Wants & Pricing 2023: Growing Demand for Access, the Allure of "Free" and Top Performer Firms
Order Report - Wants & Pricing 2023: Growing Demand for Access, the Allure of "Free" and Top Performer Firms
Report Overview
Our highly rated "wants and pricing" report looks at the top customer wants, customer understanding of pricing, and which firms customers rate as "Top Performers" across these important metrics. Report highlights
Key Findings
- Having clear and understandable fees is the #1 want from consumers
- Competition is intensifying, as there are fewer "Top Performer" firms than in the past. Edward Jones and Ameriprise are leading the industry on most of these measures
- Consumers are now placing more importance on pricing when selecting savings and investing providers. But most (~75%) of customers still dont "understand very well" how firms make money. There has been very little improvement on this metric since tracking began 13 years ago.
- Consumer understanding of how providers earn money is strongly linked to trust.
Pricing
Choose access licenses for your team or organization in ways that support how you collaborate. AVAILABLE FOR LICENSE TO NON TRENDS SUBSCRIBERS June, 2023.
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. 11-53
1: Fees that are “clear and understandable” is the #1 want nationally. Four of the other top 10 wants relate to access channels. 11-20
1.1: Exhibit 1.1 — Importance of Wants From Firm, High Importance: National, 2022
11
1.2: Exhibit 1.2 — Top 10 Wants From Firm, Ranked on Top-Two Box Importance: National, 2022
12
1.3: Exhibit 1.3 — Importance of All Competence & Credibility Wants From Firm, High Importance: National, by Year*
13
1.4: Exhibit 1.4 — Importance of All Reliability Wants From Firm, High Importance: National, by Year*
14
1.5: Exhibit 1.5 — Importance of All Tangible Wants From Firm, High Importance: National, by Year*
15
1.6: Exhibit 1.6 — Importance of All Access & Communication Wants From Firm, High Importance: National, by Year*
16
1.7: Exhibit 1.7 — Importance of All Understanding & Empathy Wants From Firm, High Importance: National, by Year*
17
1.8: Exhibit 1.8 — Satisfaction of Wants From Firm, High Satisfaction: National, 2022
18
1.9: Exhibit 1.9 — Satisfaction on Top 10 Wants From Firm, Ranked on Top-Two Box Satisfaction: National, 2022
19
1.10: Exhibit 1.10 — High Importance vs. High Satisfaction* of All Wants from Firm: National, 2022
20
2: As competition intensifies, fewer Top Performers are emerging on customer wants than in the past. 21-39
2.1: Exhibit 2.1 — High Importance/High Satisfaction on Want From Firm “HAS WELL-TRAINED STAFF”: by Store, 2022
21
2.2: Exhibit 2.2 — High Importance/High Satisfaction on Want From Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL”: by Store, 2022
22
2.3: Exhibit 2.3 — High Importance/High Satisfaction on Want From Firm “FEES ARE CLEAR & UNDERSTANDABLE”: by Store, 2022
23
2.4: Exhibit 2.4 — High Importance/High Satisfaction on Want From Firm “IS UNBIASED, PUTS MY INTERESTS FIRST”: by Store, 2022
24
2.5: Exhibit 2.5 — High Importance/High Satisfaction on Want From Firm “HAS MADE ME MONEY”: by Store, 2022
25
2.6: Exhibit 2.6 – High Importance/High Satisfaction on Want From Firm “OFFERS PERSONAL FINANCIAL ADVICE”: by Store 2022
26
2.7: Exhibit 2.7 — High Importance/High Satisfaction on Want From Firm “OFFERS INVESTMENT SELECTION ADVICE”: by Store, 202
27
2.8: Exhibit 2.8 — High Importance/High Satisfaction on Want From Firm “PROVIDES CLEAR, USEFUL STATEMENTS”: by Store, 2022
28
2.9: Exhibit 2.9 — High Importance/High Satisfaction on Want From Firm “IS EASILY REACHABLE BY TELEPHONE”: by Store, 2022
29
2.10: Exhibit 2.10 — High Importance/High Satisfaction on Want From Firm “QUALITY OF INTERNET ACCOUNT ACCESS”: by Store, 2022
30
2.11: Exhibit 2.11 — High Importance/High Satisfaction on Want From Firm “IS PROACTIVE WHEN MARKET CHANGES/WHEN I’M LOSING MONEY”: by Store, 2022
31
2.12: Exhibit 2.12 — High Importance/High Satisfaction on Want From Firm “HAS GOOD MOBILE APPS”: by Store, 2022
32
2.13: Exhibit 2.13 — High Importance/High Satisfaction on Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH”: by Store, 2022
33
2.14: Exhibit 2.14 — High Importance/HighSatisfaction on Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH”: by Store, Retail Investing Customers, 2022
34
2.15: Exhibit 2.15 — High Importance/High Satisfaction on Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH”: by Store, Workplace Participants, 2022
35
2.16: Exhibit 2.16 — High Importance/High Satisfaction on Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH”: by Store, Banking Customers, 2022
36
2.17: Exhibit 2.17 — High Importance/High Satisfaction on Want From Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS”: by Store, 2022
37
2.18: Exhibit 2.18 — High Importance/High Satisfaction on Want From Firm “UNDERSTANDS ME AND SHARES MY VALUES”: by Store, 2022
38
2.19: Exhibit 2.19 – Summary of “Top Performer” Stores on Wants From Firm: 2022
39
3: Nationally, consumers are placing higher importance on pricing, but few customers understand what firms do to earn money. In 36% of relationships, customers do not know how they pay, 20% of relationships are reported as free, but flat fees, bps and even commissions lead to higher understanding than free. 40-47
3.1: Exhibit 3.1 — Importance of All Perception of Value Wants From Firm: National, by Year*
40
3.2: Exhibit 3.2 — Importance of All Perception of Value Wants From Firm: by Investable Assets, 2015-2022
41
3.3: Exhibit 3.3 — Overall Pricing NET: National, by Year
42
3.4: Exhibit 3.4 — Overall Pricing NET: by Household Investable Assets, 2022
43
3.5: Exhibit 3.5 — Overall Pricing NET by Account Type: National, 2022
44
3.6: Exhibit 3.6 — Understanding of How Firms Earn Money: National, by Year
45
3.7: Exhibit 3.7 — Crosstab of Understanding of How Firms Earn Money by Trust: 2022
46
3.8: Exhibit 3.8 — Comparison of Pricing Mechanisms: Satisfaction with “Fees are clear and understandable” and Understanding of How Firms Earn Money: 2022
47
4: Although some stores achieve high customer satisfaction on “low” or “reasonable” fees, at most stores significant portions of customers do not know how they pay. 48-53
4.1: Exhibit 4.1 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, 2022
48
4.2: Exhibit 4.2 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, Retail Investing Customers, 2022
49
4.3: Exhibit 4.3 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, Workplace Participants, 2022
50
4.4: Exhibit 4.4 — High Importance/High Satisfaction on Perception of Value “FEES ARE REASONABLE FOR THE SERVICES PROVIDED”: by Store, 2022
51
4.5: Exhibit 4.5 — Overall Pricing NET: by Store, 2022
52
4.6: Exhibit 4.6 — Understanding of How Firms Earn Money: by Store, 2022
53
Data Dictionary. 54-63
Appendix. 64-68
Glossary. 69
View Related Briefing. 70
Name:
Email:
Company:
Phone:
Signature:
Date: