Key Findings & Implications
1: Nationally, wants in Access & Communications shifted year-over-year, and the importance of Competence & Credibility rose. “Understandable” and “reasonable” fees are top wants across asset levels.
1.1: Exhibit 1.1 — Importance of Wants From Firm: National, 2020
1.2: Exhibit 1.2 — Competence & Credibility Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020
1.3: Exhibit 1.3 — Reliability Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020
1.4: Exhibit 1.4 — Tangibles Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020
1.5: Exhibit 1.5 — Access & Communications Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020
1.6: Exhibit 1.6 — Understanding & Empathy Service Dimensions, Importance of Wants From Firm: by Investable Assets, 2020
1.7: Exhibit 1.7 — Wants From Firm Top-Two Box above 50%, Ranked by Importance: by Investable Assets, 2020
1.8: Exhibit 1.8 — Importance of Want from Firm: “Offers Financial Planning”: by Investable Assets, by Year
1.9: Exhibit 1.9 — Importance of Wants From Firm: $2M+ Investable Assets, by Year
1.10: Exhibit 1.10 — Importance of Select Wants From Firm: $2M+ Investable Assets, by Year
2: Ameriprise, Edward Jones and Merrill Lynch appear multiple times as Top Performers for customer satisfaction on top consumer wants.
2.1: Exhibit 2.1 — Want from Firm “HAS WELL-TRAINED STAFF” Importance/Performance: National, by Store, 2020
2.2: Exhibit 2.2 —Want from Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL” Importance/Performance: National, by Store, 2020
2.3: Exhibit 2.3 — Want from Firm “FEES ARE CLEAR & UNDERSTANDABLE” Importance/Performance: National, by Store, 2020
2.4: Exhibit 2.4 — Want from Firm “IS UNBIASED, PUTS MY INTERESTS FIRST” Importance/Performance: National, by Store, 2020
2.5: Exhibit 2.5 — Want from Firm “HAS MADE ME MONEY” Importance/Performance: National, by Store, 2020
2.6: Exhibit 2.6 — Want from Firm “OFFERS PERSONAL FINANCIAL ADVICE” Importance/Performance: National, by Store, 2020
2.7: Exhibit 2.7 — Want from Firm “PROVIDES CLEAR, USEFUL STATEMENTS” Importance/Performance: National, by Store 2020
2.8: Exhibit 2.8 — Want from Firm “IS EASILY REACHABLE BY TELEPHONE” Importance/Performance: National, by Store, 2020
2.9: Exhibit 2.9 — Want from Firm “HAS GOOD MOBILE APPS” Importance/Performance: National, by Store, 2020
2.10: Exhibit 2.10 — Want from Firm “QUALITY OF ONLINE TOOLS AND RESEARCH” Importance/Performance: National, by Store, 2020
2.11: Exhibit 2.11 — Want from Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS” Importance/Performance: National, by Store, 2020
2.12: Exhibit 2.12 — Want from Firm “UNDERSTANDS ME AND SHARES MY VALUES” Importance/Performance: National, by Store, 2020
3: Customers are unclear about pricing in 3 out of 4 saving, investing and advice relationships.
3.1: Exhibit 3.1 — Pricing Mechanism Summary: National, by Year
3.2: Exhibit 3.2 — Overall Pricing NET “Don’t Know”: National, by Year
3.3: Exhibit 3.3 — Overall Pricing NET: National, by Year
3.4: Exhibit 3.4 — Pricing Mechanism When Paying Through Products: National, by Year
3.5: Exhibit 3.5 — Pricing Mechanism When Paying Through Products, ESRP Only: National, by Year
3.6: Exhibit 3.6 — Pricing Amount When Paying bps Through Products: National, by Year
3.7: Exhibit 3.7 — Pricing Mechanism When Paying Through Services: National, by Year
3.8: Exhibit 3.8 — Pricing Amount When Paying bps Through Services: National, by Year
3.9: Exhibit 3.9 — Overall Pricing NET, “Don’t Know”: by Select Segments, by Year
3.10: Exhibit 3.10 — Crosstab: Pricing Mechanism/Amount by Understanding of How Firm Earns Money, 2020
3.11: Exhibit 3.11 — Understanding of How Firms Earn Money: National, by Year
3.12: Exhibit 3.12 — Understanding of How Firms Earn Money: by Select Segments, by Year
4: There are no Top Performers on 3 of 4 pricing measurements, including understanding of how firms earn money, the biggest driver of trust.
4.1: Exhibit 4.1 — Want from Firm “HAS LOW FEES” Importance/Performance: National, by Store 2020
4.2: Exhibit 4.2 — Want from Firm “FEES ARE REASONABLE FOR THE SERVICES PROVIDED” Importance/Performance: National, by Store, 2020
4.3: Exhibit 4.3 — Overall Pricing NET, “Don’t Know”: by Store, 2020
4.4: Exhibit 4.4 — Understanding of How Firms Earn Money – Top-Two Box: by Store, 2020
4.5: Exhibit 4.5 — Understanding of How Firms Earn Money – Full Range: by Store, 2020
5: Data on customer wants and satisfaction informs corporate strategy as well as customer segment management and solution development.
5.1: Exhibit 5.1 — Competitive Performance Map: “Has made me money” vs. “Has low fees,” 2020
5.2: Exhibit 5.2 — Morgan Stanley Performance Matrix, 2020
5.3: Exhibit 5.3 — E*Trade Performance Matrix, 2020
