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Investment Products & Asset Managers:

Rise of Crypto and Online Trading, Sizing the ESG Market and the Need to Refocus on Basics






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Report Overview

New brokerage accounts are on the rise, more investors are trading stocks and cryptocurrencies, and environmental, social & governance (ESG) as an investment goal is growing in popularity among some very specific market segments. But, mutual fund and packaged product ownership across all wealth groups is on the decline, consumers struggle to identify their investment goals, and many are moving away from relying on financial professionals. This is especially concerning for lower asset Americans, who are at risk of missing out on creating wealth through safer, professionally managed products. This report looks at trends in online brokerage accounts and trading, the use of cryptocurrencies, investor goals & product ownership, and why getting back to basics may be good for everyone.

Key Findings

  • Consumers are embracing trading in both online brokerage accounts and cryptocurrency
  • Awareness of asset allocation is high among wealthier consumers, but low and declining among households with <$100K. Many lower-asset and younger households are not accessing equity markets
  • Consumer awareness of the investment products they own is low and falling, especially for younger, low-asset households. Fewer households report they own mutual funds than at any point in the past decade
  • The biggest fund families may reach significant portions of households who own mutual funds or ETFs, but definite reach into all U.S. households is in the single digits due to declining ownership of mutual funds and low awareness of asset managers
  • The #1 national investment goal is long-term growth, but identification of investment goals is hard for many and tied to understanding of financial language

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Sample Report Pages

Methodology

1-5

Key Findings & Implications

6

Favorite Statistics

7

Related Research

8

Key Findings

9-73

1: Consumers are embracing trading in both online brokerage accounts and cryptocurrency.

9-28

1.1: Exhibit 1.1 – Online Brokerage Account Ownership and Trading Frequency: by Year

9

1.2: Exhibit 1.2 – Online Brokerage Account Ownership: by Investable Assets, by Year

10

1.3: Exhibit 1.3 – Online Brokerage Account Ownership and Trading Frequency: by Investable Assets, by Year

11

1.4: Exhibit 1.4 – Online Brokerage Account Ownership and Trading Frequency: by Investable Assets, 2020

12

1.5: Exhibit 1.5 – Online Brokerage Account Ownership and Trading Frequency: $500K+, by Reliance on Paid Investment Professional, 2020

13

1.6: Exhibit 1.6 – Make 1+ Online Brokerage Trades On Their Own: $500K+, by Reliance on Paid Investment Professional, by Year

14

1.7: Exhibit 1.7 – Online Brokerage Trading Frequency, by Store: 2020

15

1.8: Exhibit 1.8 – Online Brokerage Account Ownership and Trading Frequency: by Risk Tolerance: 2020

16

1.9: Exhibit 1.9 – Investment Risk Tolerance by Attitudes to Resuming Consumer Behaviors during COVID-19: 2020

17

1.10: Exhibit 1.10 – Online Brokerage Account Ownership and Trading Frequency: by Gender, by Year

18

1.11: Exhibit 1.11 – Make 6+ Online Brokerage Trades on Their Own: by Gender, by Generation, by Year

19

1.12: Exhibit 1.12 – Engagement With Cryptocurrency: 2020

20

1.13: Exhibit 1.13 – Crypto: Reasons for Trading or Using, by Investable Assets, 2020

21

1.14: Exhibit 1.14 – Crosstab of Use of Mobile Payment Services by Trade or Use of Crypto Currency: 2020

22

1.15: Exhibit 1.15 – Engagement with Cryptocurrency NET: by Select Segments, 2020

23

1.16: Exhibit 1.16 – Crypto: Reasons for Trading or Using, by Gender and by Generation, 2020

24

1.17: Exhibit 1.17 – Crosstab of Crypto Use by Risk Tolerance/Comfort with Volatility: 2020

25

1.18: Exhibit 1.18 – Crypto Use and Political Views: 2020

26

1.19: Exhibit 1.19 – Count of Best Definition Chosen for Financial Fluency Terms: Crypto Users vs. Non-Crypto Users, 2020

27

1.20: Exhibit 1.20 – Crypto User Market: Sizing & Demographics, 2020

28

2: Awareness of asset allocation is high among wealthier consumers, but low and declining among households with <$100K. Many lower-asset and younger households are not accessing equity markets.

29-34

2.1: Exhibit 2.1 – Household Awareness of Asset Allocation: by Year

29

2.2: Exhibit 2.2 – Household Awareness of Asset Allocation: by Investable Assets, by Year

30

2.3: Exhibit 2.3 – Average Asset Allocation: by Investable Assets, 2020

31

2.4: Exhibit 2.4 – Asset Allocation to Equity in Ranges: by Year

32

2.5: Exhibit 2.5 – Asset Allocation to Equity in Ranges: by Investable Assets, by Year

33

2.6: Exhibit 2.6 – Asset Allocation to Equity in Ranges: by Investable Assets, by Age, 2020

34

3: Consumer awareness of the investment products they own is low and falling, especially for younger, low-asset households. Fewer households report they own mutual funds than at any point in the past decade.

