Contact Us

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

Money Movement

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

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

Methodology

4-5

Key Findings & Implications Favorite Statistics, Related Research

6-9

Activity on the Rise

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

10-14

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

15-16

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

17

“Underbanked” Consumer Households & Money Movement, by Year

18

New Accounts Driving Activity

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

19-22

Transaction Amount, by Transaction Size

23

New Accounts with New Deposit, by Destination Store Type

24

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

25

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”)

26-27

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

28-30

Motivating Factors: All Transactions Types, by Size of Transactions

31-32

Motivating Factors Vary by Firm

Competitive Analysis of Individual Motivating Factors for Destination Transactions

33-35

Competitive Analysis of Trial for Destination Transactions

36

Sizing Motivations of Money Movement

Market Sizing: “Future Money Movers”

37

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

38-39

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

40

Appendix

Appendix: Terminology & Definition, Sample Sizes

41-46

Index of Companies

American Funds

10, 35-38, 46

Ameriprise

8, 10, 35-38, 46

AON Hewitt

46

Bank of America

8-10, 27, 46

Capital One

9, 35-38, 46

Charles Schwab

35-38, 46

Citibank

10, 27, 35-38, 46

Edward Jones

10, 35-38, 46

E*Trade

6,10,35-38,46

Fidelity

5, 10, 35-38, 46

Great-West

46

JP Morgan Chase

9-10, 27, 46

Lincoln

46

LPL Financial

46

Mass Mutual

46

Merrill Lynch (ex-EDGE)

35-38, 46

Morgan Stanley

46

PNC

27, 46

Principal

46

Prudential

46

Scottrade

46

SunTrust

27, 46

T. Rowe Price

46

TD Ameritrade

46

TIAA

46

UBS

46

USAA

46

Vanguard

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

$25,000

Portrait™ of U.S. Household Wealth: Essential Building Blocks to Empower Strategy & Prioritization. Published March 15, 2017.


Explore Qualitative™ Series

Range of Pricing Options

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:

$7,000. Key Insights Report: featuring the big ideas from the research and highlights from the six Qualitative Insight Modules 

$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)

$10,000 - Special Offer. Get Key Insights Report and 1 module of your choosing.

Select the desired report(s) and send a signed copy of this form to info@heartsandwallets.com or fax to 800-930-0966. We will prepare a separate invoice for payment. 

By signing this form, I certify that I am authorized to make this purchase on behalf of my company (“Customer”) and that Customer agrees to the following terms. Hearts & Wallets grants Customer a limited, non-exclusive, non-assignable license to use the Hearts & Wallets’ report for Customer’s private, internal use only. Customer shall not use any portion of the report for external use. Customer shall not share the report with any third-party, shall not permit other persons to use the report, shall not create derivative works based upon the report, and shall not sell, lease, or otherwise transfer rights to the report. Any such forbidden use shall immediately terminate Customer’s license to the report. All title, ownership, rights, and intellectual property rights in the report shall at all times remain vested in Hearts & Wallets. Customer does not receive any ownership rights or intellectual property rights in the report. Upon receipt of this report, Customer accepts the report and agrees to pay the amount specified. 

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

Name:
Email:
Company:
Phone:
Signature:
Date: