We know the names of the major and most popular financial providers. But there are notable differences in the perception of providers based on the age and wealth level of the investor.

In Spectrem’s annual study Portfolio Trends, Expenditures and Perceptions of Providers, investors were asked to judge all of the best known and respected financial providers on a series of attributes, ranging from those who are best at managing money to those that have the most innovative new products and services.

Throughout the study, Fidelity, Vanguard and Charles Schwab regularly appear as the top three firms in many categories and amid many investor segments. But there are firms that break through the top three depending on the category and the segment of investor.

Here are examples where a firm displaced one of the big three in terms of specific service or trait:

·         Millennials select Chase Bank among their top three providers in terms of innovative products and services and talented advisors and staff.

·         Investors from the World War II generation report Capital Group/American Funds is one of their top three choices for most expertise in managing money and a firm most likely to increase usage with.

·         Chase is mentioned by multiple generations of Mass Affluent investors with less than $1 million in net worth as one of the top three firms with innovative products and services.

·         Among Ultra High Net Worth investors, Capital Group/American Funds is noted for expertise in managing money and talented advisor and staff.

Portfolio Trends, Expenditures and Perceptions of Providers includes an update on an annual description of investors and their asset allocations, as well as their expenditure estimates over the past 12 months in normal spending categories like home improvement, household staff, and charitable and political contributions.

 

 

©2020 Spectrem Group

 

 

Keywords: providers, vanguard, fidelity, schwab, investors, advisors, Spectrem, Millennials, World War Ii