A study by SEI, Scorpio Partnership, and Standard Chartered Private Bank found the wealthy investors of the future are spending more time online.
This finding increases the need for advisors to become engaged in social media and to stay up on technological advances.
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The so-called futurewealthy have an average of $1.9 million in assets and 20% of the group have over $4 million. All are below age 45, which means their top earning years are ahead.
The respondents, deemed to be on the fast-track to wealth, spend an average of three hours of personal time and another three hours of working time online.
Those with $4 million in assets spend almost seven hours total per day online or 48 hours per week.
The average survey respondent uses three mobile devices; the segment with over $4 million in assets uses four.
Advisors also may have a misperception about which sites investors spend more time on.
Facebook is used much more than LinkedIn and investors do not seem to be as concerned with privacy as advisors think.
This means popular social media sites
may be a good resource through which to attract prospects, although discretion about what advisors share on these sites is still advised.