Consumers don’t want one-stop shopping in financial services according to a new report that debunks one of the most common mantras of the financial services industry

In a new report from Boston-based Forrester Reseach Inc., analyst Kenneth Clemmer argues that “fans of one-stop financial shops like Citigroup are few and far between”.

Clemmer says that most online consumers feel that their financial lives aren’t complex enough to require consolidation of their financial affairs in one spot, and he adds, they worry about putting all their eggs in one basket.

According to Forrester’s research, only 3% of online financial consumers in the United States currently use a firm that manufactures and sells everything under one roof. “These rare birds are less educated, mostly female, risk- averse individuals,” Forrester observes.

While only 19% of consumers say that they are “very likely” (5%) or “somewhat likely” (14%) to opt for a one-stop firm, these clients are attractive. These prospective one-stop clients tend to be young, educated, Web-savvy consumers. They own an average of eight different financial products, 56% have investments, and they trade 20% more than the average investor.

But by and large, Forrester finds that most consumers don’t want to consolidate. “Most of those unlikely to switch to a one-stop shop feel their financial lives aren’t complicated enough to reap the benefits of consolidation, like more targeted offers and single views of their financial lives. More than 20% are unsure about putting all their eggs in one basket — and they’re not sure that one basket can offer everything they need.”

The challenge for financial firms is either to overcome these perceptions, or plot strategies around them.