Clarity. Perspective. Direction.
Summer 2008
We're Blogging!
John Meunier & Christy White
Cogent Principals
Our recent survey on the influence of social media on personal finance and investing was so compelling that it served as a catalyst for Cogent starting our own blog. That’s right. We’re taking our own advice! Join us at our Cogent Thoughts blog and become part of an interactive forum on issues ranging from current research methods to investment and wealth management industry trends. We will be relying on your feedback, input, and ideas to stimulate what we hope will be many online discussions with smart professionals like you. Click here to be directed to Cogent's blog.
As an evidence-based consultancy, Cogent Research is dedicated to delivering clarity, perspective, and direction to leading organizations in the wealth management industry. Through a unique blend of syndicated research, industry expertise, advanced analytics, and strategic consulting, we are redefining the role and function of marketing research in the areas of product development, brand equity, client experience, and revenue enhancement.
Wealth Management our point of view
Strategic Mistakes Financial Services Companies are at Risk of Making
Financial services firms don’t have it easy in today’s super-competitive investment environment. To attract top talent, a company must spend thousands of dollars per employee for training, only potentially to lose it all when the same employee is attracted elsewhere. A company may rush to catch up to a competitor’s innovation, allocating additional money and resources, only to find there is no catching up. Or, a company may find that its product marketing, though full of brilliant new product ideas, rarely comes up with winners.
Let’s examine some strategic mistakes made by financial services firms. Perhaps you will find that your company may have some work to do to correct one or more of them. .gif)
Read more.
Market Research Trends
Beyond Demographics: Maximizing Marketing Efforts Using Attitudinal and Behavioral Segmentation
By Deborah Cabanday, Chief of Analytics
Retirees currently represent a sizeable segment of the U.S. population. As the baby boomers continue their march toward retirement, the population will get even larger. Firms striving to understand the needs of retirees and near-retirees often focus in on specific groups within the population. They typically apply this focus in a number of ways, examining groups based on their age, gender, asset-level, or marital status. While in some ways this may be insightful, the utility of this approach to grouping is limited. For example, let’s take a closer look at two retirees.
Mary and Janet are best friends who have each saved one million dollars for retirement. They’re both 75 years old, widowed, and healthy. Both rely on their retirement savings to make ends meet. Most firms stop here and match a financial product that would work well for this “type” of retiree, given their demographic profile and asset level. Read More.
Syndicated Research product highlights
NEW REPORTS AVAILABLE
Retirement Income Dilemma™
There is no question that there is a strong need for retirement
income solutions. At the same time that the industry is preparing for the floodgates of retirement-aged baby boomers to open, there is less confidence than ever in the Social Security system. Corporate pensions have largely been replaced by 401(k) accounts. Add to that the concern over the rising cost of healthcare and other concerns and challenges investors face as they prepare for retirement, it is clear that most pre-retirees, even high net-worth investors, are anxious about their retirement. As a result, the investment industry is racing to bring new retirement income solutions to market. As product manufacturers compete to “build a better mousetrap,” is it possible that most are too focused on product-oriented solutions at a time when advisors and investors alike are requesting process-oriented solutions?Cogent Research designed and conducted focus groups with financial advisors and mass affluent/high net-worth investors in April 2008. The discussions were focused on exploring the mindset, attitudes, and behaviors of investors and advisors in order to understand the processes and solutions utilized for retirement income planning and identify gaps between advisors, investors, and product manufacturers. Quantitative research was also conducted to measure how prepared baby boomers are for retirement.
One critical learning is that there is less of a demand for a “silver bullet” product that will address all investors’ retirement income needs – instead, asset management firms need to recognize and understand the concerns and challenges faced by pre-retirees and financial advisors as they venture into the great unknown of retirement and provide for them a roadmap to understanding and selecting the right mix of investments and products. There is, however, an inverse product curve that illustrates the need for guaranteed income products by investor wealth. These, and many other insights, implications, and recommendations are presented in the now available Retirement Income Dilemma™, report from Cogent Research
Read More. Social Media's Impact on Personal Finance and Investing™
The writing is on the wall. An upsurge in social media
participation and increasing accessibility is signaling a revolution in the investor decision-making process. With nearly 60% of online consumers engaged in some form of social media, investors are quickly realizing the value of collaborating online with their peers. One out of every four online adults is engaged in social media that deals specifically with personal finance and investing. These relatively early adopters of social media in the financial services arena provide a glimpse into a world transformed by online collaboration between investors. Our extensive analysis focuses on investors with at least $100,000 in investable assets who are already using social media and reveals the measurable influence of social media engagement and the impact it has on investors’ perceptions of the advisors, providers, and products, providing the insights firms need to effectively navigate this new landscape.
Read MoreTo learn more about Cogent's syndicated research practice, click here.
Analyst Spotlight
New Faces at Cogent
Please join us in welcoming Lucy Hwang & Meredith Llyoyd Rice.
Lucy is a Data Analyst who joins us from Seoul, South Korea. She has over 10 years of experience working with consumer product and service-based companies specializing in advanced analytics. Most recently Lucy was a Senior Researcher at Taylor Nelson Sofres. She holds both a bachelor's and master's degree in Sociology from Hanyang University.
Meredith is a Project Director who has worked exclusively in financial services for nearly a decade. She is well-equipped to provide the evidenced-based strategic insights clients have come to expect from Cogent. Just prior to joining Cogent, Meredith served in an Associate VP role overseeing a team of researchers. She holds an undergraduate degree in International Relations from Colgate, and an MBA from Thunderbird, the Garvin School of International Management.
IN THIS ISSUE
- Beyond Demographics: Maximizing Marketing Efforts Using Attitudinal and Behavioral Segmentation
- New Reports Available
COGENT FACT
Social Media Converges With
Financial Services
Did you know that one in four affluent adults online is engaged in social media specifically related to personal finance and investing?
Source: Social Media's Impact on Personal Finance and Investing™
Where can you read more about Social Media's Impact on Personal Finance and Investing? Check out the Orlando Sentinel, Chicago Tribune, Baltimore Sun, and Money Management Executive.
WHERE WE'RE SPEAKING
Center for Due Diligence (CFDD) 2008 Advisor Conference
October 13-15, 2008
The Fairmont Scottsdale Princess Resort,
Scottsdale, AZ
OTHER HAPPENINGS AT COGENT
For more than a decade, Cogent Research has taken a holistic approach to health. Our Health Management practice includes clients in industries that nourish the body as well as those dedicated to treating the body.
Working with organizations in the pharmaceutical, healthcare delivery, diagnostic, biotech, supplement, food, and nutrition industries, we bring actionable insights to product development, brand and communications strategy, patient and customer loyalty, and more.
This month we released the 4th Annual Cogent Genomics Attitudes & Trends (CGAT™). Read More.
SMi's 9th Annual Nutraceuticals and Functional Foods Conference
Copthorne Tara Hotel,
London, United Kingdom
125 CambridgePark Drive Cambridge, MA 02140 PH 617.441.9944 FX: 617.441.9966
www.cogentresearch.com