IN THE NEWS

Americans’ saving, investment product savvy improves, study finds

Ayo Mseka, Dec 27, 2024

American consumers are more knowledgeable about their saving and investment products than at any other time in the past decade, according to a new market intelligence report by Hearts & Wallets....

How is consumers’ investing confidence impacting the need for advisors?

Ayo Mseka, Dec 20, 2024

Consumer feelings of being experienced in investing are at their highest peak since 2010, even as long-term warming trends in receptivity toward paying for advice are seen....

Rethinking Retirement

Diego Perez Morales, Dec 18, 2024

In a landscape where financial confidence is on the rise, nearly half of U.S. households, about 48%, express disagreement with the notion that their employer should be responsible for their retirement.

Vanguard Hires Ex-Fidelity Exec to Launch Advice Unit

Daniel Gil, Dec 10, 2024

Some 40 million U.S. households in 2024 saw value in paying for professional advice, up by 8 million in 2020, driven by those with more than $1 million in investable assets, Varas wrote, citing Hearts & Wallets data....

Hearts & Wallets: Employees Taking on the Majority of Retirement Planning Responsibility

Fred Barstein, Dec 5, 2024

Employees perceive themselves as largely self-reliant when it comes to retirement planning....

Robinhood Retirement Surpasses 1M Accounts

Sabrina Kharrazi, Dec 5, 2024

Though the firm has picked up new clients, many users still don't trust it and are using the platform to dabble in trading, said Laura Varas, chief executive officer of Hearts & Wallets. "That's what Robinhood needs to focus on to grow," she said....

Give millennials participation trophies for effort, author says

Emile Hallez, Nov 26, 2024

While most, 59 percent, of baby boomers cited professional certification as being highly important in their selection of a financial professional, the same were true for just 35 percent of Gen Z investors and 47 percent of millennials, data from consumer-research firm Hearts & Wallets show....

Rethinking retirement: The evolving role of employers in U.S. financial planning

Andrea Miranda, Nov 22, 2024

One of the key findings of the findings from the study is the increasing openness among Americans to leave their money in former retirement plans.

'Employers aren’t responsible for my retirement,' say most (75%) employees

Lynn Cavanaugh, Nov 21, 2024

As more U.S. households gain confidence in investing, they're becoming more self-reliant in making financial decisions, according to new research from Hearts & Wallets.

Experienced investors make decisions alone, but they also value advisors

Steve Randall, Nov 14, 2024

More American consumers are feeling knowledgeable about investing but that doesn’t mean they want to do it alone…well not entirely....

U.S. Household Feelings Of Investing Experience At Highest Peak Since 2010

Nov 14, 2024

A new report from Hearts & Wallets reveals as perception of value in paid advice grows, financial anxiety declines; Risk tolerance also at a peak.

Investors can’t tell if Fed rate cuts are a trick or treat

Emile Hallez, Nov 1, 2024

Political fears ahead of the election though, are pronounced, with 47 percent of people in US households citing a high (9 points on a scale of 10) concern about it, separate data from a forthcoming report by consumer research firm Hearts & Wallets show....

The Future Of Wealth Management And The Rise Of SMAs

Artem Milinchuk, Nov 1, 2024

Moreover, from 2020-2022, SMAs experienced the most growth (9%) among the top 10 investment products, while mutual funds remained stagnant (-1%), according to the Hearts & Wallets’s Investment Products & Asset Managers 2023 report....

Traditional Firms Outgun Alts Peers in Marketing Spending

Daniel Gil, Oct 29, 2024

"Alternative managers simply don't have the same scale to do certain things that traditional managers do from a marketing perspective," said Laura Varas, founder and chief executive officer of consumer behavior tracking firm Hearts & Wallets....

Increasing Consumer Engagement With Saving & Investing Products; The Secret To Brand Awareness for Leading Asset Managers

Oct 18, 2024

Consumer awareness of the financial products in their portfolios is dramatically higher – going from 45% in 2013 to 86% in 2024, according to Hearts & Wallets research of nearly 6,000 U.S. households.

