Engaging Customers and Prospects in Advice: Trends in Pricing and Digital Best Practices
Part 3 of 3 in State of Advice & Guidance 2023
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Report Overview
This is the 3rd 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 "Advice That Models Real Life: Structuring Customer Experiences for Inclusivity, Life Events & Taxes" (June 2022). Your purchase of this report also includes parts 1 and 2 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
- Customer experiences with three characteristics have clearer value propositions and will engage more customers and prospects than other experiences: (1) consumer-facing names, (2) separate prices on investment products and services, and (3) a focus on helping clients improve.
- New techniques for interactivity will differentiate engaging experiences and provide better recommendations.
- Prices in dollar terms will change competitive dynamics and market size. Inside Advice® Grid, the standardized industry-wide framework, shows why categories with more features have higher prices in dollar terms.
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
Top 10 Trends in Customer Advice Experience 1
Methodology 2-13
Key Findings & Implications 14
Favorite Statistics 15
Related Research 16
Key Findings
1: Customer experiences with three characteristics have clearer value propositions and will engage more customers and prospects than other experiences: (1) consumer-facing names, (2) separate prices on investment products and services, and (3) a focus on helping clients improve.
Exhibit 1.1 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing, Full Range With Best Practices, Sep-2022
17
Exhibit 1.2 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing, Average by Experience Type, Sep-2022
18
Exhibit 1.3 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing, Full Range (1-5) by Experience Type, Sep-2022
19
Exhibit 1.4 — Investor Quantitative™ Database Overall Pricing NET, Investing Relationships Only: National, by Year
20
Exhibit 1.5 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing by Price Investment Products Separately From Services, Sep-2022
21
Exhibit 1.6 – Explore Qualitative™ Selected Consumer Verbatims on Expectations From Investment Products vs. Services
22
Exhibit 1.7 – Investor Quantitative™ Database Awareness Investment Products Owned: by Generation, by Year
23
Exhibit 1.8 – Inside Advice® Benchmarking Consumer-Facing Name by Experience Type, Sep-2022
24
Exhibit 1.9 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing by Consumer Facing Name, Sep-2022
25
Exhibit 1.10 – Inside Advice® Benchmarking Explanation of Value Prop/Pricing by Primary Outcome for Customers, Sep-2022
26
2: New techniques for interactivity will differentiate engaging experiences and provide better recommendations.
Exhibit 2.1 – Inside Advice® Benchmarking Ease of Use, Full Range With Best Practices, Sep-2022
27
Exhibit 2.2 – Inside Advice® Benchmarking Ease of Use, Full Range by Experience Type, Sep-2022
28
Exhibit 2.3 – Inside Advice® Benchmarking Sets Expectations/Overall Agenda, Sep-2022
29
Exhibit 2.4 – Inside Advice® Benchmarking Ease of Use by Sets Expectations/Overall Agenda, Sep-2022
30
Exhibit 2.5 – Inside Advice® Benchmarking Visuals, Graphics and Colors: Online Interface, Full Range With Best Practices, Sep-2022
31
Exhibit 2.6 – Explore Qualitative™ Selected Consumer Verbatims on Online Interfaces of New Entrant “Robos”
32
Exhibit 2.7 – Inside Advice® Benchmarking Visuals, Graphics and Colors: Printed Report, Full Range With Best Practices, Sep-2022
33
Exhibit 2.8 – Inside Advice® Benchmarking Visuals, Graphics and Colors: Printed Report, Full Range With Best Practices, Sep-2022
34
Exhibit 2.9 – Inside Advice® Benchmarking Format Capabilities: Scores 4/5 on Both Online and Printed Visuals, Graphics & Colors, Sep-2022
35
Exhibit 2.10 – Inside Advice® Benchmarking Ease of Use by Scores 4/5 on Both Online and Printed Visuals, Graphics & Colors, Sep-2022
36
Exhibit 2.11 – Inside Advice® Benchmarking Presentation of Retirement Income Sources, Full Range With Best Practices, Sep-2022
37
Exhibit 2.12 – Inside Advice® Benchmarking Income Will Have in Retirement, Values for Mid-Career Gen X Hypothetical (Mark & Stacy), Full Range, Sep-2022
38
Exhibit 2.13 – Inside Advice® Benchmarking Choice of Today’s/Tomorrow’s Dollars, Sep-2022
39
Exhibit 2.14 – Inside Advice® Benchmarking Clarity of Next Steps, Full Range With Best Practices, Sep-2022
40
Exhibit 2.15 – Inside Advice® Benchmarking Provides Ongoing Motivation, Full Range With Best Practices, Sep-2022
41
Exhibit 2.16 – Investor Quantitative™ Database New Needs, Help “Motivating Me to Save More,” 2015 vs. 2019
42
Exhibit 2.17 – Explore Qualitative™ Selected Consumer Verbatims on Automatic Transfer Feature of Concept Test “Banking and Investing Together” With New Saving Techniques
43
3: Prices in dollar terms will change competitive dynamics and market size. Inside Advice® Grid, the standardized industry-wide framework, shows why categories with more features have higher prices in dollar terms.
