Seemingly, there is no piece of information that is NOT available on the Internet.
However, when it comes to social media, there are people you cannot get a hold of or communicate with, and sometimes, those people are the financial advisors you use for investing advice.
There remain regulations in regards to how financial advisors and providers can communicate with their clients, but those regulations change regularly. Advisors need to be aware that their clients really do want to be able to communicate with them via social media sites such as Facebook, Twitter and LinkedIn.
According to Spectrem’s new study Using Social Media and Mobile Technology in Financial Decisions, one-quarter of all Millionaires (with a net worth between $1 million and $5 million) under the age of 36 would consider an advisor’s use of social media before deciding which one to work with. Among all Millionaires, 9 percent consider social media access important in a decision about working with an advisor.
If communication is not possible through social media, Millionaires are just as interested in receiving financial information from their advisor via social media websites. Twenty-eight percent of Millionaires under 36 want to access information from their financial advisor on Facebook and the like, while 7 percent of all Millionaires would like to see that available.
Again, among the youngest Millionaires, 21 percent rely more on social media for all communication than they do traditional methods such as the telephone or email. Seventeen percent are more likely to use a financial product or service they have seen referenced in social media (perhaps believing social media makes that product “real” in some way).
In terms of occupation, business owners are far more interested in seeing advisor information, or receiving advisor communication, through social media than other professions. It is likely that in the promotion and marketing of their companies, business owners have become more accustomed to using social media and communicating with customers themselves on Facebook or Twitter, and thus would enjoy the same opportunity to communicate with their advisor that way.