High net worth individuals, generally savvy investors, are using their smartphones for more than texting. Learn more about these smart investors and their smartphones.
Nearly three-fourths of extremely high net worth Americans own a smartphone – and some of these affluent investors see their mobile devices as useful financial tools, according to a study completed by Millionaire Corner over the second quarter of this year.
These individuals, who come from households with a net worth of $15 million to $25 million, primarily use their smartphones – typically an Apple product – for sending emails (34 percent), talking (24 percent) and texting (12 percent). A small share (8 percent) is using the smartphone to manage wealth.
Close to 90 percent of extremely high net worth investors use their smartphones to look up personal account information, while more than half (55 percent) correspond with their financial advisors via smartphone. The mobile device is used for paying bills by 44 percent of extremely high net worth individuals. One-third uses their smartphone to research investment products and 19 percent use it to conduct trades.
High net worth investors with $5 million up to $15 million in investable assets are less likely to own a smartphone. The share drops to 44 percent for investors with a net worth of $5 million up to $10 million. (Millionaire Corner defines net worth as total wealth, not including primary residence). High net worth investors from this lower wealth level are more interested in apps giving access to personal account information and those allowing investors to review accounts from multiple providers in one place. Extremely high net worth investors express greater interest in smartphone apps for researching financial topics and products.
Smartphone ownership is likely to increase among these extremely high net worth investors, according to our research, which shows that 19 percent of those who don’t own one are very likely to get one and 2 percent are very likely.