Retail banks are far behind in the race to capture their share of trillions of dollars in retirement assets held by mass affluent consumers, according to BAI.
Only 14% of mass affluent consumers identify their bank as their primary retirement savings provider, compared with 53% who identify investment and brokerage firms as the primary providers, reports BAI, Chicago.
BAI, formerly known as the Bank Administration Institute, surveyed 3,000 mass affluent U.S. residents ages 35 to 70.
BAI defines mass affluent individuals as those having between $50,000 and $2 million in investable assets.
Banks also are lagging in capturing 401(k) assets, snaring only 18% of 401(k) rollovers to individual retirement accounts. Investment and brokerage firms are attracting about 67% of the IRA rollovers, BAI says.
However, when mass affluent consumers with retirement accounts seek retirement advice from their primary banks, those banks capture about 46% of the consumers' wallet share, BAI says.
Other survey findings:
