Roughly 70 percent of Millionaire business owners consider website and online services to be a factor in choosing a financial advisor or provider.
Bank of America, Citi and Wells Fargo and are the top three financial providers with the most impactful social media presence, according to a Spectrem Group wealth level study of Millionaire business owner with a net worth up to $4.9 million (not including primary residence).
Seventy-four percent of surveyed Millionaire Business Owners cited Bank of America for its visible social media presence, while 71 percent ranked Citi and Wells Fargo for their social media strategies. All three companies were ranked among the top six most valuable banking brands in 2015.
Rounding out the top 10 companies for visible social media presence as perceived by Millionaire business owners are:
- U.S. Bank (70 percent)
- Fidelity (68 percent)
- JPMorgan Chase (68 percent)
- MetLife (67 percent)
- E*Trade (67 percent)
- Charles Schwab (64 percent)
- Morgan Stanley (64 percent)
- New York Life (63 percent)
- Merrill Lynch (63 percent)
Roughly 70 percent of Millionaire business owners consider website and online services to be a factor in choosing a financial advisor or provider, up from 60 percent in 2013. While the majority of those surveyed do not yet use social media platforms to find a financial services company or advisor, or even communicate with their advisor via text, they do indicate the most interest (60 percent) in using online resources for articles and research on financial topics and products. One-third indicates an interest in seeking advice online from financial experts.
Overall, a majority Millionaire business owners is satisfied with their advisor’s social media postings. Fifty-percent state that posting frequency is “just right” while roughly 30 percent think their advisor posts “too much.”
Advisors might want to up their game on their blogs, Spectrem Group research finds. Fifty-four percent of business owners rate their advisor’s blog as poor while only 46 percent rate them as satisfactory.
An equal percentage of Millionaire business owners reports watching videos on financial websites. By far, the highest percentage (78 percent) watch financial information videos, compared with videos on current financial events (44 percent), videos by financial commentators (29 percent) and videos on stock tips (25 percent).
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.