Pain Points & Actions 2024: Today’s Top Advice Gaps & the Customer Loyalty Connection
Order Report - Pain Points & Actions 2024: Today’s Top Advice Gaps & the Customer Loyalty Connection
Available for license as an individual report: N/A (only available through subscriptions)
Report Overview
This annual report explores which financial tasks consumers find difficult, which tasks consumers are most likely to seek advice on, and where the biggest advice gaps are. Nationally, choosing appropriate investments is the most difficult task, younger consumers have more difficulty with more tasks, and overall, more people are seeking advice. Most importantly, advice is now more often being delivered through a combination of resources, including online information and guidance from financial professionals. This report is is designed to provide insights to those looking to structure advice and guidance solutions that address the most common challenges investors face today.
Key Findings
- Tasks are most difficult for the young. However, difficulty eases with age and assets. Nationally, the #1 most difficult task is “choosing appropriate investments."
- Tasks are not difficult in isolation. Most (68%) households who find one task very difficult also find 3+ tasks very difficult. Clustering of difficulties increases with assets.
- Seeking help is up, frequently for multiple tasks. The most avid advice-seekers use combinations of financial professionals and online resources that vary by generation.
- The biggest advice gaps in dollars are estate planning, “handling market volatility emotionally,” Roth conversion, buy/sell specific securities, balance goals and RMDs.
- Being prepared to help on multiple tasks yields a loyalty premium.
Pricing
Choose access licenses for your team or organization in ways that support how you collaborate. AVAILABLE FOR LICENSE TO NON TRENDS SUBSCRIBERS DECEMBER, 2024.
Online only (1-20 log-ins) - $6,000
Online with slide download (1-50 logs-ins) - $9,500
Online with slide download, PPT & PDF (unlimited log-ins) - $16,000
Sample Report Pages
Methodology
Key Findings & Implications
Favorite Statistics
Related Research
Key Findings
1: Tasks are most difficult for the young. Difficulty eases with age and assets. Nationally, the #1 most difficult task is “choosing appropriate investments,” but many tasks are close in difficulty.
1.1: Exhibit 1.1 – Difficulty With Financial Tasks, Count 1+, High Difficulty (8-10): National, by 5 Investable Asset Ranges and 7 Lifestages, 2023
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1.2: Exhibit 1.2 – Compare All Difficulty With Financial Tasks, 4-Point Scale: National, 2023
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1.3: Exhibit 1.3 – Compare All Difficulty With Financial Tasks (National Tasks Only), Very Difficult (8-10): National, by Year
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1.4: Exhibit 1.4 – Compare All Difficulty With Financial Tasks (National Tasks Only), Very Difficult (8-10): by 5 Investable Asset Ranges, 2023
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1.5: Exhibit 1.5 – Compare All Difficulty With Financial Tasks, 4-Point Scale: Accumulators, 2023
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1.6: Exhibit 1.6 – Compare All Difficulty With Financial Tasks, 4-Point Scale: In/Near Retirement, 2023
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2: Tasks are not difficult in isolation. Most (68%) households who find one task very difficult also find 3+ tasks very difficult. Clustering of difficulties increases with assets.
2.1: Exhibit 2.1 – Count of Financial Tasks With Difficulty 8-10 (Very Difficult), 5 Ranges: National, 2023
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2.2: Exhibit 2.2 – Count of Financial Tasks With Difficulty 8-10 (Very Difficult), 3 Ranges: by Lifestages and Investable Assets, 2023
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2.3: Exhibit 2.3 — Count of Financial Tasks With Difficulty 8-10 (Very Difficult): 13 Investable Asset Ranges, 2023
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2.4: Exhibit 2.4 – Top Financial Tasks Rated Very Difficult: Accumulators, 3 Investable Asset Ranges, 2023
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2.5: Exhibit 2.5 – Top Financial Tasks Rated Very Difficult: In/Near Retirement, by Investable Assets, 2023
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3: Seeking help is up, frequently for multiple tasks. The most avid advice-seekers use combinations of financial professionals and online resources that vary by generation
3.1: Exhibit 3.1 – Count of Financial Tasks Sought Help for, 4 Ranges: National, by Year
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3.2: Exhibit 3.2 – Sources of Investment Information and Advice - Reliance: Households Who Sought Help, 2023
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3.3: Exhibit 3.3 – Count of Financial Tasks Sought Help for, 1+ and 3+: by Investable Assets, by Year
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3.4: Exhibit 3.4 – Count of Financial Tasks Sought Help for, 4 Ranges: Accumulators & In/Near Retirement, by Year
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3.5: Exhibit 3.5 – Count of Financial Tasks Sought Help for: 1+ Tasks and 3+ Tasks, by Generation, by Year
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3.6: Exhibit 3.6 – Count of Financial Tasks Sought Help for: by Generation, by Year’s
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3.7: Exhibit 3.7 – Sources of Information/Advice, Reliance (Fin Pro NET, Online): Households Who Sought Help for 5+ Tasks, by Generation, 2023
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4: The biggest advice gaps in dollars are estate planning, “handling market volatility emotionally,” Roth conversion, buy/sell specific securities, balance goals and RMDs.
