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Advice That Models Real Life: Structuring Customer Experiences for Inclusivity, Life Events & Taxes


Part 2 of 3 in State of Advice & Guidance 2023


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Report Overview

This is the 2rd report of the three-part series, "State of Advice and Guidance for 2023." The other two parts of the series are "Structuring Differentiated Advice Experiences: Balancing Customer Goals, Uncovering Pitfalls and Striving for Scalability" (April 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 1 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. Building inclusivity into data fields will create opportunities for experiences that can serve overlooked customers by making advice relevant.
  2. The non-linear nature of life will raise the competitive bar for advice personalization.
  3. Experiences that optimize lifetime taxes will rise to dominance in the high-net-worth space.

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 1-10

Key Findings & Implications

Favorite Statistics

Related Research

Key Findings

1: Building inclusivity into data fields will create opportunities for experiences that can serve overlooked customers by making advice relevant.

Exhibit 1.1 – Inside Advice® Benchmarking Includes Spouse/Partner

14

Exhibit 1.2 – Inside Advice® Benchmarking Personalization for Each Spouse/Partner, Full Range With Best Practices

15

Exhibit 1.3 – Inside Advice® Benchmarking Personalization for Each Spouse/Partner, Average by Experience Type

16

Exhibit 1.4 – Inside Advice® Benchmarking Recommended Retirement Age for Breadwinner/Participant vs. Spouse/Partner

17

Exhibit 1.5 – Inside Advice® Benchmarking Saving Allocation to IRA/SEP for Breadwinner/Participant vs. Spouse/Partner

18

Exhibit 1.6 – Inside Advice® Benchmarking Saving Allocation to IRA/SEP for Spouse/Partner: Stacy

19

Exhibit 1.7 – Inside Advice® Benchmarking Saving Allocation to IRA/SEP for Spouse/Partner: Stacy

20

Exhibit 1.8 – IQ™ Database Respondent Percent of Household Income Earned, by Respondent Gender, 2021

21

Exhibit 1.9 – Inside Advice® Benchmarking Includes Children

22

Exhibit 1.10 – Explore Qualitative™ Selected Consumer Verbatims on Differences Between Parents vs. Child-free Households

23

Exhibit 1.11 — IQ™ Database Attitude “I see value in paying for professional financial advice, whether or not I use a financial advisor today”: by Parental Status, 2021

24

Exhibit 1.12 – Inside Advice® Benchmarking Treatment of “Non-Traditional” Households, Full Range With Best Practices

25

Exhibit 1.13 – Inside Advice® Benchmarking Expertise/Access for Special Needs

26

2: The non-linear nature of life will raise the competitive bar for advice personalization.

Exhibit 2.1 – Inside Advice® Benchmarking Recommended Retirement Age for Breadwinner/Participant vs. Spouse/Partner

27

Exhibit 2.2 – Inside Advice® Benchmarking Recommended Retirement Age, Breadwinner

28

Exhibit 2.3 – IQ™ Database Attitudes “I know what age I (or my spouse) would like to stop full-time work,” Top 3 Box (8-10) Levels of Agreement: by Breadwinner Age Ranges, by Year

29

Exhibit 2.4 – Explore Qualitative™ Selected Consumer Verbatims on Uncertainty About End of Full-time Work

30

Exhibit 2.5 – Inside Advice® Benchmarking Human Capital/Employment Stability Considerations Breadwinner/Participant vs. Spouse/Partner

31

Exhibit 2.6 – Inside Advice® Benchmarking Human Capital/Employment Stability Scope Factor, Full Range with Best Practices

32

Exhibit 2.7 – Inside Advice® Benchmarking Plan Until Age for Breadwinner/Participant vs. Spouse/Partner

33

Exhibit 2.8 – Inside Advice® Benchmarking Plan Until Age, Breadwinner

34

Exhibit 2.9 – Explore Qualitative™ Selected Consumer Verbatims on Receptivity to Discussing Plan Until Age

35

Exhibit 2.10 – Inside Advice® Benchmarking Plan Until Age, Breadwinner: Mark

36

Exhibit 2.11 – Inside Advice® Benchmarking Select What Ifs

37

Exhibit 2.12 – IQ™ Database Incidence of Life Events, by Household, by Year

38

Exhibit 2.13 – Inside Advice® Benchmarking Real Estate Scope Factor, Full Range

39

Exhibit 2.14 – Inside Advice® Benchmarking Real Estate Scope Factor

40

Exhibit 2.15 – IQ™ Database Crosstab of Select Life Events, Respondent, by Feelings about Financial Security

41

Exhibit 2.16 – Inside Advice® Benchmarking Allows One-Time Expenses

42

Exhibit 2.17 – Explore Qualitative™ Consumer Explanations for “Chunk or Nothing” Behavior In Older Households

43

Exhibit 2.18 – Inside Advice® Benchmarking Inflation Rates - Architecture

44

3: Experiences that optimize lifetime taxes will rise to dominance in the high-net-worth space.

Exhibit 3.1 – IQ™ Database Concern About “U.S. Deficit and Future Tax Increases”: by Investable Asset Groups, by Year

45

Exhibit 3.2 – Inside Advice® Benchmarking Federal Pre-Retirement Tax Rates

46

Exhibit 3.3 – IQ™ Database Financial Plan Component “Recommendations for Minimizing Taxes”: by Lifestage Groups and Investable Assets, 2021

47

Exhibit 3.4 – Inside Advice® Benchmarking Tax Optimization During Accumulation, Full Range With Best Practices

48

Exhibit 3.5 – Inside Advice® Benchmarking Tax Optimization During Accumulation Scope Factor, Full Range by Experience Type

49

Exhibit 3.6 – Inside Advice® Benchmarking Tax Optimization During Decumulation Scope Factor, Full Range With Best Practices

50

Exhibit 3.8 – Inside Advice® Benchmarking Allows Different Tax Rates Before and After Retirement

52

Exhibit 3.9 – Explore Exercise: Expectations from Workplace vs. Retail Advice – Want vs. Get Ratio

53

Exhibit 3.10 – Inside Advice® Benchmarking Income Will Have: Late Career Customer Hypothetical

54

Data Dictionary

55-59

Appendix

60

Glossary

61
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