Published by Ian Lundahl on 07 Jan 2010
As 2010 begins, we take a look back at the changes made across the financial services industry in the last month of 2009.
Of particular note, some credit card firms started to get into the holiday spirit with charity-focused giving initiatives and new tools were introduced across several industries.
Published by Dan Wiegand on 04 Nov 2009
While the economy appears to be recovering from a debilitating recession, millions of Americans are still struggling to make mortgage payments and stay in their homes. As recently as a few weeks ago, the Wall Street Journal warned of “new mortgage-default waves” as more people lose their jobs, option ARMs reset, and home values continue to stagnate, leaving homeowners with mortgage balances higher than the value of their property.
Federal resources exist to help Americans in those circumstances, notably the Making Home Affordable refinancing and modification programs. In our recently released Consumer Financial Education Today report, we highlighted the way Chase effectively positions those government resources online alongside their own counseling and assistance initiatives, in this case via their Homeownership Center. In contrast, Bank of America’s primary Web resource for homeowners was, until recently, the elegant but not necessarily timely Home Loan Guide. The site walks users through the process of buying a home, refinancing or borrowing from home equity, but does not specifically appeal to distressed homeowners or mention government assistance. Fortunately, the firm now offers a website to address these troubled homeowners - the Home Loan Assistance center.
Published by James McGovern on 19 Oct 2009
Last Friday, PlanAdviser.com posted a story about a consumer survey conducted in June 2009 by market research firm Mintel Comperemedia. It addressed the issue of financial education. The firm found that three-fourths of online survey respondents are trying to improve their financial knowledge in response to the current economic crisis. Thirty-eight percent say they are turning to financial advisers for help, or plan to do so soon. But what about people that don’t have the assets to work with a financial advisor, or that prefer to manage their own finances? Where are they to turn for help? Probably the same place millions turn for the latest news and information everyday, the World Wide Web.
Published by Drew Maresca on 12 Oct 2009
BlackRock added a 529 plan section to the Products tab. The new CollegeAdvantage 529 Plan section is divided into three education tabs, similar in design to the firm’s Retirement Plan Solutions tab. The three tabs – Overview, Investment Options and Getting Started – consist of downloadable resources, forms and a new Morningstar College Savings tool. The new section emphasizes the need for parents to establish a 529 Plan and markets a number of different 529 Plan strategies offered by the firm.
This is a good addition by Blackrock and reduces the number of firms that we track in Mutual Fund Monitor Advisor without 529 plans to three: Evergreen, Federated, and iShares.
If you are interested in learning more on 529 Plan Kits, click here to read an abstract of a May 2008 Mutual Fund -Advisor Report.
Published by Drew Maresca on 01 Jul 2009
Rarely is a mutual fund firm’s website synonymous with the word “entertainment,” so T. Rowe Price has clearly gone against the grain by teaming up with Walt Disney Resorts Online to create the Great Piggy Bank Adventure online game. The new game is a good way for parents to introduce children to basic money management principles, allowing users to select a goal that can be achieved through earning and saving “truffles” (the game’s monetary system) and making wise financial decisions throughout the game’s multiple levels. Goal items include a pet rabbit, an art canvas, a toy helicopter, a tree-fort and a basketball hoop. Continue Reading »
Published by Chris McNeil on 08 Jun 2009
Over the past few years, Corporate Insight has received several requests to evaluate the online educational capabilities of retail financial services firms. As a result, we’ve conducted a number of custom research studies on the subject. This year, we even added an entire category to the Brokerage Website Audit devoted to Investor Education to reflect the increasing importance of good education as a competitive differentiator.
Published by Ian Lundahl on 12 Mar 2009
February was another tumultuous month for the markets, and as the month wore on, we saw a number of firms - TD Ameritrade, optionsXpress and TradeKing - respond with new education resources to help investors weather the storm. In other news, the Wells Fargo takeover of Wachovia is progressing smoothly with new information about mortgages and an increased online statement archive. Continue Reading »
Published by Grace Lei on 05 Mar 2009
Personal coaching is something most people first experience in childhood. Many of us remember fondly that first little league coach, the one who taught us the self-control and discipline to wait for the right pitch. Without him or her, we may have never hit our first home run, let alone made it to first base.
Today, millions of individual investors feel about as helpless as a little leaguer stepping up to bat for the first time. Recent market turmoil has paralyzed or distracted many, causing them to take their eye off the ball and let emotion drive their trading behavior. Others have simply opted to sit on the bench until the market stabilizes. Either way, retail investors are struggling in this market. This is bad news for the brokerage industry, especially for firms that focus on active traders and rely on commissions for the lion’s share of their revenue.
Published by David Rosenberg on 03 Feb 2009
A couple of weeks ago, Charles Schwab announced the launch of its Real Life Retirement Services with a new interactive online promo. While retirement planning is not a new service from the firm, this is the first time that Schwab introduced a real branded retirement planning ”product” or suite of services. Continue Reading »
Published by John Cantwell on 16 Jan 2009
If you’re at all familiar with online calculators/planners, it’s easy see that Banco Itaú’s new I Can Bank It calculator/planner, pictured above, is a departure from the norm. The Brazilian bank’s calculator, which is geared towards teens and twenty-somethings, is hands-down better - better looking, more fun, easier to use, more persuasive - than a lot of the online tools we’ve seen developed for this demographic. Continue Reading »
