A majority of investors do research on financial products using mobile technology.
People use their newest technological gadgets for many varied purposes, but most people use their personal computers, smartphones and tablets to watch the news.
A Spectrem’s Millionaire Corner study,Using Social Media and Mobile Technology in Financial Decisions, shows that over 90 percent of all affluent investors use their mobile technology to follow the news. That includes 97 percent of investors with a net worth over $5 million.
The study looked at three wealth segments of investors – Mass Affluent (with a net worth between $100,000 and $1 million Not Including Primary Residence), Millionaire (with a net worth between $1 million and $5 million NIPR), and Ultra High Net Worth (with a net worth between $5 million and $25 million NIPR).
In general, the UHNW investors are using their mobile technology more frequently for a wider variety of uses, including financial ones.
Ninety-three percent of UHNW investors use mobile technology to check account balances and other account information, while 88 percent of Millionaires and 85 percent of Mass Affluent investors do so. Eighty percent of UHNW investors obtain market updates via smartphone, PC or tablet, while 69 percent of Millionaires and 49 percent of Mass Affluent check the market that way.
Among investors who do their own research on financial products, 65 percent of UHNW investors use their mobile technology to do the investigating. Fifty-four percent of Millionaires research information on financial products and services on their mobile devices, while 38 percent of Mass Affluent do so.
The range of usage of mobile technology for conducting financial business is wide. While only 23 percent of Mass Affluent investors use mobile technology devices to buy and sell investments, 39 percent of Millionaires and 62 percent of UHNW investors make those transactions on their PC, smartphone or tablet.
Even though a smartphone is, in essence, a telephone, less than half of all investors use their mobile technology to correspond with their financial provider or advisor. Forty-four percent of UHNW investors will hit up a financial provider using their mobile devices, while only 31 percent of Millionaires and 17 percent of Mass Affluent investors use those devices for financial contact.
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