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About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

Advice & Technology

Beyond Traditional Market Models, Receptivity to Professional Advice and the Mobile Payments Connection - a Quantitative Report

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Report Overview

Understand the latest trends in sources of advice and information to shape strategy and products with the report, Advice & Technology: Beyond Traditional Market Models, Receptivity to Professional Advice and Mobile Payments Connection. Consumers are increasing their use of all sources of advice, including use of Paid Investment Professionals, as online continues to grow, especially with younger consumers.

Select Key Findings

  • Traditional models of investor preference of "Self-Directed" don't tell the full story. A detailed analysis that crosses preference by behavior reveals that consumers are relying less on “myself” and using multiple sources of advice. 
  • Use of Paid Investment Professionals is increasing, with 1 in 2 now using this source. 
  • Over 80% of young and affluent consumer groups are "hybrid," using both online and advisors. 
  • Mobile is the device preferred for saving and investing information and advice by consumers ages 21 to 27.
  • Comfort with mobile payments is changing mobile behavior for saving and investing as mobile payment companies are potentially positioned as disruptors.

How This Report Helps

Marketing, product and advice/digital design professionals will benefit from the actionable data and insights in this report to:

  • Create advice experiences that address consumer preference for multiple sources of advice while respecting consumer beliefs around self-direction.  
  • Consumers want to use paid investment professionals, so experiment with pricing models that provide access, especially for younger and lower-asset consumers who are willing to pay. 
  • Define consumer groups by wants, and advice experiences by their characteristics, recognizing the limitations of “hybrid” as a differentiator. 
  • Design experiences that reflect how different consumer groups use mobile and computers, including the link between mobile payment and banking and investing. 

About the Hearts & Wallets Investor Quantitative™ Database

The Hearts & Wallets Investor Quantitative™ Database (IQDB) is the comprehensive resource for understanding and analyzing behaviors and attitudes of retail savers and investors. With over 1,000 fields and derived variables, the breadth and depth of topics covered is designed with decades of hands-on experience in the marketing, product, service and research functions it serves. The database covers consumers of all age and wealth segments, with over 5,000 annual responses to an online survey fielded mid-year since 2010. The large sample size of over 45,000 U.S. households permits sizing and profiling of virtually any demographic, behavioral or attitudinal definition for consumer groups. Its national weighting methodology allows for comparisons across years and customer/shareholder bases of leading firms.  

“Rarely does any content that I’ve read over the years reach the level of sophistication and credibility that Hearts & Wallets produces.”    

– Consumer Insights Professional, major diversified firm     

Executive Summary

Key Findings & Implications, Favorite Statistics, Related Research

5-8

Less Reliance on “Myself;” Using More Sources of Info/advice

Stated Investment Decision Making Process Preference: National, By Lifestage, By Investable Assets

9-11

Sources of Information and Advice, with Degree of Reliance

12-14

Paid Investment Professionals Common and on the Rise

Sources of Information and Advice -- Usage of Financial Professionals, with Degrees of Reliance, by Assets, by Lifestage

15-18

Growth in Online; Hybrid Increasingly Common

Sources of Information and Advice -- Online, with Degrees of Reliance, by Assets, by Lifestage

19, 21

Use of Online Advice and Blended Online Advice, by Age, by Investable Assets

20, 22

Mobile Continues to Grow With Different Activities Other Than Computer

Technology Use by Device Type

23-24

Online Activities: National, by Device Type: National

25-27

Use of Mobile for Saving and Investing Linked to Mobile Payments

Online Banking and Online Payments, by Device, by Investable Assets, by Lifestage

28-30

Crosstab Analysis of Online Payments and “Check/Track Savings and Investing Account”

31-32

Appendix

Appendix: Terminology & Definition, Sample Sizes

33-36

Publication date December 11, 2018. This 37-page report features 24 data-intensive exhibits.

Investment -- Special Packages Available!

Investor Quantitative™ Database

$14,000 each

__ Advice & Technology: Beyond Traditional Market Models, Receptivity to Professional Advice and Mobile Payments Connection. Published December 11, 2018.

__ Attitudes & Sentiment: Goal-Centric Consumers, the Advisory Relationship and Dreams of Retirement. Published November 14, 2018.

__ Pain Points & Actions: Insights to Address Large Advice Gaps by Reaching Consumers with Unmet Needs. Published October 16, 2018.

__ Investment Products & Asset Managers: Building Product Relevancy Through Customer Insights. Published September 18, 2018.

__ Money Movement: Insights to Outsmart the Competition as New Accounts are on the Rise. Published August 21, 2018.

__ Retirement & Funding: Building Informed Expectations About Sources of Income in Retirement. Published June 19, 2018.

__ Income & Net Worth: Thirst for Liquidity and Other Actionable Surprises in Human Capital and Household Finance. Published May 16, 2018.

__ Stores & Success Metrics: Winning the “Hearts & Wallets” of Customers. Published April 9, 2018.

Portrait™ Market Sizing

$25,000

__ Portrait™ of U.S. Household Wealth: Essential Building Blocks to Empower Strategy & Prioritization. Published February 26, 2019.

Explore Qualitative™ Series

$4,000

Accumulators, Talking Finance With Friends: Insights Into Disruptive Trends in Savings, Digital Advice and Asset Management. Published July 19, 2018 -- get all modules or choose from the following:

$4,000 each. Qualitative Insight Modules
__ How Friends Influence Finance (Sentiment)
__ Social Uses of Technology (Exercise)
__ Role for Asset Managers (Exercise)
__ Investment Account for Future Health Care Expenses (Concept Test)
__ Banking and Investing Together (Concept Test)
__ Digital Investment Advice with a Planning Option (Concept Test)



About Hearts & Wallets

Hearts & Wallets is the resource for retail investor data and insights, combining a consumer marketing framework with financial services operating experience. The company is a catalyst for consumer-driven innovation in retail investing and saving. 

Visit: www.heartsandwallets.com/about 

Call now 800-930-0966 x1

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