As if you needed more proof that social media is something you need to be involved in, a recent Spectrem study says that wealthy investors increasingly use their smart phones and tablets to aggregate financial and investment information from a variety of sources.
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They use their phones and tablets to pay bills, check their finances, and post social media updates. Adoption is occurring at increasing levels across all ages. The study said that mass affluent investors spend about 9.4 hours on their phones per week. Millionaire investors spend about 10 hours and the ultra affluent spend an average of seven hours.
Across asset levels, about 12 hours per week are spent using tablets. And more and more of that time is being used for social media. As younger investors join the ranks of the wealthy, more and more wealthy clients will be using social media. Currently, 47% of ultra wealthy clients are on Facebook and 32% are on LinkedIn. Only 8% of ultra high net worth clients regularly use
So if you think social media is something you can incorporate into your practice later—or just whenever you are ready—you probably should be working on your exit plan.