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Video-Chatting Habits of Wealthy Investors

Almost two-thirds of wealthy investors under the age of 49 would use video-chat technology to talk to their financial advisor.

| BY Kent McDill

Video-chatting is easier and more accessible than ever before, which means investors might just start using the service for conversations not involving their children or grand-children.

In Spectrem’s latest wealth segmentation series study Using Social Media and Mobile Technology in Financial Decisions, investors were asked if they would consider using video-chat technology to have a meeting with their financial advisor. While only 20 percent of Ultra High Net Worth investors with a net worth between $5 million and $25 million said they were interested in using video-chatting technology to speak to their advisors, 44 percent of those would do so on a tablet or e-reader, and 34 percent said they would consider having that conversation on Skype or FaceTime on their smartphone.

This is especially true for the younger investors. Among investors under the age of 49, 68 percent said they would talk to their advisor via tablet and 56 percent said they would do so on their smartphone.

The percentages drop to 38 percent for the tablet and 30 percent for the smartphone among investors over the age of 64, but that is still a significant number of investors who would be willing to “meet’’ with their investor face-to-face via electronics.

Saying they would be willing to do so does not mean it has happened. Only 9 percent of investors have actually held a video-chat meeting with their financial advisor, although 39 percent of investors under the age of 49 say they have done so.

It’s revealing to find just how video is being used or not used in investor habits. Only 20 percent of Ultra High Net Worth investors are interested in watching videos of financial experts discuss the key issues of the day. Most of those investors willing to watch a video on financial topics are doing so on YouTube as opposed to Facebook, Twitter or LinkedIn.

Forty-one percent of UHNW have watched videos on financial websites, with 72 percent getting financial information that way and 59 percent watching videos of financial commentators.


About the Author

Kent McDill


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.