NEWREPORT: 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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In the News
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...
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.
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....
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....
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....