Stores and Success Metrics:
Firms Winning the Customer Wallet and Competitive Opportunities as Consumers Add Relationships
Order Report - Stores and Success Metrics 2022:
Report Overview
Consumer trust in relationships with financial services firms is at the highest levels since tracking began. Despite this, most continue to reduce their share of wallet with their primary store through opening new accounts and establishing relationships with new firms. This report examines how many financial relationships consumers now have, which segments seem to be more and less loyal, and what to consider when trying to acquire and retain clients in a time of greater choice. The report also looks at which stores have the highest share of wallet, reach and loyalty scores.
Key Findings
- Maintaining multiple saving and investing relationships is the predominant consumer behavior, especially for households with traits attractive to firms.
- Share of wallet at primary stores dropped nationally as consumers diversified away from their primary stores.
- Bank of America Merrill, already #1 in reach, further increased its lead and now has relationships with 1 in 4 households.
- Nationally, consumer trust in saving, investing and advice relationships is at the highest since tracking began.
- Weak progress on loyalty metrics, especially likelihood to invest more, presents an opportunity for firms.
Pricing
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Sample Report Pages
Table of Contents
Methodology - 1-3
Select Success Metrics - 4-5
Key Findings & Implications - 6
Favorite Statistics - 7
Related Research - 8
Key Findings - 9-43
1: Maintaining multiple saving and investing relationships is the predominant consumer behavior, especially for households with traits attractive to firms - 9-18
1.1: Exhibit 1.1 — Number of Saving & Investing Relationships: National, by Year
9
1.2: Exhibit 1.2 — Number of Saving & Investing Relationships, Full Range: National, by Year
10
1.3: Exhibit 1.3 — Average Number of Saving & Investing Relationships: by Investable Assets, by Year
11
1.4: Exhibit 1.4 — Number of Saving & Investing Relationships: by Investable Assets, 2021 vs. 2020
12
1.5: Exhibit 1.5 — Average Number of Saving & Investing Relationships: by Education Level, by Year
13
1.6: Exhibit 1.6 — Number of Saving & Investing Relationships: by Risk Tolerance Level, 2021
14
1.7: Exhibit 1.7 — Number of Saving & Investing Relationships: by Risky Business Segments, 2021
15
1.8: Exhibit 1.8 — Number of Saving & Investing Relationships: by Saving Rate, 2021
16
1.9: Exhibit 1.9 —Number of 4+ Saving & Investing Relationships: by Store, 2021
17
1.10: Exhibit 1.10 — Average Number of Saving & Investing Relationships: by Store, by Year’s
18
2: Share of wallet at primary stores dropped nationally as consumers diversified away from their primary stores - 19-27
2.1: Exhibit 2.1 — Mean Share of Wallet Held at Primary Store: National, by Year
19
2.2: Exhibit 2.2 — Mean Share of Wallet Held at Primary Store: by Investable Assets, by Year
20
2.3: Exhibit 2.3 — Mean Share of Wallet: by Store, by Year
21
2.4: Exhibit 2.4 — Mean Share of Wallet: by Store, by Year
22
2.5: Exhibit 2.5 — Serve as Primary Store: by Store, by Year
23
2.6: Exhibit 2.6 — Serve as Primary Store: by Store, 2021
24
2.7: Exhibit 2.7 — Serve as Primary Store: by Store, by Investable Assets, 2021
25
2.8: Exhibit 2.8 — Mean Share of Wallet When Serve as Main Source of Retirement Advice: by Store, 2021
26
2.9: Exhibit 2.9 — Serve as Main Source of Retirement Advice: by Store, 2021
27
3: Bank of America Merrill, already #1 in reach, further increased its lead and now has relationships with 1 in 4 households - 28-29
3.1: Exhibit 3.1 — Top Stores for Household Relationships/Reach*: All Customer Types, by Year
28
3.2: Exhibit 3.2 — Top Stores for Share of U.S. Retail Investable Assets (<$5M), by Year
29
4: Nationally, consumer trust in saving, investing and advice relationships is at the highest since tracking began - 30-36
4.1: Exhibit 4.1 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale: National, by Year
30
4.2: Exhibit 4.2 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale, Primary vs. Secondary Store: National, by Year
31
4.3: Exhibit 4.3 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale: by Investable Assets, by Year
32
4.4: Exhibit 4.4 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale:by Respondent Generation, by Year
33
4.5: Exhibit 4.5 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale:by Respondent Generation, by Investable Assets, 2021
34
4.6: Exhibit 4.6 — Trust, Top 2 Box (9-10) Levels of Agreement on 10-Point Scale:by Store, by Year
35
4.7: Exhibit 4.7 — Trust, All Levels of Agreement on 10-Point Scale: by Store, 2021
36
5: Weak progress on loyalty metrics, especially likelihood to invest more, presents an opportunity for firms - 37-43
5.1: Exhibit 5.1 — Likelihood to Invest More, Top 2 Box (9 -10) Levels of Agreement on 10-Point Scale: National, by Year
37
5.2: Exhibit 5.2 — Likelihood to Invest More, Top 2 Box (9 -10) Levels of Agreement on 10-Point Scale: by Investable Assets, by Year
38
5.3: Exhibit 5.3 — Likelihood to Invest More, All Levels of Agreement on 10-Point Scale: by Store, 2021
39
5.4: Exhibit 5.4 — Likelihood to Recommend, Top 2 Box (9 -10) Levels of Agreement on 10-Point Scale: National, by Year
40
5.5: Exhibit 5.5 — Likelihood to Recommend, Top 2 Box (9 -10) Levels of Agreement on 10-Point Scale: by Investable Assets, by Years
41
5.6: Exhibit 5.6 — Likelihood to Recommend, All Levels of Agreement on 10-Point Scale: by Store, 2021
42
5.7: Exhibit 5.7 — Hearts & Wallets Loyalty Score: by Store, 2021
43
Data Dictionary - 44-45
Appendix - 46-50
Glossary - 51
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