Young millionaires are more likely to use social media and other online tools to manage their relationships with their advisors. Learn more.
Young millionaires are more apt than their older peers to use social media and other online tools to manage their relationships with financial advisors, according to the latest Millionaire Corner research.
Young millionaires are three times more likely than millionaires of all ages to select a financial professional through a website providing detailed information on advisors, according to our third-quarter study, which examines the relationships between affluent investors and their advisors. Though the overall share of investors who go online to find advisors is growing, it remains relatively small. The largest share of affluent investors – including young millionaires – continues to find their advisors through referrals from a friend or family member.
Young millionaires – those ages 44 and younger – are four times more likely to express interest in a blog or tweets from their advisor, and nearly six times more likely to say they’d like their advisor to be on Facebook. Again the overall percentages of young millionaires wishing to connect with advisors via social media remain small, but the differences in attitudes between young millionaires and millionaires of all ages are striking.
Young millionaires are more likely to rate their advisors blogs as “excellent,” according to our research, which shows that 15 percent of millionaires ages 44 and younger give the top rating to advisor blogs, compared to 9 percent of millionaires of all ages. Young millionaires also express the highest expectations for email communications with their advisors. Close the 40 percent expect a return email within two hours, and 24 percent expect their advisors to return their emails within three to five hours. In comparison, millionaires of all ages have significantly lower expectations. Less than one-fourth expects a return email within two hours, and 19 percent, within three-to-five hours.
Young millionaires use the Internet for more than communicating with their own financial advisors. More than one-third (36 percent) of young millionaires say they have accessed other websites and/or financial publications to research investments.