A growing number of wealthy investors are using smart phones for talking, texting, and emailing and are spending more time on Facebook, LinkedIn, YouTube, and even Twitter. They have been especially fast to embrace tablets:
- 34% of Mass Affluent investors, who have at least $100,000 in net worth, not including primary residence--nearly double from the 16% in June, 2011
- 37% of Millionaire investors, with at least $1 million in net worth, compared to 20% in June, 2011 and 5% in December, 2010
- 41% of Ultra High Net Worth (UHNW) investors, with at least $5 million in assets, compared to 20% in June, 2011 and 5% in December, 2010
"Not surprisingly, younger wealthy investors have adopted social media and mobile technologies more quickly and in greater numbers than older affluent investors, as have senior corporate executives and business owners compared to other professions. But use is increasing at all ages and occupations," notes George H. Walper, Jr., president of Spectrem.
Aside from talking and texting, wealthy investors spend more time using their tablets for tasks such as paying bills and accessing financial account information than smart phones. But computers remain king, at least for now:
- Mass Affluent investors spend 9.4 hours a week on their phones, not talking or texting, compared to 11.9 hours on their tablets and 22.8 on computers per week.
- Millionaire investors spend just under 10 hours on their phones versus more than 12 hours on their tablets and 23 hours on computers per week
- UHNW investors spend an average of 7 hours on their smart phones, 12 hours on their tablets and nearly 24 hours on computers per week
"What could tip the balance to mobile devices? More relevant applications, especially finance-related ones," says Walper. "At the top of the wealthy investors' app wish-list is the ability to aggregate their financial information from multiple sources."
Social media is making gains as well, with:
- 60% of Mass Affluent, 56% of Millionaire and 47% of UHNW investors using Facebook
- 29% of Mass Affluent, 31% of Millionaire and 32% of UHNW using LinkedIn
- 24% of Mass Affluent, 23% of Millionaire and 27% of UHNW using YouTube
- 10% of Mass Affluent, 8% of Millionaire and 8% of UHNW using Twitter
"Few wealthy investors rely more on social media than traditional media for financial information, but that situation is likely to shift as younger investors enter the wealthy ranks," Walper notes.
More insights from Spectrem Group's second-quarter investor reports are available on Spectrem's MillionaireCorner.com, including:
- Smart Phones Serve High Net Worth Investors
- Young Millionaires Tuning Out, Logging In
Research methodology
Spectrem Group conductsmonthly surveys with wealthy investors on a variety of topics. In the second quarter, Spectrem surveyed 1,428 Mass Affluent, 1,619 Millionaire and 408 Ultra High Net Worth investors, with a focus on Mobile Technology and Social Media usage.
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets, integrating proprietary research with expertise in building business, marketing and M&A strategies. Its professionals have held senior management positions at leading global companies.
About Spectrem's MillionaireCorner.com
MillionaireCorner.com is a powerful source for up-to-the-minute news and information for investors, about investors designed to fuel financial growth. It incorporates Spectrem Group research as well as outside information. In the future, the site will offer financial advisor referrals.
Contact: Gardi Wilks Wilks Communications 708-434-5006 gardi@wilkspr.com ###