U.S. Retail Investor Products and Platforms 2022

Creating an Omnichannel Experience

Establish Relationships With Emerging Investors

  • Understand retail investors’ preferences with regard to direct investing platforms and the products they wish to use on them
  • Analyze annually updated investor market sizing, with age and wealth tier segmentations
  • Explore proprietary sizing of direct-to-investor platforms, including an updated leaderboard and underlying product sizing
  • Understand how to serve clients from their first job through their retirement by bringing together numerous service models to serve their evolving needs


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Report Retail Investor Products Detail

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Drew O'Hearn, CFP

Drew O'Hearn, CFP

Senior Director, Account Management


This report serves as Cerulli’s guidebook to optimizing firms’ strategies to designing and addressing retail investment platforms. It helps firms better understand retail investors’ preferences with regard to direct investing platforms and the products they wish to use on them.

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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

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A Note from the Author

The Power of One

Scott Smith

Scott Smith


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Scott Smith

Scott Smith


With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.

Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the Industry Awards.

Full biography here.

One is not a lonely number for wealth managers seeking to gain greater marketshare. In fact, being the number one provider to investors for all of their needs opens a path to gathering more assets and retaining them for a longer period of time.

This goal may not be that far out of reach for many. According to our research, 58% of affluent respondents express interest in consolidating all of their financial assets to a single institution. However, when respondents were asked if they had gone forward with this step, just 37% indicate that they use the same provider for cash management and investment services.

There is an obvious opportunity—what we label a Consolidation Opportunity Gap in the report. Nearly 21% of investors have an expressed preference for using a single provider but have yet to act. At least one-third of clients working with advisors in the full-service (37%), independent (35%), and wirehouse (33%) channels fall into this category.

What can managers do to close this gap and capture future opportunities? Our new report covers this with comprehensive analysis and possible solutions while also detailing retail investors’ product preferences, product use, and product needs.

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