Consumer Research

 

 

KBR&C has the unique advantage of having access to proprietary consumer data from the MacroMonitor Survey, produced by Consumer Financial Decisions (CFD) of Princeton, New Jersey. The MacroMonitor is the largest comprehensive retail financial services and marketing database that has measured, analyzed, and interpreted consumer attitudes, behaviors, and motivations continuously since 1978. Considered the gold standard of consumer financial surveys, the MacroMonitor Survey is a national sample of over 4,000 households, with an oversample of 1,500 affluent households, reweighted to be representative of the U.S. population.

Through targeted analyses of this rich database, KBR&C has been able to view the opportunities and challenges faced by bank and credit union investment and insurance services through the lens of the customers they are hoping to serve.

 

Available Research

Take a look at some of our most interesting findings, insights, and commentary on some of our ongoing research.

Consumer Research on Millennials

According to Kehrer Bielan research, when investing, 64% of households headed by a millennial say they "prefer to do most or all of the research and decision making." Just 37% of older households feel that way. If the Robo Advisors will make headway with any demographic segment, it would seem to be millennials. Read more.

 

Available Research Reports

The following reports were produced using consumer data analyses to help increase the performance or competitiveness of your business. 

Leaving Money on the Table: The Financial Institution Opportunity in Investment Services—Complimentary

Disappointing growth in investment services revenue and the disruption created by the impending Department of Labor fiduciary standard for retirement accounts have caused some banks and credit unions to reconsider whether they should be in the investment services or wealth management business at all. Cetera Financial Institutions commissioned Kehrer Bielan to refresh everyone’s understanding of the vast potential that financial institutions have in capturing the investible assets of their clients, and identify the ways to obtain that opportunity. Read more.

 

The New Importance of Financial Planning, Part 1: Who Has a Financial Plan?—Complimentary

Financial institutions have encouraged advisors to shift from a commission-for-transaction model to a model grounded in fees for asset management. Despite steady progress, advisory business still accounts for less than one quarter of industry revenue, and within most firms a small percentage of advisors are driving the majority of the business. And external forces such as the advent of “robo” advisors, and regulatory pressure will compress advisory fees. To overcome this challenge, firms will have to look to financial planning as a way to differentiate their advice. Banks and credit unions need a wakeup call to understand the urgency of the situation, and the broad advantages that financial planning offers.

Cetera Financial Institutions commissioned Kehrer Bielan Research & Consulting to leverage consumer financial data from the MacroMonitor together with Kehrer Bielan’s proprietary database of performance benchmarking data to demonstrate the New Importance of Financial Planning. In Part One we describe the characteristics of the 15,000 US households that have a written financial plan obtained from a financial professional and compare them to the general population. Herein we explore their demographics, assets, institution and product usage, and their attitudes towards investing. Click here to receive your complimentary copy from Cetera.

 

The New Importance of Financial Planning, Part 2: Impact on Client Loyalty and Share of Wallet—Complimentary

Households that are attracted to financial planning tend to be wealthier, and be more open to a
range of investments instead of keeping their assets in savings accounts. But only 1 out of every
10 financial plans being used by US households today were prepared by a financial advisor
working in a bank or credit union. If households reward the individual or institution that
prepared their financial plan with increased loyalty and allocation of financial assets, banks and
credit unions are missing a huge opportunity.

Cetera Financial Institutions commissioned Kehrer Bielan Research & Consulting to leverage 
consumer financial data from the MacroMonitor together with Kehrer Bielan’s proprietary database of performance benchmarking data to demonstrate the New Importance of Financial Planning. In Part One, we described households that have a written financial plan in terms of their demographics, assets, channel and product usage, and their attitudes towards investing.
In Part Two we drill down further, controlling for where the household obtained the financial plan. By isolating those households that obtained their plan from a bank or credit union and examining their financial behavior, we demonstrate the broad advantages that financial planning offers those institutions. Click here to receive your complimentary copy from Cetera.

 

The New Importance of Financial Planning, Part 3: Impact on the Firm—Complimentary

Financial planning has the potential to dramatically reshape the way that financial services are delivered in banks and credit unions. But financial services firms will need to change the way they manage their Financial Advisors, and manage the expectations of their parent institution, in order to reap the full benefits.

This study analyzes the impact of the extent to which banks and credit unions have adopted financial planning, on Financial Advisor productivity in terms of both revenue and acquisition of new assets, and the firm’s penetration of its opportunity. We also explore whether, as Advisors incorporate financial planning into their practices, firms will need to adjust their target Advisor headcount. Finally, we identify those strategies that firms committed to a financial planning focus will need to embrace in order to be successful. Click here to receive your complimentary copy from Cetera.

 

Annuity Marketing Study

Marketing annuities is increasingly more challenging due to depressed interest rates, constrained living benefits, and disappearing underwriters. Despite these challenges, there are still consumers who may be interested in annuities and who even say they are likely to invest in annuities in the coming months. Wouldn't it be helpful if you could identify these consumers and target them for referral and lead generation campaigns? Read more.

 

Life Insurance Study

The financial institution investment and insurance services industry has been having a conversation for years about the challenges of selling life insurance to bank and credit union customers. Much of the conversation has focused on the products and the process, and the conclusions always seem to be the same. Read more.

 

The Value of an Investment Client to a Bank or Credit Union

Investment services have struggled to get a seat at the table where executive decisions are made about institutional strategy and resource allocation, in part because investment services provide such a small direct profit contribution to the overall banking or credit union enterprise. Read more.

 

The Opportunity for Credit Unions in Investment & Life Insurance Services

Your credit union may have a significant and, to date, largely untapped opportunity to better serve and retain your members through an investment and life insurance services offering. Read more.

 

Maximizing Your Customers' Experiences Through an Integrated Wealth Management Offering—Complimentary

Are you leaving money on the table and wasting your opportunity to build a deeper relationship with your clients? If you aren't enhancing your customers' experience by effectively integrating their private banking, trust, and brokerage needs, the answer could be yes. Read more.