Options, margin trading a rising source of income for online brokerages, report suggests

Emile Hallez, Oct 16, 2024

Across the country, an estimated 6 to 7 million households are trading on margin or using options, according to data published today by consumer research firm Hearts & Wallets....

Are consumers receptive to an in-plan, retirement-income solution?

Ayo Mseka, Sep 19, 2024

New qualitative research from Hearts & Wallets reveals fairly positive consumer reactions to a retirement income solution offered within an employer-sponsored retirement plan, with caveats for firms planning to offer such products.

Consumer Receptivity To In-Plan Retirement Income Solution

Aug 28, 2024

New Hearts & Wallets research provides a roadmap on what attracts investors to retirement income solutions within employer-sponsored retirement plans (ESRPs) and important barriers to adoption.

Investors like annuities in 401(k)s, for other people

Emile Hallez, Aug 27, 2024

The financial services industry has been working for years to get annuities into retirement plans – and the good news is that people appear to like that idea....

In-Plan Annuity Providers Advised to Lean On ‘Pension Nostalgia

Alex Ortolani, Aug 27, 2024

Responses from a select group of retirement plan participants show that in-retirement-plan annuity options may be gaining favor, with providers potentially finding traction by leaning into “pension nostalgia,” according to research released Tuesday by Hearts & Wallets LLC....

Consumers Show Positive Response to In-Plan Annuity Solutions

Amanda Umpierrez, Aug 27, 2024

Participants are reacting positively to retirement income solutions in their workplace retirement plans, finds new research by data and benchmarking firm Hearts & Wallets....

How Receptive Are Consumers to In-Plan Retirement Income Solutions?

Ted Godbout, Aug 27, 2024

New qualitative research finds fairly positive consumer reactions to a retirement income solution offered within an employer-sponsored retirement plan, but it also provides some caveats for firms planning to offer such products....

Western Asset Probe Could Spell Trouble for Franklin

Brian Ponte, Aug 22, 2024

Among retail shareholders, satisfaction with investment products for Franklin Templeton is 40%, below the industry average of 45%, Varas said, contrasting Franklin's score with that of American Century....

White House Push to Kill 'Doom Loops' Could Hit Fund Shops

Daniel Gil, Aug 19, 2024

Although proposed as a benefit for consumers, the "Time Is Money" initiative could stifle innovation to a certain degree as fund companies have looked to invest in tech capabilities for clients, instead of on client-facing personnel, such as customer service centers, according to Laura Varas, founder and chief executive officer of financial services research firm Hearts & Wallets....

Are affluent Americans prepared to pass on their wealth?

Ayo Mseka, Aug 19, 2024

U.S. household growth will be the fastest among households age 75-plus, according to Hearts & Wallets’ survey, Portrait™ of U.S. Household Wealth 2024: Sizing the Growth Prospects for Older Households and Categories of Advice ...

Retirees Should Expect to Spend $165K in Medical Costs: Fidelity

Alyson Velati, Aug 9, 2024

More Americans in or nearing retirement are seeking help with health insurance-related decisions, said Laura Varas, founder and chief executive officer of Hearts & Wallets....

Selecting Right Investments, Budgeting for Retirement Among Top Financial Tasks

Amanda Umpierrez, Aug 5, 2024

The data from Hearts & Wallets found that 60% of U.S. households sought professional advice for at least one financial task in 2024.

US Households Face Significant Financial Advice Gaps

Natalie LIn, Aug 2, 2024

Research and benchmarking firm Hearts & Wallets’ latest survey, the results of which were released Wednesday, revealed that American households have significant financial advice gaps, defined as finance-related tasks that U.S. households find very difficult and for which they have not sought help in the past 12 months....

