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
- Building inclusivity into data fields will create opportunities for experiences that can serve overlooked customers by making advice relevant.
- The non-linear nature of life will raise the competitive bar for advice personalization.
- 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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