Stores & Success Metrics 2024: As Banks Acquire Relationships, the Race for Primacy and Loyalty Is On
Order Report - Stores & Success Metrics 2024: As Banks Acquire Relationships, the Race for Primacy and Loyalty Is On
Report Overview
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. Ameriprise is #1 on average SOW with 51% across all its customers. Edward Jones is #2 with 49%, and Fidelity is #3 with 47%.
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.
Key Findings
- Consumers continue to spread their assets amongst many stores suggesting a lack of loyalty. The average number of consumer relationships with firms is 2.7 nationally, and 3.9 for $1M+ households.
- Gaining share of wallet has become more challenging as consumers add savings and investing relationships. The average share of wallet (SOW) has fallen to a new low of 37%, down from 45% in 2020.
- Customers who receive both advice and service from a store are more likely to use that store as their main source of retirement advice and grant them a higher share of their wallet
- The trick to maintaining relevance in the mind of the consumer is to be their "primary store" - typically driven by being their main source of retirement advice.
Pricing
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Sample Report Pages
Methodology. 1-6
Key Findings & Implications. 7
Favorite Statistics. 8
Related Research. 9
Key Findings. 10-63
1: Exploding engagement with saving and investing firms is leading to new all-time highs in numbers of consumer relationships at multiple firms. With 1 in 4 households holding assets at 4+ firms, average share of wallet (SOW) fell to 37%.
1.1: Exhibit 1.1 — Saving & Investing Relationships per Household, Select Ranges: National, by Year
10
1.2: Exhibit 1.2 — Saving & Investing Relationships per Household, Average: National & by 3 Investable Asset Ranges, by Year
11
1.3: Exhibit 1.3 — Saving & Investing Relationships per Household, Reduced Full Range: National, by Year
12
1.4: Exhibit 1.4 — Saving & Investing Relationships per Household, Reduced Full Range: by 3 Investable Asset Ranges, by Year
13
1.5: Exhibit 1.5 — Total U.S. Saving & Investing Relationships and Total U.S. Households: by Year
14
1.6: Exhibit 1.6 — Share of Wallet, Industry Average: by Investable Assets, by Year
15
1.7: Exhibit 1.7 — Saving & Investing Relationships per Customer, Average: by Store, by Year
16
1.8: Exhibit 1.8 — Saving & Investing Relationships per Customer, 4+: by Store, 2023
17
2: As consumers spread their assets across more stores, household penetration is rising for almost all the biggest firms, as well as select others. But lasting gains in competitive position and share of relationships are elusive, even for the biggest firms.
2.1: Exhibit 2.1 — Household Penetration, All Saving & Investing Relationships, Top 10 Stores: National, by Year
18
2.2: Exhibit 2.2 — Household Penetration, All Saving & Investing Relationships, Other Stores: National, by Year
19
2.3: Exhibit 2.3 — Top 5 Stores for Household Penetration in Each Investable Asset Range, by Year
20
2.4: Exhibit 2.4 — Household Penetration, All Saving & Investing Relationships, Top Stores: by <$100K Investable Assets, by Year
21
2.5: Exhibit 2.5 — Household Penetration, All Saving & Investing Relationships, Top Stores: by $100K-<$1M Investable Assets, by Year
22
2.6: Exhibit 2.6 — Household Penetration, All Saving & Investing Relationships, Top Stores: by $1M+ Investable Assets, by Year
23
2.7: Exhibit 2.7 — Share of All Saving & Investing Relationships, Top Stores: National, by Year
24
3: Earning the role of primary store, or highest share of wallet, is more challenging in the intensified competitive environment. Select leaders rise above the pack.
3.1: Exhibit 3.1 — Primacy Rate: Industry Average, by Year
25
3.2: Exhibit 3.2 — Primacy Rate: by Store, 2023
26
3.3: Exhibit 3.3 — Primacy Rate: by Store, by Year
27
3.4: Exhibit 3.4 — Customer Relationship Level: by Store, 2023
28
3.5: Exhibit 3.5 — Share of Wallet, Average: by Store, 2023
29
3.6: Exhibit 3.6 — Share of Wallet, Average: by Store, by Year
30
3.7: Exhibit 3.7 — Share of Wallet, Ranges: by Store, 2023
31
3.8: Exhibit 3.8 — Share of Wallet Among Customers With $1M+ Investable Assets, Average: by Store, by Year
32
3.9: Exhibit 3.9 – Share of U.S. Consumer Investable Assets, Top Stores, by Year
33
3.10: Exhibit 3.10 — Share of U.S. Consumer Investable Assets, by Investable Asset Ranges, Top Stores, by Year
34
4: About half of primary/secondary relationships are high trust, with notable long-term improvement in workplace-based relationships. At the industry level, customer intent to recommend current stores is up, but intent to invest more is flat nationally, with a big drop among households with $1M+.
