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Stores & Success Metrics

The Battle for Customer Loyalty Heats Up as Big Firms Gain Share and Service Models Diversify








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Report Overview

Firms across the industry are battling to capture more households and share of wallet. Many are introducing new service models designed to accommodate different asset levels and service demands, and customer outreach during COVID-19 reached a crescendo. But, surprisingly, despite all the efforts across the board, only a few of the largest stores are increasing reach. Unfortunately, consumer trust, intent to invest more and intent to recommend is down, especially with the $2M+ segment.

Key Findings

  • Most consumers have multiple saving and investing relationships but did not add new ones in 2020
  • Outreach during COVID-19 mattered. Lack of outreach is associated with lower intent to recommend, while more contact and more personalization is associated with higher intent to recommend
  • Nationally, share of wallet at the primary store is going up
  • The biggest stores substantially increased their reach into U.S. households, by organic growth and acquisition
  • Stores are diversifying across Inside Advice® Grid, creating new service models and moving customers into more robust categories
  • High trust, intent to recommend and intent to invest more at current relationships dropped at the national level, driven by steep declines in relationships with households with $2M+

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Sample Report Pages

Table of Contents

Methodology

1-3

Executive Summary

4-6

Key Findings & Implications

7

Favorite Statistics

8

Related Research

9

Key Findings

1: Most consumers have multiple saving and investing relationships but did not add new ones in 2020.

Exhibit 1.1 — Number of Saving & Investing Relationships: National, by Year

10

Exhibit 1.2 — Households Involved in Money Movement and Transaction Type: National, 2020 vs. 2018

11

Exhibit 1.3 — Average Number of Saving & Investing Relationships: by Investable Assets, by Year

12

Exhibit 1.4 — Number of Saving & Investing Relationships: National, by Year

13

Exhibit 1.5 — Number of Saving & Investing Relationships: $2M+ Investable Assets, 2020

14

Exhibit 1.6 — Crosstab of Average Number of Saving & Investing Relationships by Investment Decision Process Preference: by Investable Assets, 2020

15

Exhibit 1.7 — Average Number of Saving & Investing Relationships by Store: All Customer Types, by Year

16

Exhibit 1.8 —Number of 4+ Saving & Investing Relationships by Store: All Customer Types, 2020

17

2: Outreach during COVID-19 mattered. Lack of outreach is associated with lower intent to recommend, while more contact and more personalization is associated with higher intent to recommend.

Exhibit 2.1 — Crosstab of COVID-19 Outreach From Main Provider by Intent to Recommend Store: National, 2020

18

Exhibit 2.2 — COVID-19 Outreach From Main Provider: National, 2020 (Aug) vs. 2020-May

19

Exhibit 2.3 — COVID-19 Outreach From Main Provider: by Investable Assets, 2020 (Aug) vs. 2020-May

20

Exhibit 2.4 — COVID-19 Outreach Via Phone or Email by Store: All Customer Types, 2020 (Aug)

21

Exhibit 2.5 — Satisfaction With Frequency of COVID-19 Outreach From Main Provider: 2020 (Aug) vs. 2020-May

22

Exhibit 2.6 — Satisfaction With Usefulness of COVID-19 Outreach From Main Provider: 2020 (Aug) vs. 2020-May

23

Exhibit 2.7 — Top 2-Box Satisfaction With Frequency of COVID-19 Outreach: All Customer Types, 2020

24

Exhibit 2.8 — Top 2-Box Satisfaction With Usefulness of COVID-19 Outreach: All Customer Types, 2020

25

3: Nationally, share of wallet at the primary store is going up.

Exhibit 3.1 — Mean Share of Wallet Held at Primary1 Store: National, by Year

26

Exhibit 3.2 — Mean Share of Wallet Held at Primary1 Store: by Investable Assets, by Year

27

Exhibit 3.3 — Mean Share of Wallet by Store: All Customer Types, 2020

28

Exhibit 3.4 — Mean Share of Wallet by Store: All Customer Types, by Year

29

Exhibit 3.5 — Distribution of Share of Wallets by Store: All Customer Types, 2020

30

Exhibit 3.6 — Serve as Primary Store by Store: All Customer Types, 2020

31

Exhibit 3.7 — Serve as Primary Store by Store: All Customer Types, by Year

32

Exhibit 3.8 — Serve as Main Source of Retirement Advice: All Customer Types, 2020

33

Exhibit 3.9 — Connections between Main Source of Retirement Advice and Primary Store: All Customer Types, 2020

34

4: The biggest stores substantially increased their reach into U.S. households, by organic growth and acquisition.

Exhibit 4.1 — Top Stores for Household Relationships/Reach*: All Customer Types, by Year

35

Exhibit 4.2 — Top 5 Stores for Household Relationships/Reach*: All Customer Types by Investable Assets, by Year

36

Exhibit 4.3 — Top Stores for Share of U.S. Retail Investable Assets (<$5M), by Year

37

5: Stores are diversifying across Inside Advice® Grid, creating new service models and moving customers into more robust categories.

Exhibit 5.1 — Validated Position of Advice Experiences on Inside Advice® Grid & Directions of Innovation, 2018

38

Exhibit 5.2 — Consumer-Reported Position of Relationships by Inside Advice® Categories: National, by Year

39

Exhibit 5.3 — Consumer Perception* on Inside Advice® Grid by Store: All Customer Types, 2017

40

Exhibit 5.4 — Consumer Perception* on Inside Advice® Grid by Store: All Customer Types, 2020

41

6: High trust, intent to recommend and intent to invest more at current relationships dropped at the national level, driven by steep declines in relationships with households with $2M+.

Exhibit 6.1 — High Trust (Trust Levels of 9 -10): National, by Year

42

Exhibit 6.2 — High Trust (Trust Levels of 9 -10): by Household Investable Assets, by Year

43

Exhibit 6.3 — High Trust (Trust Levels of 9 -10), Primary vs. Secondary Store: National, by Year

44

Exhibit 6.4 — High Trust (Trust Levels of 9 -10), Primary vs. Secondary Store: by $2M+ Investable Assets, by Year

45

Exhibit 6.5 — Trust by Store: All Customer Types, 2020

46

Exhibit 6.6 — High Trust (Trust Levels of 9 -10) by Store: All Customer Types, by Year

47

Exhibit 6.7 — High Likelihood to Recommend (Levels of 9 -10): National, by Year

48

Exhibit 6.8 — High Likelihood to Recommend (Levels of 9 -10): by Investable Assets, by Year

49

Exhibit 6.9 — Likelihood to Recommend by Store: All Customer Types, 2020

50

Exhibit 6.10 — High Likelihood to Invest More (Levels of 9 -10): National, by Year

51

Exhibit 6.11 — High Likelihood to Invest More (Levels of 9 -10): by Investable Assets, by Year

52

Exhibit 6.12 — Likelihood to Invest More by Store: All Customer Types, 2020

53

Exhibit 6.13 — Hearts & Wallets Loyalty Score by Store: All Customer Types, 2020

54

Data Dictionary

55-58

Appendix

59-63

Glossary

64
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