Exhibit 3.1 – Inside Advice® Benchmarking Use of Pricing Mechanisms, by Experience Type, Sep-2022
44
Exhibit 3.2 – Inside Advice® Benchmarking Use of Pricing Mechanisms, Advice & Guidance Experiences by Scope and by Service Level, Sep-2022
45
Exhibit 3.3 – Inside Advice® Benchmarking Minimum Asset Requirement Ranges, by Experience Type Sep-2022
46
Exhibit 3.4 – Inside Advice® Benchmarking Price Investment Products Separately From Services Sep-2022
47
Exhibit 3.5 – Inside Advice® Benchmarking Basis Points for Service Ranges, by Experience Type Sep-2022
48
Exhibit 3.6 – Inside Advice® Benchmarking Basis Points for Investment Products Ranges, by Experience Type Sep-2022
49
Exhibit 3.7 – Inside Advice® Benchmarking Minimum Asset Requirements and Basis Points for Service by Inside Advice® Grid Category, Sep-2022
50
Exhibit 3.8 — Publicly Available Pricing for Options from New Entrants and New Offerings From Incumbents
51
Exhibit 3.9 – Inside Advice® Benchmarking Flat Fees for Services Ranges, by Experience Type, Sep-2022
52
Exhibit 3.10 – Inside Advice® Benchmarking Average Prices in Dollar Terms by Inside Advice® Grid Category for $25K and $375K Portfolios, Sep-2022
53
Exhibit 3.11 – Explore Qualitative™ Database Selected Consumer Verbatims on Expectations from Different Levels of Advice
54
Exhibit 3.12 — Reactions to Inside Advice® Grid Concept, Full Range of Responses: National
55
Exhibit 3.13 — Selected Open-Ended Responses from Inside Advice® Grid Naming Survey
56
Exhibit 3.14 – Explore Qualitative™ Selected Consumer Verbatims on Expectations From Different Levels of Advice
57
Exhibit 3.15 – Inside Advice® Benchmarking Average Prices by Inside Advice® Grid Category, Sep-2022: $1.2M Portfolio*
58
Exhibit 3.16 – Investor Quantitative™ Database Relationships by Self-Reported Inside Advice® Grid Category: Households With $100K+, Investing Accounts, By Generation, 2021
59
Exhibit 3.17 — Total Addressable Market Under Various Pricing Scenarios: Inside Advice® Grid Level 2 Mid Service Category, 2021
60
Exhibit 3.18 – Inside Advice® Benchmarking Average Prices in Dollar Terms by Inside Advice® Grid Category for $1.2M and $2.5M Portfolios, Sep-2022
61
Exhibit 3.19 — Current vs. Potential Market Size by Inside Advice® Grid Category: Households with $5M+, 2021
62
Appendix
Glossary
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