A Spectrem study shows how MIllionaires use their smartphones and tablets to access financial information.
Obviously, mobile technology has affected us all. Smartphones and tablets have replaced personal computers, which replaced desktop computers, which replaced dictionaries and encyclopedias and libraries.
But financial advisors need to know just how the investors with whom they work, and investors they might want to attract, are using technology. The answer to that question is in the latest report form Spectrem Group.
In Using Social Media & Mobile Technology in Financial Decisions, Spectrem asked Millionaire investors with a net worth between $1 million and $5 million how they use technology in relation to their investments and their need for financial information.
Obviously, PCs and smartphones and tablets can be and are used for checking account balances. Eighty-eight percent of Millionaires say they check their account balances using that sort of electronic technology.
But 74 percent say they follow the financial and economic news of the day with mobile tech.
(To see the entire report, click here.)
Almost two-thirds (63 percent) obtain market updates through mobile technology and 45 percent do research on financial products and services with their smartphones and tablets.
In terms of actually conducting business, 35 percent say they buy and sell investments on their electronic communication devices.
All of these activities are more often done, and done more often, by the wealthiest millionaires, those with a net worth between $3 million and $5 million. Eighty-two percent follow the news, 53 percent research financial information, 47 percent conduct business using technology, including their personal computers.
Millionaires actually access their personal information frequently. Twenty-nine percent say they check their balances and account information daily, while 45 percent do it at least weekly.
Thirteen percent do investment research daily, and 22 percent investigate their investment plans on a weekly basis.
It is interesting to note how seldom investors communicate with their advisors electronically. Only 23 percent communicate by text with their financial advisor, and most of those that do actually do so less than once a month.
When it comes to using smartphones or tablets, Millionaires use their tablets more frequently for everything but voice communication. Fourteen percent use a tablet to follow the news, 12 percent obtain market updates and research financial products and services, and 11 percent check their account balances.
Meanwhile, 18 percent use their smartphone to keep an eye on market updates, 12 percent follow the news on their smartphone, and 10 percent check their accounts balances that way.
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.