Client Views

Consumer Views of Financial Planning: A large-scale survey of mid-upper income households identified their needs for financial planning, their understanding of what is currently available and the gaps in service.  Barriers to using a planner were discussed including cost and convenience of access.  A complementary study identified consumer needs for financial planning by analyzing the content of articles/books that people choose to read on planning, in order to ensure that training of financial planners covered issues of key importance to consumers.  A later study identified the questions that people have about financial planning and helped identify information and educational material that could meet their concerns.

Consumer Buying of Online Financial Services: A large scale survey of mid-upper income consumers identified there current use of the Internet for buying financial services and seeking out information about products.  The overall study looked at demographic and psychographic predictors of channel preference, but focused on the revenue potential of online buyers and how it could be captured.

Financial Services for the Wealthy: This study drew on a huge pool of material including reports from some 5-6 research studies, customized statistical information from governmental sources and in-depth analysis of demographics.  From this base, we conducted a PEST analysis (Political-Economic-Social-Technological) to identify the key forces at work in the wealthy market over the next 5-10 years.  The result was a report identifying key segments of the wealthy market, both affluent and rich, and strategies for capturing business from each segment.

Investment Trends and Demographic Change: The study began by identifying ten major demographic changes from statistical sources and research reports.  The impact of these trends on savings and investing was identified by layering primary research onto this trend information.  Future trends for retirement and educational savings were the focus of the work.

The Market for Asset-Based Securities: Beginning with a base of mortgage-backed securities (MBS), we looked at market uptake of asset-backed securities in both retail and institutional markets. Product features and new products that would attract additional investment were a key issue, as was identifying targets for new asset-backed instruments.

Gearing Financial Services to Retirement Lifestyles:  Beginning with a government database that provides a detailed description of people’s activities and timing, we extracted a sample of 10,000 households over the age of 60.  A sophisticated analysis of activities led us to the conclusion that there are seven distinct retirement lifestyles.  We named and described these lifestyles and their characteristics, including the income levels needed to sustain each lifestyle at a minimal, a typical and a very comfortable level.

Financial Literacy Program Gets Into Gear: After a year of in-depth research with consumers and advisers; we completed an Event-based Learning Guide for the Investor Education Fund -- an affiliate of the Ontario Securities Commission. The Learning Guide follows the decision-making path of consumers from a triggering event through the initial tough decisions to taking action. At each step of the way, we identified the questions that consumers want answered in their own words. These have been formed into 94 learning modules, each with its own objective. Testing of the material with advisers and opinion leaders identifies our approach as unique and clearly beneficial for consumers.

Financial Planner of the Future
This study had three components.  It began with a set of opinion leader interviews that examined how consumer needs for financial planning would change over the next five years, as well as changes in the work itself.  We also identified the type and amount of learning of different topics that it would take to prepare a financial planner in this changing environment.  The ideal identified by opinion leaders was compared to current course offerings to identify remediation needs.  This was balanced with a content analysis that identified consumer issues based on the books and magazines they read.  Ultimately, the results of this study formed the basis for a later study that set the criteria for licensing financial planners.

Private Banking Services:  A well-known international bank retained Dr. Weinstein to identify niches in the private banking market which a foreign bank could profitably fill.  This work involved analysis of the bank's strengths and weaknesses vis-ŕ-vis its Big Five competitors.  It also included an analysis of the private banking services of major banks and trusts.  This was joined with a segmentation of the upscale market, as well as a review of the literature on services for the wealthy.

Blueprint for the OSC Financial Planner Exam: Worked with the OSC and several groups that train financial planners to develop a blueprint for a comprehensive financial planner examination.  Agreement was reached on the nature and the balance of exam content, including the level of learning required.  The result was a blueprint that could be used to build an exam using a domain-sampling model.

What is the value of Wealth Management Credentials?
What is the value of professional designations in the securities industry -- to employers, to designation holders and most of all to their clients? In an era where consumers are increasingly demanding accreditation, what gives them a sense of comfort about the advisor that serves them? These questions and others are the focus of this work which looks at drivers of value for professional designations and how well several wealth management designations deliver this value. Ways of enhancing the value of wealth management designations are explored.

Business Sharing & Compensation: This study focused on fostering referrals between banks and their associated investment dealers and asset managers.  After identifying a set of peer banks and their related firms, we interviewed senior executives about their referral compensation practices and philosophy.  Each participant received a summary of our findings.  For our client, the information was adapted to their unique circumstances and led to a set of more than 30 recommendations structuring fair compensation among its business arms.

Evaluating Courses for Securities Professionals: Evaluated the balance of course content and delivery methods for several professional courses geared to securities professionals.  These included investment management, portfolio management, financial planning and wealth management.