Contact Us


About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

"Financial Advice Menu" and Pricing, a Concept Test

An Explore Qualitative™ Report from the Series Shopping for Advice on Aging Gracefully

Report Overview

“Financial Advice Menu” and Pricing, an Explore Qualitative™ Report, examines how investors want to pay and access financial advice and investment products and services.

This concept test is part of the Explore Qualitative™ Shopping for Advice on Aging Gracefully Series, which seeks to understand what motivates older investors who are considering new providers, with a focus on advice and pricing both in and outside of the workplace.

Each Explore Qualitative™ Report gives you the foundation to unleash your firm’s creativity to shape solutions and messaging that will resonate. See trends 2-5 years in the future and learn important nuances from actual consumer verbatims. Explore is designed, moderated and analyzed by experts who understand both the complexity of saving and investment and role of consumer marketing.

Select Key Findings

  • Investors like the ability to select among service model options. This is especially true for a certain segment of consumers.
  • Participants demonstrate a preference for flat fees with mixed reactions to subscription pricing.

Insight Focus

This qualitative explores advice shopping behavior and much more! Participants range from ages 53 to 70 with at least $500,000 in assets and $250,000 outside the workplace. 

Segmentation: based on interest and involvement in managing their finances and the depth of personal financial advice they sought.

How This Report Helps

The Explore Qualitative™ Database provides perspectives on trends that will shape strategies of the future, as well as actionable insights on how to talk with consumers in their own words.

Develop products and messaging by understand the reasons why older consumers hold cash, what may motivate them to turn cash into investments,  and – equally important – what doesn’t. 

About Hearts & Wallets Explore Qualitative™ Insights

Talk to consumers in their own words today. Anticipate trends in demand years ahead of the market. Unleash your creativity to develop new solutions and messaging by building on the insights in the Explore Reports. Fielded each year, these explorations have engaged over 1,200 consumers and counting in substantive discussions with over 8,000 verbatims in our database. For deeper insights, each Explore series divides specific consumer groups into homogeneous behavioral and/or attitudinal groups around key factors such as experience, use of digital or live advice, pricing attitudes and more to probe for important nuances in consumer segments or deeper understanding of the topics covered.

“Rarely does any content that I’ve read over the years reach the level of sophistication and credibility that Hearts & Wallets produces.”              
– Consumer Insights Professional, major diversified firm

Research Goals & Methodology

About Explore Qualitative™ Series: Recent Pre/Post-Retiree

4

About Explore Qualitative™ Series: Shopping for Advice on Aging Gracefully

5

Background & Research Questions

6

Consumer Households Involved in Any Money Movement, by Activity Level, by Year (from Investor Quantitative™ Database Money Movement)

7

Consumer Households Involved in Any Money Movement, By Lifestage, By Year (from Investor Quantitative™ Database Money Movement)

8

Households (M) and Investable Assets ($T): by Lifestage (from Portrait of U.S. Household Wealth 2019)

9

Research Target, Locations & Fielding Dates

10

About Segmentation

11

“Financial Advice Menu” and Pricing Concept Test Wording

12

Executive Summary

Key Findings & Implications

13

Concept Test Summary

14

Go-To-Market Considerations

15

Concept Test Grades

16

Segmentation Sizing

17

Key Finding No. 1

The ability to choose options on “Financial Advice Menu” and Pricing was popular, while exact prices provoked mixed reactions depending on the segment.

18-21

Key Finding No. 2

Participants like how “Financial Advice Menu” and Pricing enables them to “pick and choose.”

22-25

Key Finding No. 3

Consumers see two factors that should drive price, and have views on pricing mechanisms including flat fees and subscriptions.

26-30

Appendix

Terminology & Definitions

31

This new 31-page report features 18 exhibits and 65 consumer verbatims.

Explore Qualitative™ Reports

Get the latest Explore Report! Contact us for pricing options to order.
__“Financial Advice Menu” and Pricing, an Explore Qualitative™ Report in the Shopping on Aging Gracefully series

Other Explore Qualitative™ Reports from this Series:

Envision: Put your finger on the consumer pulse with a contemporary look at needs and attitudes.
__Influences on Older Advice Shoppers. Coming Q3 2019
Use insights into unmet needs that drive consumers to seek other advice providers to retain customers and build a competitive edge. Learn consumer concerns about offerings and pricing.

Exercises: Examine market phenomena where products are still several years in the future.
__ Exercise: Motivations to Move Cash into Investments. Order Now! 


__Expectations from Workplace vs. Retail. Coming Q3 2019
Drive product innovation and language with insights into consumer preference for the type of advice and services received in the workplace vs. retail.

Concept Tests: Get a first look at emerging solutions ready to be packaged and priced.
__“Elder Financial Care.” Coming Q3 2019
A concept around a service to help manage finances of aging family members -- beyond investment advice to include bill payment, tax preparation and wealth transfer.

__“Home Conversion Mortgage” aka Reverse Mortgage. Coming Q3 2019
Understand consumer awareness and receptivity to using reversible mortgages for aging in place.


About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

Name:
Email:
Company:
Phone:
Signature:
Date:

Select the desired report(s) and send a signed copy of this form to info@heartsandwallets.com or fax to 800-930-0966. We will prepare a separate invoice for payment.

By signing this form, I certify that I am authorized to make this purchase on behalf of my company (“Customer”) and that Customer agrees to the following terms. Hearts & Wallets grants Customer a limited, non-exclusive, non-assignable license to use the Hearts & Wallets’ report for Customer’s private, internal use only. Customer shall not use any portion of the report for external use. Customer shall not share the report with any third-party, shall not permit other persons to use the report, shall not create derivative works based upon the report, and shall not sell, lease, or otherwise transfer rights to the report. Any such forbidden use shall immediately terminate Customer’s license to the report. All title, ownership, rights, and intellectual property rights in the report shall at all times remain vested in Hearts & Wallets. Customer does not receive any ownership rights or intellectual property rights in the report. Upon receipt of this report, Customer accepts the report and agrees to pay the amount specified.