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Wants & Pricing 2022: What’s Important to Retail Investors, How Pricing Is Changing and How Competitors Perform on Customer Satisfaction



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Report Overview

There are a number of "consumer wants" that are experiencing significant jumps in importance - including high quality mobile apps, online tools, and doing business with a well-known leader. Top wants of different customer segments vary significantly. For example, millennial millionaires prioritize quality of internet account access, while boomer millionaires prioritize being unbiased.  Learn what your customers and prospects want most from you! Also included - consumers now have a greater awareness of pricing at a time when the top consumer "want" from financial services firms is clear and understandable fees. Learn the potential implications as you price products and services.This report also looks at how the competitive field is getting tighter and how there are fewer "Top Performers" firms on fewer wants.


Key Findings

  1. Wants across all service dimensions are becoming more important at the national level. Top wants of design targets differ from national in significant ways.
  2. The competitive field is getting tighter, with Top Performers emerging on fewer wants than in the past. Edward Jones, Morgan Stanley, American Funds, T. Rowe Price, Wells Fargo Advisors distinguish themselves by achieving one or more Hearts & Wallets Top Performer designations.
  3. Customer awareness of pricing increased sharply year over year, with higher prices reported for both products and services and a notable jump in use of flat fees.
  4. Plotting wants, satisfaction and pricing creates informative maps for competitive insight and strategic decisions. Edward Jones, Vanguard, Charles Schwab, Fidelity and E*TRADE have high customer satisfaction on both “has made me money” and “has low fees.”


Pricing

Choose access licenses for your team or organization in ways that support how you collaborate. AVAILABLE FOR LICENSE TO NON TRENDS SUBSCRIBERS December, 2022.
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Sample Report Pages



Table of Contents

Methodology

1-7

Key Findings & Implications

8

Favorite Statistics

9

Related Research

10

Key Findings

11-58

1: Wants across all service dimensions are becoming more important at the national level. Top wants of design targets differ from national in significant ways.

1.1: Exhibit 1.1 — Importance of Wants From Firm: National, 2021

11

1.2: Exhibit 1.2 — Importance of Wants From Firm: National, 2021 vs. 2016

12

1.3: Exhibit 1.3 — Top 10 Wants From Firm, Ranked on Top-Two Box Importance: National, 2021

13

1.4: Exhibit 1.4 — Top Wants of Sample Design Targets, 2021

14

1.5: Exhibit 1.5 — All Competence & Credibility Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

15

1.6: Exhibit 1.6 — All Reliability Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

16

1.7: Exhibit 1.7 — All Tangible Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

17

1.8: Exhibit 1.8 — All Access & Communication Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

18

1.9: Exhibit 1.9 — All Understanding & Empathy Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

19

1.10: Exhibit 1.10 — Importance of Wants From Firm Among Those Who Rely on Paid Investment Professional Primary/Usually: by Investable Assets, 2021

20

1.11: Exhibit 1.11 — Importance of Wants From Firm: by Anxiety Level, 2021

21

2: The competitive field is getting tighter, with Top Performers emerging on fewer wants than in the past. Edward Jones, Morgan Stanley, American Funds, T. Rowe Price, Wells Fargo Advisors distinguish themselves by achieving one or more Hearts & Wallets Top Performer designations.

2.1: Exhibit 2.1 – Summary of “Top Performer” Stores on Wants From Firm: 2021 vs. 2020

22

2.2: Exhibit 2.2 — Want From Firm “HAS WELL-TRAINED STAFF” Importance/Performance: National, by Store, 2021

23

2.3: Exhibit 2.3  — Want From Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL” Importance/Performance: National, by Store, 2021

24

2.4: Exhibit 2.4 — Want From Firm “FEES ARE CLEAR & UNDERSTANDABLE” Importance/Performance: National, by Store, 2021

25

2.5: Exhibit 2.5 — Want From Firm “IS UNBIASED, PUTS MY INTERESTS FIRST” Importance/Performance: National, by Store, 2021

26

2.6: Exhibit 2.6 — Want From Firm “HAS DEFINED, REPEATABLE PROCESSES FOR PRODUCING RESULTS” Importance/Performance: National, by Store, 2021

27

2.7: Exhibit 2.7 — Want From Firm “HAS MADE ME MONEY” Importance/Performance: National, by Store, 2021

