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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Millionaire Millennials Looking for a Social Media Connection with Advisors

Twenty-one percent of Millionaires under the age of 35.rely more on social media to obtain information than they do traditional channels such as newspaper and television.

| BY Donald Liebenson

When considered against such factors as honesty, transparency, investment track record and fees or commissions charged, a website and online services are not as much a priority for Millionaire investors in choosing an advisor.

But as technology becomes even more pervasive, investors, especially younger ones who are Internet-savvy and tech-proficient, will want their advisors to offer state of the art services. A new Spectrem Group wealth level study of Millionaire households with a net worth up to $5 million (not including primary residence), finds that at present only 3 percent of respondents overall would be more interested in a financial advisor who used some type of social media such as Facebook, LinkedIn or Twitter to communicate with their clients. This percentage jumps to 14 percent among Millionaires under the age of 35.

Similarly, only 6 percent of surveyed Millionaires overall rely more on social media to obtain information than they do traditional channels such as newspaper and television, compared to 21 percent of these respondents who are 35 and under.

This opens up avenues of opportunity for client communications. On a scale of 0 to 100 with 0= Not Very Likely and 100=Very Likely, surveyed Millionaire Millennials would be most likely (68) of Affluent respondents overall (53) to read a financial blog on the website of their financial provider or advisor.

Beyond websites, social media platforms are also emerging as a viable communications tool among those who read articles on financial issues from non-website sources. On the 0-100 scale, LinkedIn rates a 55 as a source for financial articles, followed by Twitter (52) and Facebook (53).  While Millennial-aged Millionaires rank highest for interest in articles on Twitter (88), respondents ages 45-54 are most prone to be interested in reading articles posted on Facebook (88).

In considering future social media usage, nearly 30 percent of Millionaire Millennials--compared with 7 percent of surveyed Millionaires overall--expressed interest in their financial service firm providing information via social media and/or apps they could access on their mobile technology.  And while less than 10 percent of Millionaires overall indicated they would look closely at how much a financial service advisor or provider uses social media to communicate, that figure jumps to 24 percent among those 35 and under.

But social media has a long way to go to usurp personal visits, the telephone or email to communicate directly with an advisor, Spectrem research finds.  No respondents said that social media was their preferred communication with an advisor, compared with those who said that the telephone (42 percent), email (41 percent) and in person (34 percent) were their preferred vehicle.

About the Author

Donald Liebenson


Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.