Wants & Pricing 2022: What’s Important to Retail Investors, How Pricing Is Changing and How Competitors Perform on Customer Satisfaction
Order Report - Wants & Pricing 2022: What’s Important to Retail Investors, How Pricing Is Changing and How Competitors Perform on Customer Satisfaction
Report Overview
There are a number of "consumer wants" that are experiencing significant jumps in importance - including high quality mobile apps, online tools, and doing business with a well-known leader. Top wants of different customer segments vary significantly. For example, millennial millionaires prioritize quality of internet account access, while boomer millionaires prioritize being unbiased. Learn what your customers and prospects want most from you! Also included - consumers now have a greater awareness of pricing at a time when the top consumer "want" from financial services firms is clear and understandable fees. Learn the potential implications as you price products and services.This report also looks at how the competitive field is getting tighter and how there are fewer "Top Performers" firms on fewer wants.
Key Findings
- Wants across all service dimensions are becoming more important at the national level. Top wants of design targets differ from national in significant ways.
- The competitive field is getting tighter, with Top Performers emerging on fewer wants than in the past. Edward Jones, Morgan Stanley, American Funds, T. Rowe Price, Wells Fargo Advisors distinguish themselves by achieving one or more Hearts & Wallets Top Performer designations.
- Customer awareness of pricing increased sharply year over year, with higher prices reported for both products and services and a notable jump in use of flat fees.
- Plotting wants, satisfaction and pricing creates informative maps for competitive insight and strategic decisions. Edward Jones, Vanguard, Charles Schwab, Fidelity and E*TRADE have high customer satisfaction on both “has made me money” and “has low fees.”
Pricing
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Sample Report Pages
Table of Contents
Methodology
1-7
Key Findings & Implications
8
Favorite Statistics
9
Related Research
10
Key Findings
11-58
1: Wants across all service dimensions are becoming more important at the national level. Top wants of design targets differ from national in significant ways.
1.1: Exhibit 1.1 — Importance of Wants From Firm: National, 2021
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1.2: Exhibit 1.2 — Importance of Wants From Firm: National, 2021 vs. 2016
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1.3: Exhibit 1.3 — Top 10 Wants From Firm, Ranked on Top-Two Box Importance: National, 2021
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1.4: Exhibit 1.4 — Top Wants of Sample Design Targets, 2021
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1.5: Exhibit 1.5 — All Competence & Credibility Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
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1.6: Exhibit 1.6 — All Reliability Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
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1.7: Exhibit 1.7 — All Tangible Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
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1.8: Exhibit 1.8 — All Access & Communication Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
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1.9: Exhibit 1.9 — All Understanding & Empathy Wants From Firm, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
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1.10: Exhibit 1.10 — Importance of Wants From Firm Among Those Who Rely on Paid Investment Professional Primary/Usually: by Investable Assets, 2021
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1.11: Exhibit 1.11 — Importance of Wants From Firm: by Anxiety Level, 2021
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2: The competitive field is getting tighter, with Top Performers emerging on fewer wants than in the past. Edward Jones, Morgan Stanley, American Funds, T. Rowe Price, Wells Fargo Advisors distinguish themselves by achieving one or more Hearts & Wallets Top Performer designations.
