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New Needs & New Entrants

Strategic Moves for Next Generation Innovation in Robos & Advice

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Overview

This report is from the Hearts & Wallets research collection focusing on saving, investing and advice and leverages analytics and datasets from three proprietary databases. 

Fintech and robo-advisor solutions are everywhere. The thousands of competitors and new entrants make it difficult to evaluate where the opportunities lie. This report, drawing from the Investor Quantitative™ Database, explores the blending of technology and live advice solutions, current successes and where the money is going for new entrants, and consumer needs that will likely present future opportunities.

The new 80 page report features 56 exhibits. See table of contents and sample pages below.

Key Findings

  • Digital advice is not just for early adopters as all Americans demand more while seeking sources that empower their desire to stay in control. Americans who blend live and technology sources have reached the 50% tipping point, and more affluent customers are testing digital advice as a supplement to human advice.
  • Demand for ”new” needs – like support for action-taking – is higher than “old” needs – like asset allocation. Today, over 70% of consumers in accumulator lifestages are interested in new technologies that offer new approaches to saving and investing.
  • Robos, as structured, are not winning the mass market. Appeal is highest among experienced investors, organic trial is limited, migration is playing a big role and confusion is rife.
  • Fintechs have dramatically increased their awareness and trial, with over half of U.S. households aware of at least one new fintech – up from 36% in 2015.
  • Today, the intersection of consumer demand and competitive white space is in “prioritizing saving and spending” and “determining financial actions to take.”

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Sample Pages


Table of Contents

Executive Summary

Introduction

3-6

Key Findings and Implications, Favorite Statistics, Related Research

10-16

Key Finding #1. Digital advice is not just for young digital natives, as Americans demand more advice while seeking sources that empower their desire to stay in control.

1.1 Preferred Investment Decision-Making Process: National, 2010-2019

17

1.2 Sources of Information and Advice – “Myself” as “Go-to/Primary” Source: National, 2010-2019

18

1.3 Sources of Information and Advice – “Myself” as “Go-to/Primary” Source: By Investable Assets, 2010-2019

19

1.4 Crosstab of Preferred Investment Decision-Making Process by “Myself” as “Go-to/Primary” Source of Investing Information and Advice: 2019 vs. 2010

20

1.5 Use of Sources of Investing Information and Advice: National, 2014 2019

21

1.6 Use of Online as Source of Investing Information and Advice: by Age, by Investable Assets, 2019

22

1.7 Sources of Information and Advice – Online with Degree of Reliance: National, 2011-2019

23

1.8 Online Investing Information & Advice Activities – NET Computer or Mobile: National, 2011-2019

24

1.9 Online Investing Information & Advice Activities – NET Computer or Mobile: National, 2019 vs. 2018

25

1.10 Use of Online Investing Information & Advice for 1+ Activity, by Device Type: National, 2011-2019

26

1.11 “Track or Check Accounts” Online, by Device Type: National, 2011 2019

27

1.12 “Use Financial Planning Tools” Online, by Device Type: National, 2011-2019

28

1.13 Use of Online Banking and Online Payment Services, by Device Type: National, 2019 vs. 2018

29

1.14 Crosstabs: Online Investing Activity “Track or Check Accounts” and Use of Online Banking and Payment Services: National, 2019

30

1.15 Use of Blended Online and Live Advice: National, 2010-2019

31

1.16 Use of Blended Online and Live Advice: by Age, by Investable Assets, 2019

32

1.17 Consumer Methods for Blending Online and Live Advice: National, 2019 vs. 2013

33

1.18 Direction of Innovation: Current Placement of Advice and Guidance Experiences on Inside Advice® Grid from Inside Advice® Benchmarking

34

Key Finding #2. Demand for ”new” needs like support for action-taking is higher than “old” needs like asset allocation, and gulf has widened since 2015.

