Order Report - "Financial Advice Menu" and Pricing, a Concept Test: An Explore Qualitative™ Report from the Series Shopping for Advice on Aging Gracefully
“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.
This qualitative explores advice shopping behavior and much more! Participants range from ages 53 to 70 with at least $500,000 in assets and $250,000 outside the workplace.
Segmentation: based on interest and involvement in managing their finances and the depth of personal financial advice they sought.
How This Report Helps
The Explore Qualitative™ Database provides perspectives on trends that will shape strategies of the future, as well as actionable insights on how to talk with consumers in their own words.
Develop products and messaging by understand the reasons why older consumers hold cash, what may motivate them to turn cash into investments, and – equally important – what doesn’t.
About Hearts & Wallets Explore Qualitative™ Insights
Talk to consumers in their own words today. Anticipate trends in demand years ahead of the market. Unleash your creativity to develop new solutions and messaging by building on the insights in the Explore Reports. Fielded each year, these explorations have engaged over 1,200 consumers and counting in substantive discussions with over 8,000 verbatims in our database. For deeper insights, each Explore series divides specific consumer groups into homogeneous behavioral and/or attitudinal groups around key factors such as experience, use of digital or live advice, pricing attitudes and more to probe for important nuances in consumer segments or deeper understanding of the topics covered.
This new 31-page report features 18 exhibits and 65 consumer verbatims.
Research Goals & Methodology
About Explore Qualitative™ Series: Recent Pre/Post-Retiree
About Explore Qualitative™ Series: Shopping for Advice on Aging Gracefully
Background & Research Questions
Consumer Households Involved in Any Money Movement, by Activity Level, by Year (from Investor Quantitative™ Database Money Movement)
Consumer Households Involved in Any Money Movement, By Lifestage, By Year (from Investor Quantitative™ Database Money Movement)
Households (M) and Investable Assets ($T): by Lifestage (from Portrait of U.S. Household Wealth 2019)
Research Target, Locations & Fielding Dates
“Financial Advice Menu” and Pricing Concept Test Wording
Key Findings & Implications
Concept Test Summary
Concept Test Grades
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.
Key Finding No. 2
Participants like how “Financial Advice Menu” and Pricing enables them to “pick and choose.”
Key Finding No. 3
Consumers see two factors that should drive price, and have views on pricing mechanisms including flat fees and subscriptions.
Terminology & Definitions
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.
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