What do clients really want? And what is their biggest dissatisfaction?  

The fast-evolving financial services landscape, with digital disruptors emerging almost endlessly, requires a keen eye on the demands of clients – but what do they really want?

Aiming to find out, a Hearts & Wallets survey of almost 6,000 U.S. households asked participants to rank their top wants from their financial services firms on a scale of 1-10. While there were differences between the wealthiest clients and the mass market, some key themes emerged, with more than half of respondents citing the following top 5:

1. “Fees are clear and understandable”
2. “Explains things in understandable terms”
3. “Unbiased, puts my interests first”
4. “Has made me money”
5. “Well trained staff”

Being able to understand both fees and products is a clear priority for respondents in all groups up to $3 million in investible assets) – and is No. 1 for those up to $100,000 –, while those above $3 million put “Unbiased, puts my interests first” as their top want while “understandable terms” is not even in their top five.

The study also asked about satisfaction and discovered where the biggest gaps are. This revealed that investment management could do with improvement, with the biggest satisfaction gaps centered around:

• “Has made me money”
• “Proactive when market changes/I’m losing money”
• “Unbiased, puts my interests first,”
• “Investment ideas are knowledgeable, timely and tactical”

The research found that personal financial advice is one area where demand has increased while satisfaction has remained flat, suggesting potential for those firms that excel in this regard to benefit.

“Firms should segment relentlessly for insights that lead to better strategies and tactics,” Laura Varas, Hearts & Wallets CEO and founder, said. “Better explanations will help firms compete for the 88.3 million mass market households who control $2.5 trillion. To improve business results in the $3-million-plus segment, which comprises 3.5 million households with $39.8 trillion, be sure to focus on customer advice experiences, product lineups and field compensation.”

The report also found that clients are often unsure of the fees they are paying for saving and investing.

This is particularly noted among workplace models where 66% of respondents said they know how much they pay compared to 74% in retail investing relationships.

WHO’S DOING BEST?

The firms that are winning in the satisfaction stakes across specific client wants are:

• “Fees are clear and understandable” – USAA

• “Explains things in understandable terms” – Ameriprise, Edward Jones

• “Unbiased, puts my interests first” – Ameriprise

• “Well-trained staff” – Edward Jones

• “Understands me and shares my values” – Ameriprise, Edward Jones, Merrill, Morgan Stanley and USAA

“In today's economic climate, delivering high customer satisfaction requires a strategic approach that prioritizes customer wants, thoughtful allocation of resources, and innovation,“ Beth Krettecos, a subject matter expert at Hearts & Wallets co-author of the report, said. “Top Performer ratings help firms evaluate their performance competitively, identify areas of improvement and optimize resources efficiently.”