Many advisors still insist their clients do not use the Internet. They're fooling themselves. As data from a new Pew Internet & American Life Survey show, older Americans are using social media.
The new survey from Pew found that 50% of U.S. adults age 50-64 are using social networking sites. In addition, Pew says two-thirds of American adults are using social media sites.
It's safe to assume that affluent adults are more likely to be Internet users and to use social media. So it's probably more like 75% of advisor clients that are using the Internet.
Among Internet users, 65% overall report using a social networking site like Facebook or LinkedIn. The breakdown of social media usage by age group shows sharp increases in recent years in the 50 to 64 and 65-plus age groups, The Pew data show.
With 50% of US adults age 50 to 64 and a third of those 65 and old using social media, clearly, social networking has exploded as a new medium for advisors to market and communicate with clients and prospects.