Order Report - 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.
- The average share of wallet at primary stores spiked to 79% during COVID.
- The asset breakpoint which best predicts share of wallet is $375K. Wealthier households keep lower SOW at their stores; self-direction further decreases predicted SOW in wealthier households.
- Trust, understanding how a firm earns money, and investor attitude towards former employer-sponsored retirement plans (ESRPs) are predictive of SOW.
- The biggest driver of share of wallet is being the main source of retirement advice (MSRA), dwarfing all other factors.
- The ~24M households with no MSRA may be difficult target. Consider offering customers and prospects who's MSRA is a competitor, something better or different
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