Recent Surveys Say “Where They Bank”
A recent J.D. Power survey found that more consumers are looking to banks for financial advice. “Bank customers – particularly younger ones – are telling their banks they want help right now . . . retail banks have a once-in-a-lifetime opportunity to build enduring relationships, but they need to act quickly because customers cannot wait for their bank to figure out an advice strategy.” (Source: ThinkAdvisor)
More consumers are already re-engaging with advisors in financial institutions. According to the most recent MacroMonitor survey from RFI Global, there has been an uptick in households seeking financial advice from “bank officers.” While financial planners remain far and above the most popular source of financial advice, banks experienced the largest increase in advice engagement since the previous survey. And credit unions and trust/estate planning companies now claim third and fourth place as a source of financial advice.
These findings add to the evidence that financial institutions should double down on financial planning. Indeed, Kehrer Group research has demonstrated time and again that offering financial planning in a bank remains a winning strategy.
About MacroMonitor
RFI Global’s MacroMonitor offers the most extensive data set of US households. The study goes into field every 2 years and has been running since 1978.
The 2024/25 study is comprised of 5,000 household interviews, which were conducted online via desktop and mobile.
Respondents, all of whom are decision-making heads of households, are recruited via a probability-based sampling methodology.
Probability-based sampling, by design, mirrors the composition of US households. To enhance precision, the sample undergoes additional refinement through the derivation of the weight variable. This variable encompasses various demographic profiles including age, gender, race, and household characteristics such as family status, income, education level, and home ownership, as well as geographic attributes like region and area of residence.
In addition to the 4,000 interviews conducted as part of the core sample, a further 1000 interviews are conducted as oversamples. This includes Ultra-High Financial Assets, Young, Hispanic, Black, and Asian Households, all of which ensure robust samples of key household profiles and allow for greater granularity when segmenting the data.
About RFI Global
RFI Global is the only global data and insights company focusing exclusively on financial services. We empower financial service leaders with the market intelligence they need to drive innovation, enhance customer experience and accelerate growth. Partnering with the world’s top financial institutions, our expert team delivers tailored insights through a unique hybrid syndicated approach, drawing from over 200,000 consumer and 60,000 business interviews each year.
Find out more about RFI Global here: Data and Insights for Banking and Financial Services | RFI Global