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Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

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Wants & Pricing

How Top Performers Crack the Code to Get Customer Wants Right -- a Quantitative Report


Report Overview

Wants & Pricing: How Top Performers Crack the Code to Get Customer Wants Right gives you the competitive data and insight you need on customer wants, Top Performer firms, expectations for paid vs. non-paid financial professionals, and important pricing trends.

Understand the level of importance that consumers place nationally on 34 service dimension attributes (25 firm and 9 fin pro) and three pricing dimensions tracked, plus how the top 21 firms most often cited perform. The report draws from the latest fielding of the Hearts & Wallets Investor Quantitative™ Database, recognized as the largest single dataset on U.S. retail consumer attitudes, behaviors and buying patterns, with over 45,000 U.S. households. 

Select Key Findings

  • As consumer enthusiasm for flat fees continues to grow, some stores are ahead of the trend, while others lag – find out which ones in the report. 
  • Consumers who expect advice to be free have higher expectations for accountability for investment results compared to consumers who pay for investment selection. 
  • Top Performers for “explains things in understandable terms” are Ameriprise, Edward Jones and Morgan Stanley.

How This Report Helps

Marketing, product and advice/digital design professionals will benefit from the actionable data and insights in this report to: 

  • Compare the results of this large-scale national study to your internal brand tracking to gain new insights. 
  • Satisfy the key shopping criteria for consumers who use financial professionals, and define customer expectations for “free” service. 
  • Help consumers understand how to buy what they want. 
  • Know your customer wants and those of competitors to develop competitive strategies. 
  • Stay ahead of pricing trends.    

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 1,600 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 45,000 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.  

“Rarely does any content that I’ve read over the years reach the level of sophistication and credibility that Hearts & Wallets produces.”    

– Consumer Insights Professional, major diversified firm  

Executive Summary

Key Findings & Implications, Favorite Statistics, Related Research

9-16

Most Frequent Wants of Firms Have Been the Same for 5 Years and Growing Stronger

Wants from Firm – Top Two-Box Importance: National

17

Most Frequent Wants from Firm – Top Two-Box Importance, Ranked Based on Importance: National, by Store, by Lifestage, by Assets

18-22

Emerging Wants from Firm – Top Two-Box Importance: National, by Lifestage, by Assets

23-24

Consumers Identify Wants From Fin Pros and How Expectations Differ if Paying for Advice

Wants from Financial Professionals – Top Two-Box Importance: National, by Lifestage, by Assets, by Year

25-26

Wants from Financial Professionals: Use Paid Inv Pro vs. “Free” Fin Pro – Top Two-Box Importance: National, by Lifestage, by Assets, by Year

27-29

“Don’t Know How I Pay” Persists

Pricing Mechanism: National, by Lifestage, by Assets, by Year

30-31

Store and Product Pricing Mechanisms: National, by Year, by Investable Assets, by Lifestage, by Amount

32-37

Understanding of How Firm Earns Money: National, by Year, by Investable Assets, by Lifestage

38-39

Top Performers are Identified Based on Customer Satisfaction

Top Two-Box Importance and Satisfaction Ratings on Wants from Firm and on Select Pricing Measurements by Service Dimension, All Primary and Secondary Customers

40-53

Different Views are Examined Within Wants & Pricing Data

Top Two-Box Importance and Satisfaction Ratings on Wants From Firm and on Select Pricing Measurements, All Primary and Secondary Customers

54-63

Brand Perceptual Map: Top 2 Box Satisfaction on 2 Wants, All Primary and Secondary Customers

64-65

Appendix

Appendix: Terminology & Definition, Sample Sizes

66-73

Index of Companies

American Century

10, 14, 19, 40-53, 55-56, 58-65

Ameriprise

10, 13, 19, 40-53, 55-65

Bank of America (excluding Merrill Lynch)

19, 40-53, 55-56, 58-64

Capital One

19, 40-53, 55-56, 58-64

Citibank

10, 14, 19, 40-53, 55-56, 58-64

Charles Schwab

10, 13-14, 19, 40-53, 55-56, 58-65

Edward Jones

10, 13, 19-20, 40-53, 55-64

E*Trade

10, 13-14, 19, 40-53, 55-56, 58-64

Fidelity

19, 40-53, 55-56, 58-64

JP Morgan Chase

10, 14, 19, 40-53, 55-56, 58-64

Merrill Lynch (excluding EDGE)

10, 14, 19, 40-53, 55-64

Morgan Stanley

10, 13-14, 19, 40-53, 55-65

PNC

10, 13, 19, 40-53, 55-56, 58-64

Prudential

10, 13, 19, 40-53, 55-56, 58-65

T. Rowe Price

19, 40-53, 55-56, 58-64

TIAA

14, 19, 40-53, 55-56, 58-65

TD Ameritrade

10, 14, 19, 40-53, 55-56, 58-64

USAA

10, 13-14, 19, 40-53, 55-56, 58-65

Vanguard

10, 13-14, 19, 40-53, 55-56, 58-64

Wells Fargo Advisors

13, 19, 40-53, 55-64

Wells Fargo Bank

19, 40-53, 55-56, 58-64

This new 58-page report features 37 data-intensive exhibits

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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.


About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

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Select the desired report(s) and send a signed copy of this form to info@heartsandwallets.com. 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.