Wants & Pricing 2024: Top Performer Firms and Opportunities for Competitors to Differentiate in Biggest Satisfaction Gaps
Order Report - Wants & Pricing 2024: Top Performer Firms and Opportunities for Competitors to Differentiate in Biggest Satisfaction Gaps
Report Overview
This report is our annual review of what customers want from the stores they do business with, how satisfied they are with these stores, and evolving trends in pricing. Wants and Pricing is one of our most highly anticipated reports of the year, and includes the 2023 "Top Performer" firms — those that set the bar across key competitive metrics.
Key Findings
- Clear and understandable fees is the top want for the mass-market, while being unbiased and putting clients' interests first is the top want for the $3M+ households
- Personal financial advice has become more important over time while satisfaction has remained flat, indicating a possible area for competitive differentiation
- Ameriprise, Edward Jones, Merrill, Morgan Stanley and USAA achieved one or more Hearts & Wallets Top Performer designations in 2023
- Pricing remains a problematic area with many customers not knowing how they pay for saving and investing, especially in workplace models. Flat fees are reportedly becoming more common.
Pricing
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Sample Report Pages
Methodology. 1-8
Key Findings & Implications. 9
Favorite Statistics. 10
Key Findings. 11-60
1: Priorities of specific consumer groups can vary widely. Today’s top mass market want is understandability, but the #1 attribute households with $3M+ want from their firms is “unbiased, puts my interests first.”
1.1: Exhibit 1.1 — Importance of Wants From Firm: National, 2023
11
1.2: Exhibit 1.2 — Top 5 Wants From Firm, Importance: Households With <$100K Investable Assets, by Year
12
1.3: Exhibit 1.3 — Top 5 Wants From Firm: Households With $3M+ Investable Assets, by Year
13
1.4: Exhibit 1.4 – Top 5 Wants: by Investable Asset Ranges, 2023
14
1.5: Exhibit 1.5 — Importance of Wants From Firm: National, 2023 With Year-Over-Year Change
15
1.6: Exhibit 1.6 — Morgan Stanley/E*TRADE Case Study: Competence & Credibility Wants From Firm, 2023
16
1.7: Exhibit 1.7 — Morgan Stanley/E*TRADE Case Study: Reliability Wants From Firm, 2023
17
1.8: Exhibit 1.8 — Morgan Stanley/E*TRADE Case Study: Tangibles Wants From Firm, 2023
18
1.9: Exhibit 1.9 — Morgan Stanley/E*TRADE Case Study: Access & Communications Wants From Firm, 2023
19
1.10: Exhibit 1.10 — Morgan Stanley/E*TRADE Case Study: Understanding & Empathy Wants From Firm, 2023
20
2: The biggest gaps between importance and customer satisfaction are related to investment management. Wants rising in importance where satisfaction is flat, such as personal financial advice, offer competitive opportunities.
2.1: Exhibit 2.1 — Satisfaction of Wants From Firm, High Satisfaction: National, 2023
21
2.2: Exhibit 2.2 — Importance vs. Satisfaction With Wants From Firm: National, 2023
22
2.3: Exhibit 2.3 — Importance/Satisfaction Gap for All Wants From Firm: National, 2023
23
2.4: Exhibit 2.4 — Importance vs. Satisfaction of Want From Firm “Has made me money”: National, by Year
24
2.5: Exhibit 2.5 — Importance vs. Satisfaction of Want From Firm “Proactive when market changes/when I’m losing money”: National, by Year
25
2.6: Exhibit 2.6 — Importance vs. Satisfaction of Want From Firm “Unbiased, puts my interests first”: National, by Year
26
2.7: Exhibit 2.7 — Importance vs. Satisfaction of Want From Firm “Investment ideas are knowledgeable, timely and tactical”: National, by Year
27
2.8: Exhibit 2.8 — Importance/Satisfaction Gap for All Wants From Firm: National, by Year
28
2.9: Exhibit 2.9 — Importance vs. Satisfaction of Want From Firm “Offers personal financial advice”: National, by Year
29
3: Ameriprise, Edward Jones, Merrill, Morgan Stanley and USAA achieved one or more Hearts & Wallets Top Performer designations this year.
