Stores & Success Metrics 2024: As Banks Acquire Relationships, the Race for Primacy and Loyalty Is On
This report is an annual look at consumer relationships with stores - who is on the leader board for household penetration, share of wallet, share of assets, and trust. The bottom line - competition for assets continues to intensify. The average number of consumer relationships with firms is 2.7 nationally, and 3.9 for $1M+ households. Additionally, the average share of wallet (SOW) has fallen to a new low of 37%, down from 45% in 2020.
The trick to maintaining relevancy in the mind of the consumer is to be their "primary store", which is typically driven by being their main source of retirement advice. Customers who receive both advice and service are more likely to use those stores as main source of retirement advice and grant them higher share of wallet. Read this report to see how your firm competes on all these important measures and learn how you can work to be your customers primary store and main source of retirement advice.