Advances in mobile technology make smartphones and tablets attractive to Ultra High Net Worth investors.
One of the benefits of being wealthy is that you can buy lots of stuff, and can constantly update the stuff you have.
While mobile technology has not pierced every wealth segment market, among Ultra High Net Worth investors with a net worth between $5 million and $25 million, the ownership of smartphones and tablets is fairly pervasive.
Spectrem’s Millionaire Corner study Using Social Media and Mobile Technology in Financial Decisions shows that unlike less wealthy segments of investors, where mobile technology ownership is spotty, the UHNW investor is likely to own both a smartphone and a tablet. Whether they are willing to use those devices for financial purposes is another story entirely.
The study surveyed investors from three different wealth segments – Mass Affluent (with a net worth between $100,000 and $1 million), Millionaire (with a net worth between $1 million and $5 million) and UHNW.
Exactly two-thirds of UHNW investors own smartphones and tablets. Eighty-five percent own personal computers as well.
While less than 50 percent of UHNW investors say they have the ability to video-chat on their smartphones or tablets, 21 percent said they use the service from their tablet on a weekly basis and 18 percent said they do so with their smartphone. Only slightly more, 22 percent, said they video-chat from their personal computer.
A relatively high percentage said they would be willing to video-chat with their financial advisor using the mobile technology. Fifty-nine percent said they would use their PC, 44 percent said they would use their tablet and 42 percent said they would use their smartphone to video-chat with their advisor.
There remains reluctance to use the smaller mobile technology devices for investment purposes. While 83 percent said they would use their PC to do investment research, only 7 percent would use their tablet and only 2 percent would use their smartphone. When accessing personal financial information, 80 percent would use their personal computer while only 8 percent would use tablets and 5 percent would use smartphones.
Online bill payment is increasingly popular, with 75 percent willing to use their PC for that purpose. But only 5 percent of UHNW investors would use their tablet and only 1 percent said they would do so from their smartphone.
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.