Spectrem’s new research with Millionaire investors (net worth of between $1 million and $5 million, not including primary residence) shows the ability to video-chat via a phone or tablet has been increasing in popularity. This form of communication may surpass the semi-annual sit-down with an advisor in the future.
Smartphone and tablet ownership is on the rise. Nearly two-thirds of Millionaires have a smartphone and even a larger percentage have a tablet. With the increase usage of these devices, the benefits and possibilities for their usage expands. More than 40 percent of Millionaires have the ability to video-chat on either their smartphone or tablet or both. This increases with the inclusion of a PC/Mac, where more than half can video chat with either of those computing devices.
While the personal computer is the most likely place Millionaires would consider video-chatting with their advisor (55%), a similar percentage would also be willing to use their smartphone (46%) or tablet (50%). The younger an investor, the more likely they would consider video-chatting with their advisor. Sixty-seven percent of Millionaire investors under the age of 35 would consider using a smartphone to have a video-chat conversation or meeting with a financial advisor. This increases to 71 percent when considering using a personal computer for the same purpose.
Also, as wealth increases, the likelihood of considering to use a device to have a video-chat conversation or meeting with a financial advisor increases. More than half of investors with a net worth of $3 million to $4.9 million would consider using a smartphone, tablet, or personal computer to have a video-chat conversation or meeting with a financial advisor.
As devices become more advanced and investors become more adept with using the devices, an advisor’s ability to video-chat and be up to date with advances helps immensely.
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