2.1 New Needs Framework – Want Help, by Summary Categories: 2019 vs. 2015

35

2.2 New Needs Framework Element Detail – Want Help: 2019

36

2.3 New Needs Framework Element Detail – Want Help: 2019 vs. 2015

37

2.4 New Needs Framework Element Detail – Want Help: by Investable Asset Segments, 2019

38

2.5 New Needs Framework Element Detail – Want Help: <$100K, 2019 vs. 2015

39

2.6 New Needs Framework Element Detail – Want Help: $100K-<$1M, 2019 vs. 2015

40

2.7 New Needs Framework Element Detail – Want Help: $1M+, 2019 vs. 2015

41

Key Finding #3. “Robos” as structured are not winning the mass market. Appeal is highest among experienced investors, organic trial is limited, migration is playing a big role and confusion is rife.

3.1 Robos/Automated Portfolios Ownership Rates: National, 2019 vs. 2018

42

3.2 Robos/Automated Portfolios Ownership Rates – Number of Households: National, 2019 vs. 2018

43

3.3 Robos/Automated Portfolios Ownership Rates: by Generation, 2019 vs. 2018

44

3.4 Robos/Automated Portfolios Ownership Rates: by Generation, by Investable Assets, 2019

45

3.5 Dollars Invested in Robos/Automated Portfolios: 2019 vs. 2018

46

3.6 Dollars Invested in Robos/Automated Portfolios: by Investable Assets, 2019

47

3.7 Crosstab: Ownership of Robos/Automated Portfolios and Experience with Investing: 2019

48

3.8 Crosstab: Use of Financial Professionals as Source of Information and Advice and Ownership of Automated Portfolios, 2019

49

3.9 Crosstabs: 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“ and Ownership of Automated Portfolios, 2019

50

Key Finding #4. Fintechs dramatically increased their awareness and trial, with over half of U.S. households aware of at least one new fintech, up from 36% in 2015.

4.1 Awareness of Any New Entrants: National, 2019 vs. 2015

51

4.2 Awareness of Any New Entrants: by Lifestage, 2019 vs. 2015

52

4.3 Awareness of New Entrants by Company: National, 2019 vs. 2015

53

4.4 Awareness of New Entrants by Company: by Investable Assets, 2019

54

4.5 Composition of Consumers Aware of Top New Entrants: by Investable Assets, 2019 vs. 2015

55

4.6 Composition of Consumers Aware of Top New Entrants: by Lifestage, 2019 vs. 2015

56

4.7 Awareness & Interest/Trial of New Entrants by Company: 2019

57

4.8 Interest/Trial of New Entrants by Company: 2019

58

4.9 Trial of New Entrants Involved Money: Deposited Money or Paid for Advice, by Company, 2019

59

4.10 Trial of New Entrants Involved Money: Among Those Aware and Overall, by Company, 2019 vs. 2015

60

Key Finding #5. Today, the intersection of consumer demand and competitive white space is in “prioritizing saving and spending” and “determining financial actions to take.”

5.1 New Needs Framework Element Detail – Want Help: 2015

61

5.2 Portrait™ Market Sizing Exercise: Overlooked Consumer Risk of Disruption, 2018

62

5.3 New Needs Framework Element Detail – Want Help: 2019

63

5.4 Portrait™ Market Sizing Exercise: Advice on Next Dollar Saved, 2018

64

5.5 New Needs Framework Competitive Landscape: Evaluation of Public Capabilities, August 2020

65

5.6 Crosstabs: Want Help “Budgeting and Prioritizing Spending and Saving” and Attitude ”See Value in Paying for Professional Advice”: 2019 vs. 2010

66

5.7 Crosstab: Want Help “Budgeting and Prioritizing Spending and Saving” and Attitude ”My Advisor is a Partner to Me”: 2019

67

5.8 Crosstab: Want Help “Budgeting and Prioritizing Spending and Saving” with Importance of Want from Firm “Has Low Fees” and “Fees are Clear and Understandable”: 2019

68

5.9 Hypothetical Example: How a “Robo”/Automated Portfolio Makes Money through Cash, Fees & Subscriptions without Asset Management Fees

69

Appendix

Data Dictionary

70-76

Glossary, Sample Sizes

77-79


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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.

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