Wants & Pricing 2022: What’s Important to Retail Investors, How Pricing Is Changing and How Competitors Perform on Customer Satisfaction
Order Report -
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
- Wants across all service dimensions are becoming more important at the national level. Top wants of design targets differ from national in significant ways.
- 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.
- 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.
- 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.
Online only (1-20 log-ins) - $6,000
Online with slide download (1-50 logs-ins) - $9,500
Online with slide download, PPT & PDF (unlimited log-ins) - $15,000
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
32
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
Name:
Email:
Company:
Phone:
Signature:
Date: