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The Pain Points & Actions: Insights to Address Large Advice Gaps by Reaching Consumers With Unmet Needs report reveals the most pressing pain points different groups of consumers face, the reasons they seek help, and the actions they have taken and plan to take.
Written by subject matter experts with operating experience in retail finance, consumer packaged goods and technology development, the ideas and analysis of this insight module are drawn from the latest fielding of the Hearts & Wallets Investor Quantitative™ Database (IQ™ Database), recognized as the largest single dataset on U.S. retail consumer attitudes, behaviors and buying patterns, with over 46,000 U.S. households.
Select Key Findings
The vast majority of consumers who find a task difficult don’t seek help, creating large advice gaps.
“Choosing appropriate investments” is a top pain point for all consumers. Among the many tasks that consumers say are difficult is “managing the finances of my loved ones as they age.”
Customers of Merrill Lynch (36%) are most likely to plan to "change investment mix" (36%) while customers of E*Trade (41%) and Scottrade (45%) are most likely to have already taken this action.
How This Report Helps
Marketing, product and advice/digital design professionals will benefit from the actionable data and insights in this report to:
Gain insight into consumer confusion and inertia to tailor campaigns and products to address advice gaps for unmet consumer needs in areas like retirement planning.
Develop actionable strategies based on the tasks consumers find difficult, going beyond top pain points to uncover opportunities for differentiation.
Use growing consumer engagement with financial tasks to shape product development and messaging.
Inspire younger consumers with new programs that provide access to help to the large number of households within this group that plan to take action.
Reap the benefits of the competitive insights into the buying patterns at your firm, competitors and distributors to develop products and enhance loyalty.
About the Hearts & Wallets Investor Quantitative™ Database
The Hearts & Wallets Investor Quantitative™ Database (IQDB) is the comprehensive resource for understanding and analyzing behaviors and attitudes of retail savers and investors. With over 1,000 fields and derived variables, the breadth and depth of topics covered is designed with decades of hands-on experience in the marketing, product, service and research functions it serves. The database covers consumers of all age and wealth segments, with over 5,000 annual responses to an online survey fielded mid-year since 2010. The large sample size of over 46,000 U.S. households permits sizing and profiling of virtually any demographic, behavioral or attitudinal definition for consumer groups. Its national weighting methodology allows for comparisons across years and customer/shareholder bases of leading firms.
Published October 16, 2018. This 40-page report features 27 data-intensive exhibits.
Table of Contents/Directory of Exhibits and Index of Companies
Key Findings & Implications Favorite Statistics, Related Research
Financial Tasks More Relevant to More Consumers
Financial Tasks, Applicable vs. Not Applicable: Pre-/Post-Retirees
Financial Tasks, Applicable vs. Not Applicable: Accumulators
Top Pain Point “Choosing Appropriate Investments”
Selected Financial Tasks, Difficulty 6-10: by Lifestage
Financial Tasks, Difficulty 6-10: Post-Retirees, Pre-Retirees, Accumulators
Selected Financial Tasks, Difficulty 6-10: by Accumulator Lifestages
Low Rates Seeking Help Creating Large Advice Gaps
Seeking Help on Selected Financial Tasks: by Lifestage
Seeking Help on Financial Tasks: Post-Retirees, Pre-Retirees, Accumulators
Early Career Analysis: Difficulty, Seeking Help, Advice Gaps
More Younger Consumers Plan to Take Action vs. Older Consumers
Financial Actions Taken/Planned: Pre-/Post-Retirees, Accumulators
Financial Actions Planned: Accumulators vs. Pre-/Post-Retirees
Financial Actions Planned: by Accumulator Lifestages
Financial Actions Planned, Sized in Households (M) and Total Investable Assets ($T)
Actions Planned Vary Based on Customers of Each Store
Financial Actions Taken/Planned: by Store Customer Bases
Top 5 Actions Planned: by Customer Bases of TIAA, Fidelity and Ameriprise
Appendix: Terminology & Definition, Sample Sizes
Index of Companies
Bank of America/Merrill Lynch
JP Morgan Chase
T. Rowe Price
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