Stores & Success Metrics 2023: How to Compete for Share of Wallet Given Industry Consolidation and Asset Concentration Insight Module
Order Report - Stores & Success Metrics 2023: How to Compete for Share of Wallet Given Industry Consolidation and Asset Concentration Insight Module
Report Overview
This report analyzes retail financial services firms across a variety of metrics including share of wallet (SOW), customer trust, intent to recommend and intent to invest more. The report identifies industry market leaders on these and other metrics. For example:
- Overall, industry average SOW at the national level is 38%, down from 42% in 2020
- On average SOW across all customers, Morgan Stanley is #1 with 55%, Edward Jones is #2 with 51% and Fidelity is #3 with 50%.
- Bank of America Merrill NET reaches 24% of U.S. households with saving and investing relationships, more than any other firm.
- Fidelity is No. 1 in reach with millionaire households, having relationships with 38% of them.
- Bank of America leads in integration of banking and investing, with 26% of its customers having investment accounts
Additionally, the increasing number of relationships household have with financial service providers, makes it more difficult for firms to achieve high SOW. The average household has 2.5 saving and investing relationships, up from 1.4 relationships in 2012. And the average $1-million-plus household has 3.6 saving and investing relationships, up from 2.8 in 2012. The report looks at two ways to increase SOW - serving as the main source of retirement advice (MSRA) and delivering a combination of service and advice to customers.
Key Findings
- As more consumers have more saving and investing relationships than ever before, competition for the consumer wallet (SOW), especially among affluent households, is intensifying.
- The increasing number of relationships makes it harder to achieve high share of wallet (SOW). Two ways to increase SOW are becoming the Main Source of Retirement Advice (MSRA) and ensuring customers receive some coverage of service and advice.
- Bank of America Merrill NET is #1 in reach into U.S. households with Fidelity and JPMorgan Chase gaining. Fidelity is #1 in both reach and asset share with millionaires, due to diversified customer experiences.
- Both high trust and high likelihood to recommend slipped year over year. High likelihood to invest more fell at the national level, and precipitously so for households $1M+.
- The more account types a firm has, the more opportunities that exist to build relationships with its customers. An analysis by account type reveals firms that excel at cross-selling and penetration for certain offerings.
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Sample Report Pages
Table of Contents
Methodology
Executive Summary
Key Findings & Implications
Favorite Statistics
Related Research
Key Findings
1 : As more consumers have more saving and investing relationships than ever before, competition for the consumer wallet (SOW), especially among affluent households, is intensifying.
Exhibit 1.1 — Number of Saving & Investing Relationships: National, by Year
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Exhibit 1.2 — Number of Saving & Investing Relationships, Full Range: National, by Year
10
Exhibit 1.3 — Average Number of Saving & Investing Relationships: by Investable Assets, by Year
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Exhibit 1.4 — Average Number of Saving & Investing Relationships: by Store, by Year
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Exhibit 1.5 — Number of 4+ Saving & Investing Relationships: by Store, 2022
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Exhibit 1.6 — Serve as Primary Store: Industry Average, by Year
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Exhibit 1.7 — Serve as Primary Store: by Store, 2022
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Exhibit 1.8 — Serve as Primary Store: by Store, by Year
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Exhibit 1.9 — Customer Relationships by Level (Serve as Primary, Secondary, Other): by Store, 2022
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2 : The increasing number of relationships makes it harder to achieve high share of wallet (SOW). Two ways to increase SOW are becoming the Main Source of Retirement Advice (MSRA) and ensuring customers receive some coverage of service and advice.
Exhibit 2.1 — Mean Share of Wallet: by Investable Assets, by Year
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Exhibit 2.2 — Mean Share of Wallet: by Store, 2022
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Exhibit 2.3 — Mean Share of Wallet, Main Source of Retirement Advice (MSRA) vs. Not MSRA: by Store, 2022
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Exhibit 2.4 — Main Source of Retirement Advice: by Store, 2022
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Exhibit 2.5 — Connections Between Main Source of Retirement Advice and Primary Store, 2022
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Exhibit 2.6 – Mean Share of Wallet: by Self-Reported* Inside Advice® Grid Category, 2022
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Exhibit 2.7 – Mean Share of Wallet: by Self-Reported* Inside Advice® Grid Category, by Investable Assets, 2022
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Exhibit 2.8 – Self-Reported* Coverage on Inside Advice® Grid: by Store, 2022
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Exhibit 2.9 — Consumer Perception* on Inside Advice® Grid by Store: All Customer Types, 2022
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3 : Bank of America Merrill NET is #1 in reach into U.S. households with Fidelity and JPMorgan Chase gaining. Fidelity is #1 in both reach and asset share with millionaires, due to diversified customer experiences.
