Spectrem Group’s study Using Social Media and Mobile Technology in Financial Decisions shows that the use of smartphones and tablets continues to increase, and among younger members of the affluent investor set use of mobile technology is climbing rapidly.
In 2014, 64 percent of Mass Affluent investors own a smartphone. That is up from 55 percent in 2013 and far above the 43 percent from 2011.
When it comes to technical investment performance functions, investors are still wary of using tablets or smartphones when a personal computer is available. For instance, 74 percent of Mass Affluent investors would pay their bills via PC but only 8 percent would do so with their tablet and 3 percent would use their smartphone.
When it comes to investment trading, only 39 percent would perform that function on their personal computer, only 4 percent on a tablet and only 2 percent on a smartphone.
But smartphone usage has not increased as significantly as the use of tablets or e-readers. Today 57 percent of Mass Affluent investors use a tablet or its like. Only 16 percent of Mass Affluent investors used a tablet just three years ago.
Use of personal computers or Macs remains the same, at about 80 percent of all Mass Affluent investors.
Six percent of investors say they do not use any form of mobile technology.
For investors, one of the key functions of mobile technology is the ability to video-chat, and 54 percent of PC owners say they have used that function. But the use of video functions has risen among smartphone and tablet users, as 44 percent of smartphone users and 35 percent of tablet users say they use their communication devices for video-chatting.
Virtually the same percentages apply to Mass Affluent investors who would be willing to video-chat with their financial advisors. Fifty percent of Mass Affluent investors say they would video-chat with their advisor using their PC or Mac, 43 percent would be willing to do so via their tablet and 39 percent said they would use their smartphone to chat up a financial advisor.
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