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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. 


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Money Movement

Insights to Outsmart the Competition as New Accounts are on the Rise - a Quantitative Report

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Report Overview

Harness the trend behind the growth in consumers who move money with the latest Hearts & Wallets Insight Module, Money Movement: Insights to Outsmart the Competition as New Accounts are on the Rise. Money Movement is drawn from the latest fielding of the Hearts & Wallets Investor Quantitative™ Database, recognized as the largest single dataset on U.S. retail consumer attitudes, behaviors and buying patterns with over 40,000 U.S. households. 

Go beyond proprietary firm data with Hearts & Wallets’ multidimensional view for greater visibility into transaction dynamics to hone in on household transactions for new and existing relationships. Know the competitive field -- from the growth of new accounts with new deposits to the competitive advantage banks currently have over brokerage firms in attracting new deposits.

Select Key Findings

  • Money movement transactions – including rollover, transfer, new account or cashout – are up, fueled by younger consumers and the mass market (<$100,000).  
  • Half of consumers tried a new relationship. Citibank and E*Trade achieved high trial. 
  • New deposits are funding New Accounts, up +15ppts vs 2015. Households taking this action are more likely than the average HH to have experienced a job change or loss. 
  • Success recipes for money movement differ by competitor. 

How This Report Helps

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

  • Identify groups driving transaction increases, especially younger consumers as they develop brand loyalty and consumers in the mass market with high-earning potential. 
  • Glean unique transaction insights into motivating factors to develop campaigns around consumer drivers not normally visible to firms. 
  • Respond to consumer desire for different levels of control, advice and pricing.   

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 40,000 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. 

Each report is created by subject matter experts with exceptional academic credentials and years of experience in retail finance, consumer packaged goods and technology who provide insights into the marketplace and the competition that you won’t find anywhere else.  

“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          

Table of Contents/Directory of Exhibits and Index of Companies

Executive Summary



Key Findings & Implications Favorite Statistics, Related Research


Activity on the Rise

Consumer Households Involved in Money Movement, by Activity Level, Investable Assets, Lifestage and Transaction Types


Activity Level by Transaction Types, By Lifestage, By Investable Assets, By Year


Life Events: All Households vs. Households Involved in Money Movement, by Transaction Type, 2017


“Underbanked” Consumer Households & Money Movement, by Year


New Accounts Driving Activity

Transactions by Type, by Relationship Status of Transactions, by Lifestage, Investable Assets


Transaction Amount, by Transaction Size


New Accounts with New Deposit, by Destination Store Type


Share of “New Accounts” to Banks, by Largest Bank Destination


High Trial, Banks Winning

Transaction Size, All Transaction Types by Year, by Rollover Destination: Internal, External or New Employer-Sponsored Retirement Plan, by Transaction Size (“ESRP”)


Timing of Decision, by Transaction Type; by Rollover; by Transfer (ex-Rollover)


Motivating Factors: All Transactions Types, by Size of Transactions


Motivating Factors Vary by Firm

Competitive Analysis of Individual Motivating Factors for Destination Transactions


Competitive Analysis of Trial for Destination Transactions


Sizing Motivations of Money Movement

Market Sizing: “Future Money Movers”


Top Motivating Factors within each Segment of “Service Spectrum Wants”: All Transactions Types


Market Sizing: “Future Money Movers” by “Service Spectrum Wants”



Appendix: Terminology & Definition, Sample Sizes


Index of Companies

American Funds

10, 35-38, 46


8, 10, 35-38, 46

AON Hewitt


Bank of America

8-10, 27, 46

Capital One

9, 35-38, 46

Charles Schwab

35-38, 46


10, 27, 35-38, 46

Edward Jones

10, 35-38, 46




5, 10, 35-38, 46



JP Morgan Chase

9-10, 27, 46



LPL Financial


Mass Mutual


Merrill Lynch (ex-EDGE)

35-38, 46

Morgan Stanley



27, 46








27, 46

T. Rowe Price


TD Ameritrade









5, 35-38, 46

Wells Fargo Bank

27, 35-38, 46

Wells Fargo Advisors

8, 10, 35-38, 46

Published August 24, 2018. This 46-page report features 31 data-intensive exhibits.

Investment -- Special Packages Available!

Investor Quantitative™ Database

$14,000 each

Special: 2 for $25,000

__ 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


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

Explore Qualitative™ Series


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)

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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. 


Call now 800-930-0966 x1