July 13, 2015 Fact of the Day: Are the use of mobile devices for financial reasons rising for investors?

 

According to research recently completely by Spectrem, 75% of Mass Affluent Investors, that is those whose net worth is between $100,000 and $1 million dollars own a smartphone, and 64% own a tablet or e-reader.  But what are these investors currently using them for? 

 

 

 

 

1)      30% of all respondents would consider using a smartphone to have a video chat with their financial advisor, with that percentage rising to 48% of those between the ages of 36 and 44

2)      21% of Mass Affluent investors currently use their smartphone to obtain market updates.  Among investors of varying advisor dependency, those who identify as Advisor Dependent are the most likely to use their smartphone to obtain market updates, at 26%

3)      On average among the Mass Affluent, they spend 9.29 hours per week on their smartphone for activities other than telephone calls, texting and email.  This number dramatically increases among the youngest investors in this group, as those under age 35 say they spend over 17 hours per week on their smartphone, excluding calls, texts and emails. 

The digital revolution is obviously here to stay, and the ability for financial providers to leverage mobile technology to promote their services is essential to success in modern day America.  Never forget, if you’re not moving ahead…..you’re falling behind.  

 

To learn more about Mass Affluent investors, click here or contact Randy Wostratzky at rwostratzky@spectrem.com or 224-544-5195.