Advisors urged to “take a look at their book” to tackle advice gap

Josh Welsh, Aug 1, 2024

More Americans are seeking help for financial tasks, often with financial professionals, although advice gaps still exist, according to a new market sizing report from consumer research firm Hearts & Wallets....

Today’s Top Advice Gaps & The Customer Loyalty Connection

Aug 1, 2024

A growing number of U.S. households are seeking help on financial tasks, often from financial advisors, but advice gaps still exist, according to new research of 5,846 U.S. households by Hearts & Wallets.

Workplace Advice Use Trending Up, But Age, Assets Matter

Alex Ortolani, Jul 30, 2024

Data from Hearts & Wallets found that more middle-asset, middle-aged households are turning to the workplace for financial guidance, but how widely that spreads is an open question.

Gen Xers Set to Inherit Trillions in Next Decade

Alyson Velati, Jul 12, 2024

Households with people between 65 and 74 control $22.4 trillion in assets, the highest amount of any age group, and much of that will be passed down to those in their 40s and 50s over the next 10 years, according to new Hearts & Wallets research.

The workplace: A goldmine for advisors seeking new assets

Jay Jumper, Jul 11, 2024

Hearts & Wallets found that 42 percent of rollovers are staying with their employer-sponsored plan, and 18 percent are moving to the new employer’s plan – the largest percentage remaining at recordkeepers since 2010....

Gen Z Will Have To Wait As Gen X Set To Inherit Trillions From Silent Generation

Benzinga Advisor, Jul 7, 2024

A new report from consumer research firm Hearts & Wallets reveals that Generation X stands to inherit trillions of dollars from the Silent Generation over the next 10 years, presenting significant opportunities and challenges for financial advisors....

Gen X to Inherit Major Wealth Transfer Over the Coming Decade

Amanda Umpierrez, Jul 3, 2024

Those in Generation X are poised to receive a large chunk of the wealth transfer over the coming years, finds an analysis released today by Hearts & Wallets....

Sizing U.S. Wealth: Who Has It Now; Who Will Inherit

Jul 3, 2024

A new report from Hearts & Wallets reveals the transfer of wealth from the silent generation to Gen X will be larger than the highly anticipated one from baby boomers to millennials in the next 10 years even though ages 65 to 74 now control $22.4 trillion, more than any other age range.

Is Your Firm Prepared for the Great Wealth Transfer?

Ted Godbout, Jul 3, 2024

For those who dabble in both wealth management and the DC plan market, a new study previews the astonishing level of wealth that is set to be passed down in the next decade....

Gen X could get trillions in inheritance over 10 years

Emile Hallez, Jul 3, 2024

Trillions of dollars stand to be passed via inheritance from the Silent Generation to Gen Xers over the next 10 years, and that will mean a lot of hirings and firings of financial advisors....

Don’t Overlook the Silent-to-Gen X Generational Wealth Transfer

Natalie Lin, Jul 3, 2024

Hearts & Wallets’ findings counter the idea that the Baby Boomer-to-Millennial wealth transfer should be advisers’ focus.

Strongly Performing Robos Are 'Modernized Mutual Funds': Analyst

Alyson Velati, May 28, 2024

"These robos can be thought of as essentially modernized mutual funds for the sake of understanding," Varas wrote.

Smaller Accounts to Boost Direct Indexing Growth: Survey

Brian Ponte, May 20, 2024

Laura Varas thinks direct indexing is the "managed product structure of the future" but admits that adoption will be "painstakingly slow."...

Winning the war for the highest share of consumer wallet

Ayo Mseka, May 17, 2024

Exploding consumer engagement with financial services firms is requiring competitors to fight harder for their share of consumers’ wallets, according to a new Hearts &Wallets market intelligence report....

Financial Services Leaders In Growth And Loyalty Metrics

May 15, 2024

A new report from Hearts & Wallets reveals one in 4 (25%) of U.S. households now has 4 or more saving and investing relationships vs. 10% in 2013 with wealthier households often having even more relationships.