Exhibit 3.1 — Reach in Saving & Investing Relationships, Top 10 Stores: National, by Year
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Exhibit 3.2 — Reach in Saving & Investing Relationships, Other Stores: National, by Year
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Exhibit 3.3 — Top 5 Stores for Reach, by Investable Assets, by Year
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Exhibit 3.4 — Share of U.S. Consumer Investable Assets, Top Stores, by Year
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Exhibit 3.5 — Share of U.S. Consumer Investable Assets, by Investable Asset Ranges, Top Stores, by Year
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Exhibit 3.6 — Share of Wallet Average and Ranges among Customers With $1M+ for Top Stores & Subsidiaries in $1M+ Asset Share, 2022
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Exhibit 3.7 — Coverage of Customers $1M+ (%) in Robust Customer Experience Categories (Levels 2 & 3), by Top 6 Stores for Share of Assets & Reach in $1M+ Investable Assets, 2022
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Exhibit 3.8 — Coverage of Customers $1M+ (M Households) in Robust Customer Experience Categories, by Top 6 Stores for Reach & Share of Assets in $1M+ Investable Assets, 2022
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4 : Both high trust and high likelihood to recommend slipped year over year. High likelihood to invest more fell at the national level, and precipitously so for households $1M+.
Exhibit 4.1 — Trust, Top 2 Box (9-10): National, by Year
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Exhibit 4.2 — Trust, Top 2 Box (9-10): by Investable Assets, by Year
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Exhibit 4.3 — Trust, Top 2 Box (9-10): by Generation, by Year
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Exhibit 4.4 — Trust, All Levels: by Store, 2022
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Exhibit 4.5 — Trust, Top 2 Box (9-10): by Store, by Year
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Exhibit 4.6 — Likelihood to Recommend, Top 2 Box (9 -10): National, by Year
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Exhibit 4.7 — Likelihood to Recommend, Top 2 Box (9 -10): by Investable Assets, by Year
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Exhibit 4.8 — Likelihood to Recommend, All Levels: by Store, 2022
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Exhibit 4.9 — Likelihood to Recommend, Top 2 Box (9 -10): by Store, by Year
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Exhibit 4.10 — Likelihood to Invest More, Top 2 Box (9 -10): National, by Year
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Exhibit 4.11 — Likelihood to Invest More, Top 2 Box (9-10): by Investable Assets, by Year
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Exhibit 4.12 — Likelihood to Invest More, All Levels: by Store, 2022
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Exhibit 4.13 — Likelihood to Invest More, Top 2 Box (9-10): by Store, by Year
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Exhibit 4.14 — Hearts & Wallets Loyalty Score: by Store, 2022
48
5 : The more account types a firm has, the more opportunities that exist to build relationships with its customers. An analysis by account type reveals firms that excel at cross-selling and penetration for certain offerings.
Exhibit 5.1 — Percent of Customers With Checking or Saving Account at Store: by Store, 2022
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Exhibit 5.2 — Percent of Customers With Investing Accounts (Current/Former Employer-Sponsored Retirement Plans, Rollover/Contributory IRA or Taxable Brokerage) at Store: by Store, 2022
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Exhibit 5.3 — Attitude “Being able to bank and invest at the same firm appeals to me” by Store, 2022
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Exhibit 5.4 — Percent of Customers With Taxable Brokerage Account at Store: by Store, by Year
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Exhibit 5.5 — Percent of Customers With Employer-Sponsored Retirement Plans at Store: by Store, 2022
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Exhibit 5.6 — Active vs. Terminated Employer-Sponsored Retirement Plan Participants: by Store, 2022
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Exhibit 5.7 — Likelihood to Invest More Among Employer-Sponsored Retirement Plan Participants:
by Store, 2022
55
Exhibit 5.8 — Percent of Customers With Health Savings Accounts at Store: by Store, 2022
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Exhibit 5.9 — Estimated Market Share of Health Savings Accounts, Account Basis: 2022
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Exhibit 5.10 — Percent of Customers With 3+ Accounts Types at Store: by Store, 2022
58
Data Dictionary
Appendix
Glossary
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