28

2.8: Exhibit 2.8 — Want From Firm “OFFERS PERSONAL FINANCIAL ADVICE”Importance/Performance: National, by Store, 2021

29

2.9: Exhibit 2.9 — Want From Firm “PROVIDES CLEAR, USEFUL STATEMENTS” Importance/Performance: National, by Store 2021

30

2.10: Exhibit 2.10 — Want From Firm “IS EASILY REACHABLE BY TELEPHONE” Importance/Performance: National, by Store, 2021

31

2.11: Exhibit 2.11 — Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH” Importance/Performance: National, by Store, 2021

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2.12: Exhibit 2.12 — Want From Firm “HAS GOOD MOBILE APPS” Importance/Performance: National, by Store, 2021

33

2.13: Exhibit 2.13 — Want From Firm “THERE IS A SPECIFIC PERSON OR TEAM ASSIGNED TO WORK WITH ME” Importance/Performance: National, by Store, 2021

34

2.14: Exhibit 2.14 — Want From Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS” Importance/Performance: National, by Store, 2021

35

2.15: Exhibit 2.15 — Want From Firm “UNDERSTANDS ME AND SHARES MY VALUES” Importance/Performance: National, by Store, 2021

36

3: Customer awareness of pricing increased sharply year over year, with higher prices reported for both products and services and a notable jump in use of flat fees.

3.1: Exhibit 3.1 — All Perception of Value, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*

37

3.2: Exhibit 3.2 — Perception of Value “HAS LOW FEES” Importance/Performance: National, by Store 2021

38

3.3: Exhibit 3.3 — Perception of Value “FEES ARE REASONABLE FOR THE SERVICES PROVIDED” Importance/Performance: National, by Store, 2021

39

3.4: Exhibit 3.4 — Pricing Topline View: National, by Year

40

3.5: Exhibit 3.5 — Pricing Topline View, Investing Relationships Only: National, by Year

41

3.6: Exhibit 3.6 — Service Pricing Mechanism: National, by Year

42

3.7: Exhibit 3.7 — Service Pricing Amount (bps): National, by Year

43

3.8: Exhibit 3.8 — Product Pricing Mechanism: National, by Year

44

3.9: Exhibit 3.9 — Product Pricing Mechanism, Investing Relationships Only: National, by Year

45

3.10: Exhibit 3.10 — Product Pricing Amount (bps): National, by Year

46

3.11: Exhibit 3.11 — Overall Pricing NET: National, by Year

47

3.12: Exhibit 3.12 — Overall Pricing NET: by Respondent Generation, 2021

48

3.13: Exhibit 3.13 — Don’t Know Pricing NET: National, by Year

49

3.14: Exhibit 3.14 — Overall Pricing NET Awareness, Know vs. Don’t Know: by Store, 2021

50

3.15: Exhibit 3.15 — Understanding of How Firms Earn Money: National, by Year

51

3.16: Exhibit 3.16  — Understanding of How Firms Earn Money – Top-Two Box: by Store, 2021

52

4: Plotting wants, satisfaction and pricing creates informative maps for competitive insight and strategic decisions. Edward Jones, Vanguard, Charles Schwab, Fidelity and E*TRADE have high customer satisfaction on both “has made me money” and “has low fees.”

4.1: Exhibit 4.1 — Competitive Satisfaction Map: “Has made me money” vs. “Has low fees,” 2021

53

4.2: Exhibit 4.2 — Competitive Satisfaction Map: “Has made me money” vs. “Has low fees,” 2018

54

4.3: Exhibit 4.3 — Competitive Satisfaction Map, Select Stores: “Has made me money” vs. “low fees,” 2021 vs. 2018

55

4.4: Exhibit 4.4 — Competitive Customer Importance vs. Satisfaction Map: “Investment Ideas are Knowledgeable, Timely and Tactical,” 2021

56

4.5: Exhibit 4.5 — Customer Importance vs. Satisfaction Map for TIAA, All Attributes, 2021

57

4.6: Exhibit 4.6 — Competitive Satisfaction Map: “Has made me money” vs. Trust, 2021

58

Data Dictionary

9-66

Appendix

67-71

Glossary

72

View Related Briefing

73
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