When it comes to working with a financial advisor, the wealthiest investors have the highest expectations of service. A failure to communicate (returning telephone calls or emails in a timely manner or being contact proactively) is the primary reason Ultra High Net Worth investors cite for switching their advisors, Spectrem Group research finds.
Another key area of communication is information. UHNW investors place a high premium on financial knowledge and consider this the primary benefit of working with a financial advisor. Increasingly, financial blogs are a go-to resource for these elite investors.
Using Social Media and Mobile Technology in Financial Decisions, the latest report in Spectrem Group’s “Wealth Segmentation Series,” finds that UHNW investors with a net worth between $5 million and $25 million (not including primary residence) will be more likely than not to read blogs on the website of their financial provider/advisor (53.39 on a scale of 0 to 100, on which 100 equals “very likely”) or on the websites of major financial media sites (51.60).
If you are interested in learning more, take advantage of an exclusive opportunity to preview the report by clicking here.
Across wealth levels, reading financial blogs may be an aspirational thing, with UHNW investors with less than $15 million expressing more interest than the wealthiest households in reading financial blogs on various websites and social media platforms.
Among the most frequented social media platforms, more UHNW investors indicated they would be most interested in finding articles related to financial topics on Twitter and Facebook. The professional networking site, garnered the least interest of the three for this purpose. This may be due to the fact that UHNW investors tend to be older than their less wealthy counterparts and are closer to the end of their working lives or are retired.
It is a stereotype that older individuals are less likely to be up on the Internet and social media than previous generations. But they, too, express a high interest in seeking out blogs posted by financial or investment firms.
UHNW investors ages 49-54 and Baby Boomers ages 55-64 indicate the highest likelihood of reading financial blogs posted by their provider/advisor (nearly 61 on a scale of 100). Seniors over the age of 65 were only slightly less likely than Millennials to express interest in reading a blog posted by their financial provider/advisor (48.78 vs. 53.39).
But across most platforms, reading financial blogs is of the most interest to UHNW investors ages 48 and under, including:
· Websites of major financial media sites (64.15 on a scale of 100)
· Other financial websites (61.21)
· LinkedIn (40.71)
· Twitter (37.92)
· YouTube (33.32)
· Facebook (31.24)