Munk, Mar 17, 2021

Many advisory clients may have unrealistic expectations about when they can retire....

More Americans Hoping to Retire Early, But Is That Realistic?

Ted Godbout, Mar 17, 2021

The desire to retire at an earlier age is making a comeback, as an increasing number of younger Americans want to retire before the age of 65, a new report finds....

Research Shows: 401k Participation Rates Increasing & “Pre-Retirees” Getting Younger

Steff Chalk, Mar 17, 2021

401k participation rates during the pandemic show some surprising trends...

Many Americans Now Aspire To Retire By 55

Mar 17, 2021

A new report by Hearts & Wallets shows that in 2020, more consumers (39%) anticipate retiring before age 65 than in any other year since in 2010 with 18% of those saying they plan to retire by age 59....

Growing Number of Americans Want to Retire Before 65

Ginger Szala, Mar 16, 2021

A new study shows that a bigger share of consumers, 39%, plan to retire before age 65 than in any other year since 2010....

One in six people now aim to retire before 55

Emile Hallez, Mar 16, 2021

The traditional age of 65 is too long to wait to retire for more than 17% of Americans, according to a report released Tuesday by consumer research firm Hearts & Wallets....

Amid Savings Deficits, Survey Finds Americans Aim To Retire Younger

Jacqueline Sergeant, Mar 16, 2021

Americans' target retirement ages are moving younger. For the estimated 11.5 million households with millennial and Gen X breadwinners, the ideal retirement age is 55, according to a report by research and benchmarking firm Hearts & Wallets....

Growing Number of Americans Want to Retire Before 65: Study

Mar 16, 2021

A new study shows that a bigger share of consumers, 39%, plan to retire before age 65 than in any other year since 2010....

Hearts & Wallets Selects John Towle as Chief Client Officer

Amanda Umpierrez, Mar 12, 2021

In his new role, Towle will focus on client service, client engagement and new business development with the goal of building stronger relations with existing clients and developing relations and business opportunities with new clients....

Plan Sponsors Seek Emergency Funds for Strapped Employees

Beagan Wilcox Volz, Feb 22, 2021

Building an emergency fund has long been many Americans’ top saving and investing goal, according to Hearts & Wallets research....

Crucial Retirement Investment Strategy: Misunderstood by Nearly Everyone

Carla Fried, Feb 17, 2021

Only one in five retirement savers, in the quiz by Hearts & Wallets, correctly identified passive investing...

Watch your language: Advisors should adjust to lack of financial fluency by most investors

Alan Goforth, Feb 15, 2021

In a survey, Hearts & Wallets examined 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....

Fewer U.S. Households Delegating Investment Decisions to Professionals

Ming Li, Feb 12, 2021

Americans are tapping into multiple sources of advice and are less likely to rely on financial professionals to make investment decisions, according to recent research....

What Investors Want...

Feb 11, 2021

A new study from Hearts & Wallets reveals changing attitudes in the investment decision-making process, with an emphasis on taking more control of it....

Consumers Want Financial Advice, Not Necessarily From Advisors

Feb 9, 2021

In a perilous time when financial advice is more important, consumers are talking to financial advisors even less....

Financial Success in Your 20s: Car, Vacation, Emergency Fund

Carla Fried, Feb 2, 2021

For people in their early 20s, top financial priorities are getting a vacation, building an emergency fund and owning a car, according to a recent survey by consumer research firm Hearts & Wallets....

HSAs, an adviser favorite, just don’t get much love

Emile Hallez, Feb 1, 2021

Younger workers have the highest rates of HSA ownership, according to data from consumer research firm Hearts & Wallets....

Pandemic Lessons: The Importance of the Savings Hierarchy

John Manganaro, Jan 27, 2021

Laura Varas, Hearts & Wallets founder and CEO, is not shy about diagnosing some of the biggest hurdles facing financial advisory firms and asset managers today....

How to make your post-covid vacation fit your financial plans

Carla Fried, Jan 17, 2021

Americans are eager to hit the road. Consumer research firm Hearts & Wallets, recently asked nearly 6,000 people to choose their top money-related goals from a list of 15 saving/spending/investing options....

The Way We Save: How advisors can ‘win on the saver spectrum’

Jan 14, 2021

A new study from the financial research and benchmarking firm Hearts & Wallets identifies key goals and needs for saver segments; Where is the lonely middles in the Liquidity Spectrum?...

Shifting Financial Attitudes

Jeffrey Cutter, Jan 14, 2021

Get this: according to a recent study by Hearts & Wallets, 1 in 3 Americans say COVID-19 has changed their attitudes to saving, investing and advice, ranging from increasing anxiety levels to greater receptivity to financial advice....

Beyond Advice: Shops to Buy Specialized Robos

Rheaa Rao, Jan 6, 2021

Investors, including those new to investing, look for robos that do more than just help them with asset allocation, Varas says....

How To Fix America’s Retirement Crisis: 10 Experts Weigh In

Taylor Tepper, Jan 4, 2021

Laura Varas, chief executive officer of Hearts & Wallets, thinks non-retirement savings need to be prioritized, too....

Four Steps to Realizing Your Emergency Savings Goal

Carla Fried, Jan 4, 2021

Hearts & Wallets, a consumer research firm, reported that saving for an emergency was a universal goal across generations, clocking in as the #1 financial priority among millennials, Gen X, boomers and the silent generation....