4.1: Exhibit 4.1 – Financial Tasks Sought Help for: National, 2023
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4.2: Exhibit 4.2 – Advice Gap – Strategy/Timing for Social Security
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4.3: Exhibit 4.3 – Advice Gap – Estate Planning
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4.4: Exhibit 4.4 – Advice Gaps in Households (M), by Task: National, 2023
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4.5: Exhibit 4.5 – Advice Gaps in Households (M), by Task, With Detail by Asset Ranges: 2023
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4.6: Exhibit 4.6 – Advice Gaps in Assets ($T), by Task, With Detail by Asset Ranges: Households with <$5M, 2023
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4.7: Exhibit 4.7 – Advice Gaps by Task: Households <$5M, 2023
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4.8: Exhibit 4.8 – Advice Gaps & Current Market Capabilities, Selected Tasks/Scope Factors: 2023
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4.9: Exhibit 4.9 – Advice Gaps in Assets ($T), by Task: Households With $5M-<$10M, 2023
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4.10: Exhibit 4.10 – Market Size of Advice Gaps in Assets, by Task: Households With $5M-<$10M: 2023
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4.11: Exhibit 4.11 – Segment Advice Gap Sizing: Retirees With $1M-<$10M, 2023
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4.12: Exhibit 4.12 – Product Advice Gap Sizing: Roth Conversion, Households With <$10M, 2023
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4.13: Exhibit 4.13 — Product Distribution Potential Analysis: Roth Conversion Advice Gap Opportunity by Store, 2023
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5: Being prepared to help on multiple tasks yields a loyalty premium.
5.1: Exhibit 5.1 – Crosstab of Count of Tasks With Difficulty 8-10 by Count of Financial Tasks Sought Help for (0/1+): National, 2023
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5.2: Exhibit 5.2 – Crosstab of Highest Self-Reported Relationship by Inside Advice® Grid Category (On-/Off-Grid) by Count of Financial Tasks Sought Help for (0/1+): National, 2023
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5.3: Exhibit 5.3 – Inside Advice® Database, Scope Factors: Prospect vs. Customer Experiences, 2023
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5.4: Exhibit 5.4 – Crosstab of Highest Self-Reported Relationship by Inside Advice® Grid Category (All) by Count of Financial Tasks Sought Help for (0/1+): National, 2023
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5.5: Exhibit 5.5 – Inside Advice® Database, Financial Tasks Addressed (Scope Summary Table): 3 Customer Experience Categories, 2023-Jun
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5.6: Exhibit 5.6 – Crosstab of Count of Financial Tasks Sought Help for (Ranges) by Attitude “My Financial Advisor is a Partner to Me” (Full Range): National, 2023
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5.7: Exhibit 5.7 – Crosstab of Attitude “My Financial Advisor is a Partner to Me” by Feelings About Financial Future: National, 2023
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5.8: Exhibit 5.8 – Customer Questions Answered (Inside Advice® Database), June-2023
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5.9: Exhibit 5.9 – Likelihood of Recommending Store, “Extremely Likely to Recommend” (10): National, 2023
55
Data Dictionary
56-62
Appendix’s
63
Glossary
64
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