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
- Consumer demand to balance competing goals will make the ability to deliver integrated plans a competitive advantage.
- Increasing urgency to proactively identify customer pitfalls will prove that scope of topics covered is as important to differentiating advice experiences as service level.
- Probability of success scores will be supplemented by diagnostic metrics that make delivering better advice more efficient.
- 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
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Exhibit 1.2 – Inside Advice® Benchmarking Count of Customer Questions Answered: Mid-Career High-Earner Hypothetical
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Exhibit 1.3 – Inside Advice® Benchmarking Customer Questions Answered, Goal-based Questions: Mid-Career High Earner Hypothetical
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Exhibit 1.4 — IQ™ Database Financial Plan Component, “Analysis of How to Balance My Competing Goals”: by Inside Advice® Benchmarking Standardized Customer Hypotheticals, 2021
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Exhibit 1.5 — IQ™ Database Financial Plan Component, “Analysis of How to Balance My Competing Goals”: by Select Segments, 2021
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Exhibit 1.6 – Explore Qualitative Selected Consumer Verbatims on Need for Balancing Competing Goals
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Exhibit 1.7 – Inside Advice® Benchmarking Degree of Goal Integration: Mid-Career High-Earner Hypothetical
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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
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Exhibit 2.2 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Life Insurance Amounts
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Exhibit 2.3 – Inside Advice® Benchmarking Scope Factor, Life Insurance: All Experiences
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Exhibit 2.4 – Inside Advice® Benchmarking Scope Factor, Life Insurance: by Service Level and by Scope
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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
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Exhibit 3.2 – Inside Advice® Benchmarking Architecture, Use of Success Score: All Experiences, by Service Level, by Scope Level
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Exhibit 3.3 – Inside Advice® Benchmarking Success Score: Value for Mid-Career High-Earner Hypothetical
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Exhibit 3.4 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Total Saving Amounts, All Experiences
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Exhibit 3.5 – Inside Advice® Benchmarking Saving Allocation Scope Factor: All Experiences
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Exhibit 3.6 – Inside Advice® Benchmarking Saving Allocation Scope Factor: by Service Level and by Scope
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Exhibit 3.7 – Inside Advice® Benchmarking Customer Pitfall, Mid-Career High-Earner Hypothetical: Total Saving Amounts, by Scope Level
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Exhibit 3.8 – IQ™ Database Annual Household Saving Rate: National and Mid-Career High-Earner Peer Group1, 2021
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Exhibit 3.9 – Sample Diagnostic Metrics
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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
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Exhibit 4.2 – Explore Qualitative™ Selected Consumer Verbatims on Role for Primary Source of Advice
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Exhibit 4.3 – Explore Qualitative™ Selected Consumer Verbatims on Role for Secondary Sources of Advice
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Exhibit 4.4 – IQ™ Database Sources of Investing Information and Advice, Frequency of Consultation: National, 2019
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Exhibit 4.5 – IQ™ Database Sources of Investing Information and Advice, Reliance: Mid-Career Parents, by Investable Assets, 2021
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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
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Exhibit 4.7 – Explore Qualitative™ Selected Consumer Verbatims on Periodic vs. Subscription Pricing
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Appendix
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Glossary
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