3.1: Exhibit 3.1 – Summary of “Top Performer” Stores on Wants From Firm: 2023
30
3.2: Exhibit 3.2 — High Importance/High Satisfaction on Want From Firm "HAS WELL-TRAINED STAFF": by Store, 2023
31
3.3: Exhibit 3.3 — High Importance/High Satisfaction on Want From Firm “INVESTMENT IDEAS ARE KNOWLEDGEABLE, TIMELY, TACTICAL”: by Store, 2023
32
3.4: Exhibit 3.4 — High Importance/High Satisfaction on Want From Firm “FEES ARE CLEAR & UNDERSTANDABLE”: by Store, 2023
33
3.5: Exhibit 3.5 — High Importance/High Satisfaction on Want From Firm “IS UNBIASED, PUTS MY INTERESTS FIRST”: by Store, 2023
34
3.6: Exhibit 3.6 — High Importance/High Satisfaction on Want From Firm “HAS MADE ME MONEY”: by Store, 2023
35
3.7: Exhibit 3.7 — High Importance/High Satisfaction on Want From Firm “OFFERS PERSONAL FINANCIAL ADVICE”: by Store, 2023
36
3.8: Exhibit 3.8 — High Importance/High Satisfaction on Want From Firm “OFFERS INVESTMENT SELECTION ADVICE”: by Store, 2023
37
3.9: Exhibit 3.9 — High Importance/High Satisfaction on Want From Firm “PROVIDES CLEAR, USEFUL STATEMENTS”: by Store, 2023
38
3.10: Exhibit 3.10 — High Importance/High Satisfaction on Want From Firm “IS EASILY REACHABLE BY TELEPHONE”: by Store, 2023
39
3.11: Exhibit 3.11 — High Importance/High Satisfaction on Want From Firm “QUALITY OF INTERNET ACCOUNT ACCESS”: by Store, 2023
40
3.12: Exhibit 3.12 — High Importance/High Satisfaction on Want From Firm “IS PROACTIVE WHEN MARKET CHANGES/WHEN I’M LOSING MONEY”: by Store, 2023
41
3.13: Exhibit 3.13 — High Importance/High Satisfaction on Want From Firm “HAS GOOD MOBILE APPS”: by Store, 2023
42
3.14: Exhibit 3.14 — High Importance/High Satisfaction on Want From Firm “QUALITY OF ONLINE TOOLS AND RESEARCH”: by Store, 2023
43
3.15: Exhibit 3.15 — High Importance/High Satisfaction on Want From Firm “EXPLAINS THINGS IN UNDERSTANDABLE TERMS”: by Store, 2023
44
3.16: Exhibit 3.16 — High Importance/High Satisfaction on Want From Firm “UNDERSTANDS ME AND SHARES MY VALUES”: by Store, 2023
45
4: Despite a pullback in high importance of “low fees,” pricing remains a problematic area with many customers not knowing how they pay for saving and investing, especially in workplace models. Flat fees are reportedly becoming more common.
4.1: Exhibit 4.1 — All Perception of Value Measures, High Importance and High Satisfaction: National, by Year*
46
4.2: Exhibit 4.2 — Overall Pricing NET: National, by Year
47
4.3: Exhibit 4.3 — Overall Pricing NET by Account Type: National, 2023
48
4.4: Exhibit 4.4 — Overall Pricing NET, Retail Investing: by Investable Assets, 2023
49
4.5: Exhibit 4.5 — Overall Pricing NET, Workplace Investing : by Investable Assets, 2023
50
4.6: Exhibit 4.6 — Understanding of How Firms Earn Money: National, by Year
51
5: On satisfaction with “has low fees” across all customers and all account types, most stores cluster around the industry average.
5.1: Exhibit 5.1 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, 2023
52
5.2: Exhibit 5.2 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, Retail Investing Customers, 2023
53
5.3: Exhibit 5.3 — High Importance/High Satisfaction on Perception of Value “HAS LOW FEES”: by Store, Workplace Participants, 2023
54
5.4: Exhibit 5.4 — High Importance/High Satisfaction on Perception of Value “FEES ARE REASONABLE FOR THE SERVICES PROVIDED”: by Store, 2023
55
5.5: Exhibit 5.5 — “Don’t Know NET” Pricing: by Store, 2023
56
5.6: Exhibit 5.6 — Understanding of How Firms Earn Money, Top 2 Box: by Store, 2023
57
5.7: Exhibit 5.7 — Understanding of How Firms Earn Money, Top 2 Box: by Store, by Year
58
5.8: Exhibit 5.8 — Understanding of How Firms Earn Money, Full Range: by Store, 2023
59
5.9: Exhibit 5.9 — Understanding of How Firms Earn Money, Bottom 4 Box: by Store, 2023
60
Data Dictionary. 61-70
Appendix. 71-75
Glossary. 76
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