Why Should Advisors Blog? Because Wealthy Investors Read Them
Financial advisors who don’t blog may be missing an opportunity to connect with current or prospective wealthy clients. Affluent investors are most likely to read financial blogs or articles regarding financial or investment topics on a website versus a social media platform such as LinkedIn, Facebook or Twitter, according to a report by Spectrem Group dubbed Financial Behaviors and the Investor’s Mindset for the Mass Affluent, Millionaire and Ultra High Net Worth investor.
In fact, most are likely to read a financial blog or article about financial or investment topics on the website of their financial provider or advisor, as opposed to the website of major financial media outlets such as CNBC, Fox Business or Forbes. “Wealthy investors have expectations of instant access to the most up-to-date information,” George H. Walper, Jr., president of Spectrem, said in a statement. “Financial advisors have increasingly instituted blogs that serve to establish them as a go to resource for clients.”
The study breaks down the wealth levels of investors as follows: mass affluent (those with a net worth between $100,000 and $1 million), millionaires (a net worth up to $5 million) and ultra high net worth (a net worth between $5 million and $25 million). Here's more advisors can learn about how wealthy clients take in blogs. (For related reading, see: Here's How Investors Choose Their Advisors.)
How Age Factors In
Across all wealth levels the youngest investors are the most likely to read their financial advisor’s blog or articles covering financial or investment topics. Millionaire and ultra high net worth Millennials and Generation Xers are more likely than Baby Boomers and the World War II generation to seek insights and education on their advisor’s website, the report found.
“Age is a significant factor in blog readership,” Walper said. “Millennials have not lived a day in their life without existence of the internet. Gen Xers, too, came of age when internet accessibility became pervasive. These investors will be looking for their financial advisor to communicate with them using the same tools and platforms that they prefer.”
Wealth Levels and Likelihood to Read
The level of wealth of investors also plays a role in who would be most likely to visit a financial advisor’s website to read a blog or articles on financial and investment topics. The wealthiest investors in the ultra high net worth wealth segment, for example, are more likely to read a blog or finance-related article on their advisor’s website.
The study found that the wealthiest investors have the most confidence in their financial knowledge. Spectrem points out that they would be most open to increasing their knowledge through financial blogs they could access on their mobile devices. “Marketing-savvy financial advisors can use a financial blog not only to convey information that establishes them as a trusted resource, but also to build their brand. Your unique voice and insights set you apart from other bloggers,” the report states. (For more, see: Why Advisors Should Embrace Making Videos.)
What Advisors Should Know About Blogs
Spectrem makes the following suggestions for advisors who blog or plan to do so:
Be consistent in how often you publish a blog post, whether it's once or twice a week, or once a month. A consistent schedule gets readers into the habit of checking your website for new material.
One of the primary benefits investors get from working with a financial advisor is that their knowledge of investing improves. When penning a blog post, be sure to write in a reader-friendly style that makes financial and investment topics accessible and easy to understand.
Make sure to email clients and prospects a link to your blog each time it is updated with a new post.
The Bottom Line
Advisors who don’t blog are missing out on connecting with current or potential clients. Wealthy investors seek out financial and investment insight on financial providers’ websites more than they do on major financial media outlets. Blogging not only helps advisors establish themselves as a trusted resource, it also builds their brand. (For related reading, see: Why Advisors Should Take Twitter Seriously.)
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