Order Report - Pain Points & Actions:: Using the Biggest Advice Gaps to Jump Start Consumer Conversations
Today, more households are seeking help for financial tasks. This report looks at which tasks consumers find difficult, and which consumer segments find certain tasks difficult. Gen X and Millennials are increasingly seeking help on multiple tasks, which aligns with the finding in November's Attitude and Sentiments report that these generations have experienced a financial awakening. Most importantly the reports explores where the biggest advice gaps are which can help jump start conversations on product and service solutions with your customers!
- More households report seeking help for multiple financial tasks with growth being driven by households with $100K-<$500K.
- Millennials and Gen X are increasingly seeking help on multiple tasks. Difficulty with tasks drops off markedly with higher assets, but not higher income.
- Many households who find tasks difficult do not seek help, creating advice gaps. Advice gaps occur more frequently in younger than older households.
- The biggest advice gaps are “handling market volatility emotionally,” choosing appropriate investments, estimating/calculating RMDs and estate planning.
- Consumers are more likely to see value in paying for advice when tasks are difficult and even more likely when they have experienced advice.
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