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Structuring Differentiated Advice Experiences: Balancing Customer Goals, Uncovering Pitfalls and Striving for Scalability


Part 1 of 3 in State of Advice & Guidance 2023


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Report Overview

This is the 1st report of the three-part series, "State of Advice and Guidance for 2023." The other two parts of the series are "Advice That Models Real Life: Structuring Customer Experiences for Inclusivity, Life Events & Taxes" (June 2022), and "Engaging Customers and Prospects in Advice: Trends in Pricing and Digital Best Practices" (September 2022). Your purchase of this report also includes parts 2 and 3 of State of Advice & Guidance 2023. This report focuses on the impact of properly packaging experiences through assigning names and clearly defined value propositions. It also covers current and future pricing of advice experiences, and digital best practices.

Key Findings

  1. Consumer demand to balance competing goals will make the ability to deliver integrated plans a competitive advantage.
  2. Increasing urgency to proactively identify customer pitfalls will prove that scope of topics covered is as important to differentiating advice experiences as service level.
  3. Probability of success scores will be supplemented by diagnostic metrics that make delivering better advice more efficient.
  4. Periodic and on-demand interactions have the potential to make advice more scalable, but more definition and new pricing mechanisms will be necessary to ensure new models are economically viable.

Pricing

Available for license to non-Trends Subscribers as part of State of Advice & Guidance 2023 full report beginning January, 2023.
Online only (1-20 log-ins) - $18,000
Online with slide download (1-50 logs-ins) - $36,000
Online with slide download, PPT & PDF (unlimited log-ins) - $57,000

Sample Report Pages


Table of Contents

Methodology

Key Findings & Implications

Favorite Statistics

Related Research

Key Findings

1: Consumer demand to balance competing goals will make the ability to deliver integrated plans a competitive advantage.

Exhibit 1.1 – Inside Advice® Benchmarking Customer Questions Answered: Mid-Career High-Earner Hypothetical

13

Exhibit 1.2 – Inside Advice® Benchmarking Count of Customer Questions Answered: Mid-Career High-Earner Hypothetical

14

Exhibit 1.3 – Inside Advice® Benchmarking Customer Questions Answered, Goal-based Questions: Mid-Career High Earner Hypothetical

15

Exhibit 1.4 — IQ™ Database Financial Plan Component, “Analysis of How to Balance My Competing Goals”: by Inside Advice® Benchmarking Standardized Customer Hypotheticals, 2021

16

Exhibit 1.5 — IQ™ Database Financial Plan Component, “Analysis of How to Balance My Competing Goals”: by Select Segments, 2021

17

Exhibit 1.6 – Explore Qualitative Selected Consumer Verbatims on Need for Balancing Competing Goals

18

Exhibit 1.7 – Inside Advice® Benchmarking Degree of Goal Integration: Mid-Career High-Earner Hypothetical

19

2: Increasing urgency to proactively identify customer pitfalls will prove that scope of topics covered is as important to differentiating advice experiences as service level.

Exhibit 2.1 – Inside Advice® Benchmarking Customer Pitfalls Identified: Mid-Career High-Earner Hypothetical

20

Exhibit 2.2 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Life Insurance Amounts

21

Exhibit 2.3 – Inside Advice® Benchmarking Scope Factor, Life Insurance: All Experiences

22

Exhibit 2.4 – Inside Advice® Benchmarking Scope Factor, Life Insurance: by Service Level and by Scope

23

3: Probability of success scores will be supplemented by diagnostic metrics that make delivering better advice more efficient.

Exhibit 3.1 – Inside Advice® Benchmarking Architecture, Primary Outcome: All Experiences, by Service Level, by Scope Level

24

Exhibit 3.2 – Inside Advice® Benchmarking Architecture, Use of Success Score: All Experiences, by Service Level, by Scope Level

25

Exhibit 3.3 – Inside Advice® Benchmarking Success Score: Value for Mid-Career High-Earner Hypothetical

26

Exhibit 3.4 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Total Saving Amounts, All Experiences

27

Exhibit 3.5 – Inside Advice® Benchmarking Saving Allocation Scope Factor: All Experiences

28

Exhibit 3.6 – Inside Advice® Benchmarking Saving Allocation Scope Factor: by Service Level and by Scope

29

Exhibit 3.7 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Total Saving Amounts, by Scope Level

30

Exhibit 3.8 – IQ™ Database Annual Household Saving Rate: National and Mid-Career High-Earner Peer Group1, 2021

31

Exhibit 3.9 – Sample Diagnostic Metrics

32

4: Periodic and on-demand interactions have the potential to make advice more scalable, but more definition and new pricing mechanisms will be necessary to ensure new models are economically viable.

Exhibit 4.1 – Inside Advice® Benchmarking Meeting Frequency: All Experiences, by Service Level, by Scope Level

33

Exhibit 4.2 – Explore Qualitative™ Selected Consumer Verbatims on Role for Primary Source of Advice

34

Exhibit 4.3 – Explore Qualitative™ Selected Consumer Verbatims on Role for Secondary Sources of Advice

35

Exhibit 4.4 – IQ™ Database Sources of Investing Information and Advice, Frequency of Consultation: National, 2019

36

Exhibit 4.5 – IQ™ Database Sources of Investing Information and Advice, Reliance: Mid-Career Parents, by Investable Assets, 2021

37

Exhibit 4.6 – IQ™ Database Attitude “I see value in paying for professional financial advice, whether or not I use a financial advisor today”: Mid-Career Parents, by Year

38

Exhibit 4.7 – Explore Qualitative™ Selected Consumer Verbatims on Periodic vs. Subscription Pricing

39

Appendix

40

Glossary

41
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