2.1: Exhibit 2.1 – Summary of “Top Performer” Stores on Wants From Firm: 2021 vs. 2020
22
2.2: Exhibit 2.2 — Want From Firm “HAS WELL-TRAINED STAFF” Importance/Performance: National, by Store, 2021
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2.3: Exhibit 2.3 — Want From Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL” Importance/Performance: National, by Store, 2021
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2.4: Exhibit 2.4 — Want From Firm “FEES ARE CLEAR & UNDERSTANDABLE” Importance/Performance: National, by Store, 2021
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2.5: Exhibit 2.5 — Want From Firm “IS UNBIASED, PUTS MY INTERESTS FIRST” Importance/Performance: National, by Store, 2021
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2.6: Exhibit 2.6 — Want From Firm “HAS DEFINED, REPEATABLE PROCESSES FOR PRODUCING RESULTS” Importance/Performance: National, by Store, 2021
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2.7: Exhibit 2.7 — Want From Firm “HAS MADE ME MONEY” Importance/Performance: National, by Store, 2021
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2.8: Exhibit 2.8 — Want From Firm “OFFERS PERSONAL FINANCIAL ADVICE”Importance/Performance: National, by Store, 2021
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2.9: Exhibit 2.9 — Want From Firm “PROVIDES CLEAR, USEFUL STATEMENTS” Importance/Performance: National, by Store 2021
30
2.10: Exhibit 2.10 — Want From Firm “IS EASILY REACHABLE BY TELEPHONE” Importance/Performance: National, by Store, 2021
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2.11: Exhibit 2.11 — Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH” Importance/Performance: National, by Store, 2021
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2.12: Exhibit 2.12 — Want From Firm “HAS GOOD MOBILE APPS” Importance/Performance: National, by Store, 2021
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2.13: Exhibit 2.13 — Want From Firm “THERE IS A SPECIFIC PERSON OR TEAM ASSIGNED TO WORK WITH ME” Importance/Performance: National, by Store, 2021
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2.14: Exhibit 2.14 — Want From Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS” Importance/Performance: National, by Store, 2021
35
2.15: Exhibit 2.15 — Want From Firm “UNDERSTANDS ME AND SHARES MY VALUES” Importance/Performance: National, by Store, 2021
36
3: Customer awareness of pricing increased sharply year over year, with higher prices reported for both products and services and a notable jump in use of flat fees.
3.1: Exhibit 3.1 — All Perception of Value, Top 2 Box (9-10) Levels of Importance on 10-Point Scale: National, by Year*
37
3.2: Exhibit 3.2 — Perception of Value “HAS LOW FEES” Importance/Performance: National, by Store 2021
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3.3: Exhibit 3.3 — Perception of Value “FEES ARE REASONABLE FOR THE SERVICES PROVIDED” Importance/Performance: National, by Store, 2021
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3.4: Exhibit 3.4 — Pricing Topline View: National, by Year
40
3.5: Exhibit 3.5 — Pricing Topline View, Investing Relationships Only: National, by Year
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3.6: Exhibit 3.6 — Service Pricing Mechanism: National, by Year
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3.7: Exhibit 3.7 — Service Pricing Amount (bps): National, by Year
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3.8: Exhibit 3.8 — Product Pricing Mechanism: National, by Year
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3.9: Exhibit 3.9 — Product Pricing Mechanism, Investing Relationships Only: National, by Year
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3.10: Exhibit 3.10 — Product Pricing Amount (bps): National, by Year
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3.11: Exhibit 3.11 — Overall Pricing NET: National, by Year
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3.12: Exhibit 3.12 — Overall Pricing NET: by Respondent Generation, 2021
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3.13: Exhibit 3.13 — Don’t Know Pricing NET: National, by Year
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3.14: Exhibit 3.14 — Overall Pricing NET Awareness, Know vs. Don’t Know: by Store, 2021
50
3.15: Exhibit 3.15 — Understanding of How Firms Earn Money: National, by Year
51
3.16: Exhibit 3.16 — Understanding of How Firms Earn Money – Top-Two Box: by Store, 2021
52
4: Plotting wants, satisfaction and pricing creates informative maps for competitive insight and strategic decisions. Edward Jones, Vanguard, Charles Schwab, Fidelity and E*TRADE have high customer satisfaction on both “has made me money” and “has low fees.”
4.1: Exhibit 4.1 — Competitive Satisfaction Map: “Has made me money” vs. “Has low fees,” 2021
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4.2: Exhibit 4.2 — Competitive Satisfaction Map: “Has made me money” vs. “Has low fees,” 2018
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4.3: Exhibit 4.3 — Competitive Satisfaction Map, Select Stores: “Has made me money” vs. “low fees,” 2021 vs. 2018
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4.4: Exhibit 4.4 — Competitive Customer Importance vs. Satisfaction Map: “Investment Ideas are Knowledgeable, Timely and Tactical,” 2021
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4.5: Exhibit 4.5 — Customer Importance vs. Satisfaction Map for TIAA, All Attributes, 2021
57
4.6: Exhibit 4.6 — Competitive Satisfaction Map: “Has made me money” vs. Trust, 2021
58
Data Dictionary
9-66
Appendix
67-71
Glossary
72
View Related Briefing
73
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