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Wants and Pricing

Delivering on Customer Wants, Unpacking Pricing and Rating the Top Performer Firms

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Report Overview


This report covers customer satisfaction ratings on all things important -- what they want from the financial firms and they do business with, their understanding of the fees they pay for products and services, and which Top Performer firms set the competitive bar. Specifically, we look at the top performing and most improved firms across five service dimensions and three pricing measurements, firm rankings on competence & creditability, reliability, tangibles, access & communication and understanding & empathy; which customer wants are most important now and what has changed from previous years; and investor understanding of how and what they pay, how a firm makes money and the impact on trust. 

Key Findings

 - Nationally, wants in Access & Communications shifted year-over-year, and the importance of Competence & Credibility rose. “Understandable” and “reasonable” fees are top wants across asset levels.
 - Ameriprise, Edward Jones and Merrill Lynch appear multiple times as Top Performers for customer satisfaction on top consumer wants.
 - Customers are unclear about pricing in 3 out of 4 saving, investing and advice relationships.
 - There are no Top Performers on 3 of 4 pricing measurements, including understanding of how firms earn money, the biggest driver of trust.
 - Data on customer wants and satisfaction informs corporate strategy as well as customer segment management and solution development.

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Sample Report Pages

Methodology

1-7

Executive Summary

8-10

Key Findings & Implications

11

Favorite Statistics

12

Related Research

13

Key Findings

14-55

1: Nationally, wants in Access & Communications shifted year-over-year, and the importance of Competence & Credibility rose. “Understandable” and “reasonable” fees are top wants across asset levels.

14-23

1.1: Exhibit 1.1 — Importance of Wants From Firm: National, 2020

14

1.2: Exhibit 1.2 — Competence & Credibility Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020

15

1.3: Exhibit 1.3 — Reliability Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020

16

1.4: Exhibit 1.4 — Tangibles Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020

17

1.5: Exhibit 1.5 — Access & Communications Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020

18

1.6: Exhibit 1.6 — Understanding & Empathy Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020

19

1.7: Exhibit 1.7 — Wants From Firm Top-Two Box above 50%, Ranked by Importance: by Investable Assets, 2020

20

1.8: Exhibit 1.8 — Importance of Want from Firm: “Offers Financial Planning”: by Investable Assets, by Year

21

1.9: Exhibit 1.9 — Importance of Wants From Firm: $2M+ Investable Assets, by Year

22

1.10: Exhibit 1.10 — Importance of Select Wants From Firm: $2M+ Investable Assets, by Year

23

2: Ameriprise, Edward Jones and Merrill Lynch appear multiple times as Top Performers for customer satisfaction on top consumer wants.

24-35

2.1: Exhibit 2.1 — Want from Firm “HAS WELL-TRAINED STAFF” Importance/Performance: National, by Store, 2020

24

2.2: Exhibit 2.2 —Want from Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL” Importance/Performance: National, by Store, 2020

25

2.3: Exhibit 2.3 — Want from Firm “FEES ARE CLEAR & UNDERSTANDABLE” Importance/Performance: National, by Store, 2020

26

2.4: Exhibit 2.4 — Want from Firm “IS UNBIASED, PUTS MY INTERESTS FIRST” Importance/Performance: National, by Store, 2020

27

2.5: Exhibit 2.5 — Want from Firm “HAS MADE ME MONEY” Importance/Performance: National, by Store, 2020

28

2.6: Exhibit 2.6 — Want from Firm “OFFERS PERSONAL FINANCIAL ADVICE” Importance/Performance: National, by Store, 2020

29

2.7: Exhibit 2.7 — Want from Firm “PROVIDES CLEAR, USEFUL STATEMENTS” Importance/Performance: National, by Store 2020

30

2.8: Exhibit 2.8 — Want from Firm “IS EASILY REACHABLE BY TELEPHONE” Importance/Performance: National, by Store, 2020

31

2.9: Exhibit 2.9 — Want from Firm “HAS GOOD MOBILE APPS” Importance/Performance: National, by Store, 2020

32

2.10: Exhibit 2.10 — Want from Firm “QUALITY OF ONLINE TOOLS AND RESEARCH” Importance/Performance: National, by Store, 2020

33

2.11: Exhibit 2.11 — Want from Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS” Importance/Performance: National, by Store, 2020

34

2.12: Exhibit 2.12 — Want from Firm “UNDERSTANDS ME AND SHARES MY VALUES” Importance/Performance: National, by Store, 2020

35

3: Customers are unclear about pricing in 3 out of 4 saving, investing and advice relationships.

36-47

3.1: Exhibit 3.1 — Pricing Mechanism Summary: National, by Year

36

3.2: Exhibit 3.2 — Overall Pricing NET “Don’t Know”: National, by Year

37

3.3: Exhibit 3.3 — Overall Pricing NET: National, by Year

38

3.4: Exhibit 3.4 — Pricing Mechanism When Paying Through Products: National, by Year

39

3.5: Exhibit 3.5 — Pricing Mechanism When Paying Through Products, ESRP Only: National, by Year

40

3.6: Exhibit 3.6 — Pricing Amount When Paying bps Through Products: National, by Year

41

3.7: Exhibit 3.7 — Pricing Mechanism When Paying Through Services: National, by Year

42

3.8: Exhibit 3.8 — Pricing Amount When Paying bps Through Services: National, by Year

43

3.9: Exhibit 3.9 — Overall Pricing NET, “Don’t Know”: by Select Segments, by Year

44

3.10: Exhibit 3.10 — Crosstab: Pricing Mechanism/Amount by Understanding of How Firm Earns Money, 2020

45

3.11: Exhibit 3.11 — Understanding of How Firms Earn Money: National, by Year

46

3.12: Exhibit 3.12 — Understanding of How Firms Earn Money: by Select Segments, by Year

47

4: There are no Top Performers on 3 of 4 pricing measurements, including understanding of how firms earn money, the biggest driver of trust.

48-52

4.1: Exhibit 4.1 — Want from Firm “HAS LOW FEES” Importance/Performance: National, by Store 2020

48

4.2: Exhibit 4.2 — Want from Firm “FEES ARE REASONABLE FOR THE SERVICES PROVIDED” Importance/Performance: National, by Store, 2020

49

4.3: Exhibit 4.3 — Overall Pricing NET, “Don’t Know”: by Store, 2020

50

4.4: Exhibit 4.4 — Understanding of How Firms Earn Money – Top-Two Box: by Store, 2020

51

4.5: Exhibit 4.5 — Understanding of How Firms Earn Money – Full Range: by Store, 2020

52

5: Data on customer wants and satisfaction informs corporate strategy as well as customer segment management and solution development.

53-55

5.1: Exhibit 5.1 — Competitive Performance Map: “Has made me money” vs. “Has low fees,” 2020

53

5.2: Exhibit 5.2 — Morgan Stanley Performance Matrix, 2020

54

5.3: Exhibit 5.3 — E*Trade Performance Matrix, 2020

55

Data Dictionary

56-62

Appendix

63-67

Glossary

68
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Hearts & Wallets reports and research are for internal use only. Reports, wording of survey questions, structure of fields and data points are the property of Hearts & Wallets and are protected by copyright. Access to them is provided to you for internal strategic use only, and they cannot be used outside of your company without written consent from Hearts & Wallets LLC. Please contact Client Success to add more users for internal strategic access or to inquire about flexible options for licensing content for external use.

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