35-47

3.1: Exhibit 3.1 – Household Awareness of Asset Class Allocation and Investment Product Types Owned: by Year

35

3.2: Exhibit 3.2 – Household Awareness of Investment Product Types Owned: by Investable Assets, by Year

36

3.3: Exhibit 3.3 – Investment Product Ownership: by Year

37

3.4: Exhibit 3.4 – Average Allocation to Investment Products: by Investable Assets: 2020

38

3.5: Exhibit 3.5 – Average Allocation to Managed Investment Products: by Investable Assets: 2020

39

3.6: Exhibit 3.6 – Average Allocation to Managed Investment Products: by Investable Assets: 2016

40

3.7: Exhibit 3.7 – Ownership of Individual Stocks vs. Mutual Funds: by Investable Assets, 2020 vs. 2010

41

3.8: Exhibit 3.8 – Ownership of Mutual Funds and ETFs: by Year

42

3.9: Exhibit 3.9 – Ownership of Mutual Funds: by Generation, by Year

43

3.10: Exhibit 3.10 – Ownership of Mutual Funds: by Investable Assets, by Year

44

3.11: Exhibit 3.11 – Ownership of Mutual Funds, Households With <$100K: by Generation, by Year

45

3.12: Exhibit 3.12 – Crosstab of Risk Tolerance/Comfort With Volatility by Ownership of Mutual Funds: 2020 vs. 2010

46

3.13: Exhibit 3.13 – Crosstab of Allocation to Mutual Funds by Agreement With Attitude “I am confused by all the investment information out there”: 2020

47

4: The biggest fund families may reach significant portions of households who own mutual funds or ETFs, but definite reach into all U.S. households is in the single digits due to declining ownership of mutual funds and low awareness of asset managers.

48-60

4.1: Exhibit 4.1 – Reported Ownership of Fund Families among Households who Own Mutual Funds/ETFs: 2020

48

4.2: Exhibit 4.2 – Total Possible Reach* Into Mutual Fund/ETF Consumers: by Asset Manager, by Year

49

4.3: Exhibit 4.3 – Definite Reach into Mutual Fund/ETF Consumers: by Asset Manager, by Year

50

4.4: Exhibit 4.4 – Total Possible and Definite Reach Into All Households With Assets: by Asset Manager, by Year

51

4.5: Exhibit 4.5 – Crosstabs of Ownership Rates of Vanguard Fund Family vs. Fidelity Fund Family: 2020

52

4.6: Exhibit 4.6 – Hearts & Wallets Shareholder Certainty Score*: by Asset Manager, 2020

53

4.7: Exhibit 4.7 – Consumer-Reported Distribution Mix: by Asset Manager, 2020

54

4.8: Exhibit 4.8 – Consumer-Reported Distribution Mix: “Directly with the Fund Company”: by Asset Manager, by Year

55

4.9: Exhibit 4.9 – Scatterplot Analysis: Total Definite Reach Into all Households With Assets vs. Shareholder Certainty Score, 2020

56

4.10: Exhibit 4.10 – Scatterplot Analysis: Shareholder Certainty Score vs. Direct Distribution, 2020

57

4.11: Exhibit 4.11 – Hearts & Wallets Shareholder Certainty Score*: by Asset Manager, by Year

58

4.12: Exhibit 4.12 – U.S. Household Involvement With Mutual Funds: by Investable Assets, 2020

59

4.13: Exhibit 4.13 – Agreement with Attitude: “I'd prefer one product that combines different investments to accomplish a goal, over me or an advisor assembling a portfolio of many component investments,” 2020

60

5: The #1 national investment goal is long-term growth, but identification of investment goals is hard for many and tied to understanding of financial language.

61-73

5.1: Exhibit 5.1 – Household Awareness of Asset Class Allocation, Investment Product Types Owned and Investment Goals: by Year

61

5.2: Exhibit 5.2 – Household Awareness of Investment Goals: by Select Segments, 2020

62

5.3: Exhibit 5.3 – Crosstab of Reliance on Paid Investment Professionals by Awareness of Investment Goals: 2020

63

5.4: Exhibit 5.4 – Crosstab of Count of Best Definition Chosen for Financial Fluency Terms by Awareness of Investment Goals: 2020

64

5.5: Exhibit 5.5 – Investment Goals, % Who Have the Goal (1+ Points of Importance): 2020

65

5.6: Exhibit 5.6 – Investment Goals, Importance: Average Allocation of 100 Points by Lifestage, 2020

66

5.7: Exhibit 5.7 – Investment Goals, Importance, Points Distribution: 2020

67

5.8: Exhibit 5.8 – Investment Goals, % Who Have the Goal (1+ Points of Importance): by Investable Assets, 2020

68

5.9: Exhibit 5.9 – Investment Goals, % Who Have* the ESG Investment Goal “Investing for a positive, social and/or environmental impact,” by Assets: 2020

69

5.10: Exhibit 5.10 – ESG Investment Goal “Investing for a positive, social and/or environmental impact,” Importance, Points Distribution: by Gender, by Age, 2020

70

5.11: Exhibit 5.11 – High-Interest ESG Market (Allocate 20+ Points to ESG): Sizing & Demographics, 2020

71

5.12: Exhibit 5.12 – Customer Base With High Interest in ESG, by Store: 2020

72

5.13: Exhibit 5.13 – Overlap of High-Interest ESG Market (Allocate 20+ Points to ESG) and Crypto Users, 2020

73

Data Dictionary

74-78

Appendix

79-80

Glossary

81
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Hearts & Wallets reports and research are for internal use only. Reports, wording of survey questions, structure of fields and data points are the property of Hearts & Wallets and are protected by copyright. Access to them is provided to you for internal strategic use only, and they cannot be used outside of your company without written consent from Hearts & Wallets LLC. Please contact Client Success to add more users for internal strategic access or to inquire about flexible options for licensing content for external use.

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