4.1: Exhibit 4.1 — Customer Loyalty Market Leaders, 2023
35
4.2: Exhibit 4.2 — Trust, Top 2 Box (9-10): by Investable Assets, by Year
36
4.3: Exhibit 4.3 — Trust, Top 2 Box (9-10): by Generation, by Year
37
4.4: Exhibit 4.4 — Trust, All Levels: by Store, 2023
38
4.5: Exhibit 4.5 — Trust, Top 2 Box (9-10): by Store, by Year
39
4.6: Exhibit 4.6 — Trust, Top 2 Box (9-10): by Account Types, by Year
40
4.7: Exhibit 4.7 — Trust, Top 2 Box, Workplace Investing: by Age Ranges, by Year
41
4.8: Exhibit 4.8 — Trust, Top 2 Box, Workplace Investing: by Store, 2023
42
4.9: Exhibit 4.9 — Trust, Top 2 Box, Workplace Investing: by Store, by Year
43
4.10: Exhibit 4.10 — Likelihood to Recommend, Top 2 Box (9-10): by Investable Assets, by Year
44
4.11: Exhibit 4.11 — Likelihood to Recommend, All Levels: by Store, 2023
45
4.12: Exhibit 4.12 — Likelihood to Recommend, Top 2 Box (9 -10): by Store, by Year
46
4.13: Exhibit 4.13 — Likelihood to Invest More, Top 2 Box (9-10): by Investable Assets, by Year
47
4.14: Exhibit 4.14 — Likelihood to Invest More, All Levels: by Store, 2023
48
4.15: Exhibit 4.15 — Likelihood to Invest More, Top 2 Box (9-10): by Store, by Year
49
4.16: Exhibit 4.16 — Hearts & Wallets Loyalty Score: by Store, 2023
50
5: Customers who are covered in experience models that deliver both advice and service on Inside Advice® Grid are more likely to use those stores as main source of retirement advice and grant them higher share of wallet.
5.1: Exhibit 5.1 — Share of Wallet, Average, All Stores: by Main Source of Retirement Advice, by Year
51
5.2: Exhibit 5.2 — Serve as Main Source of Retirement Advice: National, by Year
52
5.3: Exhibit 5.3 — Customers Using as Main Source of Retirement Advice: by Store, 2023
53
5.4: Exhibit 5.4 — Customers Using as Main Source of Retirement Advice: by Store, 2021-2023
54
5.5: Exhibit 5.5 — Connections Between Main Source of Retirement Advice and Primary Store, 2023
55
5.6: Exhibit 5.6 — Customers Using as Main Source of Retirement Advice: by Customer-Reported Inside Advice® Grid Coverage, 2023
56
5.7: Exhibit 5.7 — Customers Using Store as Main Source of Retirement Advice: by Customer-Reported Inside Advice® Grid Category, 2023
57
5.8: Exhibit 5.8 — Share of Wallet, Selected Ranges: by Customer-Reported Inside Advice® Grid Category, 2023
58
5.9: Exhibit 5.9 — Coverage by Customer-Reported Inside Advice® Grid Category, 2023
59
5.10: Exhibit 5.10 — Coverage by Customer-Reported Inside Advice® Grid Category: Industry, 2020-2023
60
5.11: Exhibit 5.11 — Coverage by Customer-Reported Inside Advice® Grid Category: Bank of America, 2021-2023
61
5.12: Exhibit 5.12 — Coverage by Customer-Reported Inside Advice® Grid Category: Ameriprise, 2021-2023
62
5.13: Exhibit 5.13 — Coverage by Customer-Reported Inside Advice® Grid Category: Robinhood, 2021-2023
63
Data Dictionary. 64-66
Appendix. 67-71
Glossary. 72
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