Investors are growing more interested in using mobile technology for financial purposes.
Thanks in large part to the internet and social media, it is possible for consumers to get ratings on almost any future plan, purchase or service.
Investors looking for financial providers and advisors can obtain ratings of the people they hope to work with in the matter of one of the most important factors in their lives: money.
Spectrem’s Millionaire Corner provides ratings profiles of financial advisors, and a recent study by Spectrem shows that many investors want to be able to access those ratings.
In the study Using Social Media and Mobile Technology in Financial Decisions, investors were asked if they would be interested in accessing professional advisor ratings profiles using a website, smartphone or tablet. The range of interest was from 23 to 27 percent depending on wealth segment.
But the data also showed that younger investors, who are more familiar with ratings tools and services like Angie’s List for services, showed far more interest in the idea of accessing advisor ratings.
The Millionaire Corner advisor rating allows investors to judge advisors for overall satisfaction, knowledge and experience, advice during the recession and responsiveness.
The Spectrem study examined investors in three wealth segments: Mass Affluent (net worth between $100,000 and $1 million Not Including Primary Residence), Millionaire (net worth between $1 million and $5 million NIPR) and Ultra High Net Worth (net worth between $5 million and $25 million NIPR).
The interest in professional ratings services for financial advisors was highest among Millionaire and UHNW investors, at 27 percent. The highest percentage measured was 30 percent among Millionaire investors with a net worth between $1 million and $2 million.
But the investors were also segmented by age, and that is where interest really climbed. Among Millionaire investors ages 35 and under, interest was at 57 percent, while for Millionaires ages 36-44, 45 percent said they would be interested in an online ratings service for financial advisors.
Among UHNW investors ages 45-54, 46 percent said they would like to access such a service, and 44 percent of UHNW investors ages 44 and under said they would like to see professional ratings profiles of financial advisors.
Even among the Mass Affluent, the younger investors had greater interest. Thirty-seven percent of Mass Affluent investors under the age of 36 said they would like to see an advisor rating, and 31 percent of MA investors ages 36-44 said they would access a ratings service.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.