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Advice & Technology: Opportunities for Hybrid Models, Workplace Resources and Differentiation Among Financial Professionals

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Report Overview

This report covers how investors are making investment decisions today, specifically looking at their their reliance on information sources including financial advisors and technology. Consumers of all asset groups want more involvement in investment decisions, but financial professionals are still the most influential source of investing information and advice. Learn more on what it means for you as an asset manager and a distributor.

Key Findings

  • Consumers of all asset groups want more involvement in investment decisions, but preference differs from behavior, especially for households who profess self-direction.
  • Use of investment information and advice sources other than “myself” is growing, with online, employers and statements showing the biggest increases.
  • Financial professionals are still the most influential source of investing information and advice, but consumer reliance on them has shifted from primary to usually.
  • Certifications and proactivity are becoming more important to consumers who use financial professionals. Expectations are higher for paid investment professionals on more distinctive wants.


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Sample Report Pages

Table of Contents

Methodology 1

Key Findings & Implications 2

Favorite Statistics 3

Related Research 4

Key Findings 5-41

1: Consumers of all asset groups want more involvement in investment decisions, but preference differs from behavior, especially for households who profess self-direction. 5-12

1.1: Exhibit 1.1 — Investment Decision Process Preference: National, by Year

5

1.2: Exhibit 1.2 – Investment Decision Process Preference: by Investable Assets, by Year

6

1.3: Exhibit 1.3 – Investment Decision Process Preference: by Generation, by Year

7

1.4: Exhibit 1.4 – Investment Decision Process Preference: by Generation, 2021

8

1.5: Exhibit 1.5 – Crosstab of Investment Decision Process Preference by Reliance on Financial Professionals (excluding Accountants): National, 2021

9

1.6: Exhibit 1.6 – Crosstab of Investment Decision Process Preference by Reliance on Myself: National, 2021

10

1.7: Exhibit 1.7 – Crosstab of Reliance on Paid Investment Professionals by Reliance On Myself: National, 2021

11

1.8: Exhibit 1.8 – Current vs. Potential Market Size in Households by Inside Advice® Grid Category: Households With <$5M, 2021

12

2: Use of investment information and advice sources other than “myself” is growing, with online, employers and statements showing the biggest increases. 13-25

2.1: Exhibit 2.1 – Sources for Investment Information and Advice – Reliance: National, by Year

13

2.2: Exhibit 2.2 — Count of Sources for Investment Information and Advice – Reliance: National, 2021

14

2.3: Exhibit 2.3 — Count of Sources for Investment Information and Advice – Reliance, 7+ Sources: by Generation, by Investable Assets, 2021

15

2.4: Exhibit 2.4 – Sources of Information and Advice – Reliance, Friends: by Generation, 2021

16

2.5: Exhibit 2.5 – Sources of Information and Advice – Reliance, Family: by Generation, 2021

17

2.6: Exhibit 2.6 – Sources of Information and Advice – Reliance, Online*: National, by Year

18

2.7: Exhibit 2.7 – Sources of Information and Advice — Reliance, Online*: by Generation, by Year

19

2.8: Exhibit 2.8 – Sources of Information and Advice – Reliance, Employer*: National, by Year

20

2.9: Exhibit 2.9 – Sources of Information and Advice – Reliance, Employer*: National, by Year

21

2.10: Exhibit 2.10 – Sources of Information and Advice – Reliance, Employer*: by Investable Assets, by Generation, 2021

22

2.11: Exhibit 2.11 – Crosstab of Use of Employer Benefits – 401k, 403b or Other Employer Sponsored Retirement Plan by Reliance on Employer*: National vs. Millennials, 2021

23

2.12: Exhibit 2.12 – Sources of Information and Advice – Reliance, Employer*: by Store (Workplace Business Only), 2021

24

2.13: Exhibit 2.13 – Crosstab of Attitude “I am comfortable leaving money in a retirement plan sponsored by a company where I no longer work” by Reliance on Employer*: National, 2021

25

3: Financial professionals are still the most influential source of investing information and advice, but consumer reliance on them has shifted from primary to usually. 26-31

3.1: Exhibit 3.1 – Sources for Investment Information and Advice – Reliance: National, 2021

26

3.2: Exhibit 3.2 – Sources of Information and Advice – Reliance on Paid Investment Professionals NET and Other Financial Professionals NET*: National, by Year

27

3.3: Exhibit 3.3 – Sources of Information and Advice – Reliance on Financial Professionals: National, by Year

28

3.4: Exhibit 3.4 – Sources of Information and Advice – Reliance, Paid Investment Professionals NET*: National, by Year

29

3.5: Exhibit 3.5 – Sources for Information and Advice – Paid Investment Professionals NET*: by Generation, by Year

30

3.6: Exhibit 3.6 – Sources for Information and Advice – Reliance, Paid Investment Professionals NET*: by Investable Assets, by Year

31

4: Certifications and proactivity are becoming more important to consumers who use financial professionals. Expectations are higher for paid investment professionals on more distinctive wants. 32-41

4.1: Exhibit 4.1 – Importance of Wants From Financial Professional: National, by Year

32

4.2: Exhibit 4.2 – Importance of Wants From Financial Professional: National, 2021 vs. 2019

33

4.3: Exhibit 4.3 – Importance of Wants From Financial Professional: Use Paid Investment Pro vs. Other Fin Pro, 2021

34

4.4: Exhibit 4.4 – Importance of Top Ranked Wants From Financial Professional: by Use of Financial Professionals, by Year

35

4.5: Exhibit 4.5 – Importance of Additional Wants From Financial Professional: by Use of Financial Professionals, by Year

36

4.6: Exhibit 4.6 – Importance of Wants From Financial Professional Among Consumers Who Use Paid Investment Professionals “Primary” or “Usually”: by Investable Assets, by Lifestage, 2021

37

4.7: Exhibit 4.7 – Use of Any Fin Pro as Source of Information and Advice: by Store, 2021

38

4.8: Exhibit 4.8 – Use of Any Paid Investment Professional for Information/Advice: by Store, 2021

39

4.9: Exhibit 4.9 – Use of Investment Professional at That Store: by Store, 2021

40

4.10: Exhibit 4.10 – Comparison of Investment Professional Usage: by Store, 2021

41

Data Dictionary 42-46

Appendix 47

Glossary 48

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