‘Chunky’ spending becoming the retirement norm

Ayo Mseka, May 14, 2024

For most Americans, the right mix for retirement funding doesn’t mean million-dollar portfolios. Instead, relevant advice should include allowing for “chunky” spending, addressing the outlook for employment, avoiding unpleasant retirement surprises, and analyzing living arrangements, according to a new market intelligence report by Hearts & Wallets....

Should you be a finfluencer?

Emile Hallez, May 9, 2024

More than half of Gen Zers and millennials rely on social media for investing information, along with nearly a third of Gen Xers, according to 2023 data from consumer research firm Hearts & Wallets....

Retirement is Filled with Surprises – Good and Bad

Kimberly Blanton, May 9, 2024

One in four retired households, for example, agree they are “forced to live more frugally than we wanted,” and one in 10 said they’re “spending their nest egg too fast,” according to the survey, fielded in 2023 by Hearts & Wallets, which provides data to the financial industry....

Advice for Clients Who Can’t Save $1M

Alex Padalka, Apr 29, 2024

Financial advisors may need to focus on more than just saving for retirement to truly help their clients prepare for their years after work, according to a new report....

Retirees feel good about money and life, but worry about inflation and Social Security

Rich Eisenberg, Apr 25, 2024

Those feeling the greatest need to live more frugally, Varas said, are retirees trying to make do with less than 50% of their preretirement income. “That’s where you’re really having to cut back,” she noted.....

Could Expanded Sources of ‘Retirement Income’ Unlock Trillions?

Ted Godbout, Apr 25, 2024

The right mix for retirement funding doesn’t necessarily mean million-dollar portfolios, but should include advice that allows “chunky spending,” addresses employment outlook, avoids unpleasant retirement surprises, and analyzes living arrangements, a new report suggests....

Getting Real About Retirement

Apr 25, 2024

A new report from Hearts & Wallets reveals 87% experience surprises in retirement; 3 to 5 times income-to-assets ratio enough to avoid bad surprises.

Retirees feel good about money now and love their lifestyle, but worry about inflation and Social Security

Rich Eisenberg, Apr 25, 2024

Most workers haven't given much thought to how they'll spend their time in retirement.

Will the Robo Survive? More Consolidation Seen Ahead

Alyson Velati, Apr 24, 2024

Betterment's acquisition of Goldman Sachs' Marcus Invest robo-advisor could signal further consolidation in the space, consultants say....

Q1 2024 Ameriprise Financial Inc Earnings Call

Apr 24, 2024

And in fact, in the quarter, we were proud to earn a Hearts & Wallets 2024 Top Performer in understands me and shares my values, unbiased, puts my interest first and explains things in understandable terms....

Retirement income from four sources is expected by half of future retirees

Steve Randall, Apr 24, 2024

Relying on only one or two sources of retirement income may be the experience of current retirees but those who are still planning their retirement expect a wider spread.

Surprising Retirement Considerations

Natalie Lin, Apr 24, 2024

Aging Americans need guidance on some often-unexplored retirement challenges, Hearts & Wallets finds.

What do consumers want from financial services firms?

Ayo Mseka, Mar 22, 2024

What do consumers want from financial services firms? A new report by Hearts & Wallets is shedding light on financial services consumers wants, including the need for clear and understandable fees, and putting the client's interests first....

What do clients really want? And what is their biggest dissatisfaction?

Steve Randall, Mar 15, 2024

The fast-evolving financial services landscape, with digital disruptors emerging almost endlessly, requires a keen eye on the demands of clients – but what do they really want?...

Employees have a new attitude about investing: 7 key retirement trends for 2024

Tom Gresham, Mar 11, 2024

Employers are not "responsible for providing for my retirement," say employees, and only 1 in 4 is comfortable leaving money in former employer plans, however, they are more open to employer involvement, says a new report.

