Investment Products & Asset Managers 2023: New Wrappers, Multi-asset Solutions & Reaching More Shareholders to Power Growth
Order Report - Investment Products & Asset Managers 2023: New Wrappers, Multi-asset Solutions & Reaching More Shareholders to Power Growth
Report Overview
This report is our annual look at how households are currently allocating their assets and which investment managers are leading the industry.
Key Findings
- Fidelity and Vanguard have shareholder relationships with at least 9-10% of all households, while other fund families reach only low, single-digit percentages of U.S. households.
- Within the 95M households who know their products, 59M report they do not own mutual funds. Half of 59M households that don't own mutual funds get equity exposure from other products.
- Individual stocks are still the most commonly owned, but adoption of separately managed accounts (SMAs) is growing significantly.
- Additionally, 98M households report higher average allocations to cash.
- 19.4M households report using cryptocurrency. Crypto use has more than doubled from 9.4M households in 2020
Pricing
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Sample Report Pages
Methodology. 1-3
Key Findings & Implications. 4
Favorite Statistics. 5
Related Research. 6
Key Findings. 7-54
1: Consumer awareness of saving and investment products is up. 7-18
1.1: Exhibit 1.1 – Saving & Investing Products, Awareness: All Households With Assets & 5 Investable Asset Groups, by Year
7
1.2: Exhibit 1.2 – Saving & Investing Products and Asset Class Allocation, Awareness: All Households With Assets, by Year
8
1.3: Exhibit 1.3 – Asset Class Allocation, Awareness (“Don’t Know”): Age/Investable Asset Groups, 2022
9
1.4: Exhibit 1.4 – Asset Class, Overall Average Allocation: 5 Investable Asset Groups, 2022 vs. 2021
10
1.5: Exhibit 1.5 – Asset Classes – Equity, Incidence (Percent Who Have): Age/Investable Asset Groups, 2022
11
1.6: Exhibit 1.6 – Saving & Investing Products, Awareness (“Don’t Know”): Age/Investable Asset Groups, 2022
12
1.7: Exhibit 1.7 – U.S. Household Involvement With Mutual Funds: National & 5 Investable Asset Groups, 2022
13
1.8: Exhibit 1.8 – Visualization of U.S. Household Involvement With Mutual Funds: 4 Investable Asset Groups, 2022
14
1.9: Exhibit 1.9 – Saving & Investment Products – Individual Stocks vs. Mutual Funds, Incidence (Percent Who Have): 4 Investable Asset Groups, 2022 vs. 2021
15
1.10: Exhibit 1.10 – Crosstab of Allocation to Mutual Fund Product by Allocation to Equity Asset Class, 2022
16
1.11: Exhibit 1.11 – Target Date Retirement Fund Ownership: All Households With Assets & 5 Investable Asset Groups, 2022
17
1.12: Exhibit 1.12 – Target Date Retirement Fund Balances: 3 Investable Asset Groups & 2 Lifestage Groups, 2022
18
2: Individual stocks are the most commonly owned investment product. Adoption of separately managed accounts (SMAs) is growing significantly. 19-30
2.1: Exhibit 2.1 – Saving & Investment Products, Incidence (Percent Who Have): by Year
19
2.2: Exhibit 2.2 – Saving & Investment Products, Overall Average Allocation: 5 Investable Asset Groups, 2022
20
2.3: Exhibit 2.3 – Saving & Investment Product Mutual Funds, Incidence and Average Allocation Among Owners: 5 Investable Asset Groups, by Year
21
2.4: Exhibit 2.4 – Saving & Investment Product Mutual Funds, Average Allocation in Ranges (0% + Quartiles): 5 Investable Asset Groups, 2022
22
2.5: Exhibit 2.5 – Saving & Investment Product Mutual Funds, Average Allocation in Ranges (0% + Quartiles): 5 Investable Asset Groups, 2022 vs. 2021
23
2.6: Exhibit 2.6 – Saving & Investment Product Separately Managed Accounts (SMAs), Incidence and Average Allocation Among Owners: 5 Investable Asset Groups, by Year
24
2.7: Exhibit 2.7 – Saving & Investment Product Separately Managed Accounts (SMAs), Average Allocation in Ranges (0% + Quartiles): 5 Investable Asset Groups, 2022 vs. 2021
