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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

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

  • Having reasonable fees and putting customer interests first are among the six most frequent customer wants nationally. 
  •  43% of consumers who pay an investment professional directly value proactivity. 
  •  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: 

  • Master the six essential national consumer wants first and then identify how to satisfy the wants of specific groups of customers to differentiate your firm. 
  • 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, and address a key influence. 
  • Know your customer wants and those of competitors to develop competitive strategies. 
  • Customize Wants & Pricing data and competitive insights to drive strategy. 

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

Published April 9. This 74-page report features 61 data-intensive exhibits.

Investment -- Special Packages Available!

Investor Quantitative™ Database Reports

$14,000 each


__Wants & Pricing: How Top Performers Crack the Code to Get Customer Wants Right. Publication Date April 9, 2019.

__ Advice & Technology: Beyond Traditional Market Models, Receptivity to Professional Advice and Mobile Payments Connection. Published December 11, 2018.

__ Attitudes & Sentiment: Goal-Centric Consumers, the Advisory Relationship and Dreams of Retirement. Published November 14, 2018.

__ Pain Points & Actions: Insights to Address Large Advice Gaps by Reaching Consumers with Unmet Needs. Published October 16, 2018.

__ Investment Products & Asset Managers: Building Product Relevancy Through Customer Insights. Published September 18, 2018.

__ Money Movement: Insights to Outsmart the Competition as New Accounts are on the Rise. Published August 21, 2018.

__ Retirement & Funding: Building Informed Expectations About Sources of Income in Retirement. Published June 19, 2018.

__ Income & Net Worth: Thirst for Liquidity and Other Actionable Surprises in Human Capital and Household Finance. Published May 16, 2018.

__ Stores & Success Metrics: Winning the “Hearts & Wallets” of Customers. Published April 9, 2018.

Portrait™ Market Sizing Report

$25,000

__ Portrait™ of U.S. Household Wealth: Essential Building Blocks to Empower Strategy & Prioritization. Published February 26, 2019.

 

Explore Qualitative™ Reports

$4,000

__ Exercise: Motivations to Move Cash into Investments. $4,000. Explore Exercises examine market phenomena where products are still several years in the future.

__ Concept Test: “Financial Advice Menu” and Pricing. $4,000. Explore Concept Tests provide a first look at emerging solutions ready to be packaged and priced.

These Explore Qualitative™ Reports are in the Shopping on Aging Gracefully series.


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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