IRA-Owning Households Jump to 42%

Beagan Wilcox Volz, Mar 8, 2024

Among plan participants who rolled assets out of workplace plans in 2022, more than 40% chose an IRA offered by the recordkeeper affiliated with their workplace plan, up from 33% in 2015, according to Hearts & Wallets research....

The First Five Things You Should Do When You Inherit a Large Amount of Money

Byron Armstrong, Feb 29, 2024

A recent national survey of 6,000 households conducted by Hearts & Wallets found that 49 million U.S. households expected inheritances in 2022 versus 34 million in 2015, with 54% of this group having investable assets under $100,000, which points to a rise in inheritances among middle class that have minimal experience managing inheritances....

Robinhood Targets Grubhub, Taskrabbit Workers with New Offering

Alyson Velati, Feb 29, 2024

About 6% of U.S. households have trialed Robinhood and about 4% of U.S. households currently have a Robinhood account, according to data from Hearts & Wallets....

Battle for Consumer Attention: Fintech Startups Surge Ahead in Awareness Race

Feb 26, 2024

Traditional banks are finding themselves in a race to maintain relevance against the burgeoning presence of fintech startups, according to a recent market intelligence report by Hearts & Wallets, a data and benchmarking firm....

Fintech Friday: New(er) Fintechs Lead Legacy Firms in Awareness, But …

John Sullivan, Feb 23, 2024

nsumers are increasingly aware of newer fintech firms, but is it translating to new assets?...

‘Sobering’ report shows increasing reach of fintech over traditional firms

Emile Hallez, Feb 21, 2024

About a quarter of Americans have tried a tech-based savings or investing service, and companies with scale are getting the most business, a report from Hearts & Wallets finds.

Morningstar Wealth strengthens its SMA shelf

Leo Almazora, Feb 13, 2024

There’s no questioning the rise in demand for SMAs, with an estimated 22% of US households investing in them as of 2022 according to a survey by Hearts & Wallets....

Financial advisors get flexible with fees — with or without AUM charges

Tobias Salinger, Feb 8, 2024

"For financial advisors, it's OK to feel confident to be a little more explicit," said Laura Varas, the CEO of savings, wealth and retirement data research firm Hearts and Wallets, said in an interview. "You're paying for it. It's worth buying."...

Debunking Retirement Myths: Savings Goals Not the Sole Deciding Factor

Momen Zellmi, Feb 8, 2024

A new report by Hearts & Wallets debunks the long-standing belief that retirement is only feasible once a certain savings milestone is achieved....

Study: Consumers favor flat fees for financial planning, investment services

Ayo Mseka, Feb 2, 2024

Flat fees are emerging as a favored way for consumers to pay for financial planning and even for investment management, according to a new Hearts & Wallets market intelligence report....

Investors Want Flat Fees. But That Could Hurt Industry Revenue

Daniel Gil, Feb 1, 2024

More retail investors want to pay a flat fee to cover investment management, rather than be charged a percentage of the assets they hold, a new report shows....

It's a concept that's hardly new in financial services, but the brokerage is offering significantly more than competitors.

Emile Hallez, Feb 1, 2024

Data from consumer research firm Hearts & Wallets show that Robinhood has extremely high levels of brand recognition, with 40 percent of U.S. households being aware of the company....

What’s Worth Paying For, Preferred Ways To Pay, And Surprising Attitudes To “Free”

Jan 31, 2024

A new report from Hearts & Wallets reveals higher-asset clients find flat fees appealing.

6 Financial Strategies You Should Consider Following in 2024

Jan 26, 2024

Women now make the majority of consumer spending decisions,...

A Step-by-Step Guide to Managing Your Finances as a Woman in Your 20s, 30s and 40s

Jan 22, 2024

Women control or influence almost $20 trillion of U.S. household assets....

Despite perceived benefits, most Americans aren’t working with a financial professional

Ayo Mseka, Jan 8, 2024

Laura Varas, CEO and founder of Hearts & Wallets, also shared some ideas for connecting with more customers....