SOONREPORT: Drivers of Share of Wallet
The Primacy Premium and the Connection to Retirement Advice
Capturing more of your customers' investable assets is often easier and less expensive than acquiring new customers. This report explores the drivers of "share of wallet" (SOW) and which customers are most likely to express their loyalty by doing more business with you. The bottom line - investor trust, understanding how a firm makes money, being the main source of retirement advice, and serving as a "primary" store, all influence a customers decision to invest more. We also report on which firms have the highest share of wallet and what is the benchmark.
REPORT: Robo Usage, Awareness and Trial
Market & Competitive Data to Inspire Innovation, Improve Portfolios and Increase Conversion
Approximately 12 million households in America use robo-advisors. Their popularity is on the rise, and firms across the industry are working hard to win customers and capture share of wallet. This report examines trial to conversion and which offerings are growing fastest. Beyond the competitive landscape, the report also explores who is using robos, how much they are investing, and investor vs. non-investor profiles.
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"Hearts & Wallets brings an understanding of the consumer mindset to the forefront of business decisions, and give us a heads up on emerging trends."
In the News
Consumers put most of their money with firms they consider their main source of retirement advice (72% vs. 28% for others)....
Robinhood, Mint and Acorn have high awareness among investors, beating established players like Fidelity and Vanguard, according to Hearts & Wallets....
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....
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....
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.