{"content":[{"text":"Share of Wallet, Reach and Trust/2","bbox":{"left":0.118416,"top":0.068874,"width":0.27945699999999996,"height":0.016335000000000002}},{"text":"“The data in the report underscores how new entities of Schwab-TD Ameritrade and Morgan \n Stanley-E*Trade are really changing the competitive landscape,” Laura Varas, CEO and founder \n of Hearts & Wallets said.","bbox":{"left":0.118416,"top":0.100389,"width":0.7382700000000001,"height":0.059365999999999974}},{"text":"COVID Cash, Savings and Outreach \n Consumers stashed their COVID savings at their primary firm in 2020. The average household \n entrusted 79% of its saving and investing wallet to its primary store up from 71% in 2019. \n Average share of wallet at primary store had been flat around 71% since 2016. Lower-asset \n households awarded their primary stores with substantially more share of wallet. The \n exception: $2 million-plus households did not increase share of wallet at their primary store.","bbox":{"left":0.118416,"top":0.179783,"width":0.7324720000000001,"height":0.12391099999999997}},{"text":"Banks experienced a big jump in mean share of the customer wallet in 2020 vs. 2019, as \n consumers accumulated cash with lower spending during the pandemic. Banks with the \n highest mean share of wallet in 2020 include JP Morgan Chase (NYSE: JPM), PNC (NYSE: \n PNC), Bank of America and Wells Fargo Bank (NYSE: WSC).","bbox":{"left":0.118416,"top":0.321298,"width":0.704146,"height":0.08088100000000004}},{"text":"Outreach during COVID-19 mattered with more client contact and personalization being \n associated with higher intent to recommend. Conversely, lack of outreach is associated with \n lower intent to recommend. After an initial burst of outreach from March to May, customer \n outreach further improved over the summer. Full-service investment firms were most active.","bbox":{"left":0.118416,"top":0.419783,"width":0.72155,"height":0.08088099999999998}},{"text":"“Personalization works,” Beth Krettecos, Hearts & Wallets Subject Matter Expert, said. “Firms \n should understand the dynamics between personalized emails and multiple phone calls with \n regards to higher customer intent to recommend.”","bbox":{"left":0.118416,"top":0.520692,"width":0.721539,"height":0.05936599999999992}},{"text":"Warning Signs, Outreach for $2-million-plus Clients \n Success metrics of high trust (defined as a score of 9 or 10 on a scale from 0-10), intent to \n recommend and intent to invest more at current relationships dropped at the national level in \n 2020 with declines in primary relationships and $2-million-plus household relationships driving \n the drop. About 10% of $2-million-plus relationships with their primary and secondary stores \n are no longer high trust, making them ripe to move to other firms. Only 35% of customers with \n $2 million-plus intend to invest more with their primary and secondary stores.","bbox":{"left":0.118416,"top":0.597965,"width":0.7366550000000001,"height":0.145123}},{"text":"Top Performer Firms \n Proven over the past decade, the Stores & Success Metrics Top Performer methodology offers \n a useful guide to firm performance on meaningful customer success metrics. To earn the Top \n Performer designation, firms must receive ratings from their customers distinctively higher \n than ratings that customers of other firms give to their firms (see methodology at end of this \n release for more information). Each firm must have sufficient sample size to be considered as \n a Top Performer.","bbox":{"left":0.118416,"top":0.763117,"width":0.739058,"height":0.14542599999999994}},{"text":"-more-","bbox":{"left":0.463769,"top":0.924632,"width":0.05163200000000001,"height":0.01633499999999999}}],"images_bbox":[{"left":0.111994,"top":0.013877,"width":0.264461,"height":0.050947}],"images_bbox_not_text_overlap":[{"left":0.111994,"top":0.013877,"width":0.264461,"height":0.050947}]}