25
2.8: Exhibit 2.8 – Saving & Investment Product ETFs, Incidence and Average Allocation Among Owners: 5 Investable Asset Groups, by Year
26
2.9: Exhibit 2.9 – Saving & Investment Product ETFs, Average Allocation in Ranges (0% + Quartiles): 5 Investable Asset Groups, 2022 vs. 2021
27
2.10: Exhibit 2.10 – Saving & Investment Product Robos/Automated Portfolios, Incidence and Average Allocation Among Owners: 5 Investable Asset Groups, by Year
28
2.11: Exhibit 2.11 – Saving & Investment Product Robos/Automated Portfolios, Range (0% + Quartiles): 5 Investable Asset Groups, 2022 vs. 2021
29
2.12: Exhibit 2.12 – Customer Allocation to Managed Products Net: by Store, 2022
30
3: Most affluent households have online brokerage (OLB) accounts, which are primarily used to hold investments or trade casually. 31-34
3.1: Exhibit 3.1 – Online Brokerage Ownership/Trading, Ownership: All Households With Assets & 3 Investable Asset Ranges, by Selected Years
31
3.2: Exhibit 3.2 – Online Brokerage Trading Frequency Among Households With Online Brokerage, by Year
32
3.3: Exhibit 3.3 – Online Brokerage Account Ownership and Trading Activity: by Reliance on Paid Investment Professional, 2022
33
3.4: Exhibit 3.4 – Crosstab of Attitude — See Value in Paying for Professional Financial Advice by Online Brokerage Ownership/Trading, 2022
34
4: 19.4M households report using cryptocurrency. Although down from 25.7M households in 2021, crypto use has more than doubled from 9.4M households in 2020. 35-43
4.1: Exhibit 4.1 – Engagement With Cryptocurrency NET: All Households With Assets, by Year
35
4.2: Exhibit 4.2 – Engagement With Cryptocurrency NET: All Households With Assets & 5 Breadwinner Age Groups, by Year
36
4.3: Exhibit 4.3 – Engagement With Cryptocurrency NET: All Households With Assets & 5 Investable Assets Groups, by Year
37
4.4: Exhibit 4.4 – Engagement With Cryptocurrency NET: Age/Investable Asset Groups, 2022
38
4.5: Exhibit 4.5 – Cryptocurrency Use: Sizing of How Users Engage With Crypto, by Year
39
4.6: Exhibit 4.6 – Reasons for Using Cryptocurrency, by Year
40
4.7: Exhibit 4.7 – Crosstab of Engagement With Cryptocurrency NET by Online Brokerage Ownership/Trading, 2022
41
4.8: Exhibit 4.8 – Crosstab of Attitude Worry About Missing Out on Investment Growth by Engagement With Cryptocurrency NET, 2022
42
4.9: Exhibit 4.9 – Engagement With Cryptocurrency NET: by Store*, 2022
43
5: Behind Fidelity and Vanguard, many venerable fund families could improve market influence by increasing shareholder awareness or leveraging satisfaction with investment products when results are strong. 44-54
5.1: Exhibit 5.1 – Product Reach, Households Who Own Mutual Funds/ETFs: 2022
44
5.2: Exhibit 5.2 – Hearts & Wallets Shareholder Certainty Score, Top Asset Managers by Product Reach Into Households Who Own Mutual Funds/ETFs: 2022
45
5.3: Exhibit 5.3 – Product Reach, All Households: 2022
46
5.4: Exhibit 5.4 – Hearts & Wallets Shareholder Certainty Score*: by Asset Manager, 2022
47
5.5: Exhibit 5.5 – Hearts & Wallets Shareholder Certainty Score*: Most Improved Asset Managers, 2018-2022
48
5.6: Exhibit 5.6 – Shareholder-Reported Distribution Mix: by Asset Manager, 2022
49
5.7: Exhibit 5.7 – Shareholder-Reported Distribution Mix: “Directly with the Fund Company”: by Asset Manager, by Year
50
5.8: Exhibit 5.8 – Scatterplot Analysis: Shareholder Certainty Score vs. Direct Distribution Mix, 2022
51
5.9: Exhibit 5.9 – Scatterplot Analysis: Definite Product Reach, All Households vs. Shareholder Certainty Score, 2022
52
5.10: Exhibit 5.10 – Satisfaction With Investment Products: Leading Asset Managers, 2022
53
5.11: Exhibit 5.11 – Scatterplot Analysis: Satisfaction with Investment Products vs. Shareholder Certainty Score, 2022
54
Data Dictionary. 55-61
Appendix. 62
Glossary. 63
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