Advisors often wonder where they can find wealthy clients.
Turns out, they’re all hanging out on social media; affluent proffesionals have quickly adopted smart phones and tablets, as well as Facebook, LinkedIn, and Twitter, says new research from Illinois-based Spectrem Group, a market research firm.
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The firm conducted the survey during Q2 2012, and interviewed more than 3,000 rich investors about their mobile technology use. It found 34% of those with a net worth of at least $100,000—not including the value of their primary residence—actively use their phones and media profiles, which is double over last year.
As net worth rises, so too does social media usage, with over 40% of ultra-high net worth clients having adopted technology this past year.
“Younger investors have adopted social media and mobile technologies more quickly and in greater numbers, as have senior corporate executives and business owners. But use is increasing at all ages and occupations,” says George Walper, Jr., Spectrem president.
The best way for advisors to effectively manage their relationships with these customers is to use media platforms regularly, as well as share blogs and articles, says Cathy McBreen, Spectrem Group managing director. Avoid sales pitches and only use Facebook for brand building, not serious discussions about strategy.
Read: How to be a social media success
Aside from talking and texting, wealthy execs spend more time using their tablets for tasks such as paying bills than they did last year. They spend an average of 9 hours a week on their phones, 12 hours on their tablets and 22 hours on computers.
“At the top of the wealthy investors’ wish-list is the ability to aggregate their financial information from multiple sources,” says Walper. As their advisor, provide them with as much packaged content, tips and information as possible to save them time and effort.
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