Smartphone and tablet use has grown significantly among the high net worth, but when it comes to investing, the wealthy prefer using their computers, according to a new study by Millionaire Corner.
Roughly half of high net worth individuals with $5 million to $25 million to invest use smartphones, up from 39 percent last year, according to our study, which was conducted over the second quarter of 2012. About 40 percent own tablets, double the share who reported owning tablets in last year’s study.
High net worth investors primarily use their smartphones for talking, email and texting. About 8 percent of the time, they use smartphones to manage their wealth. Financial activities conducted via smartphone include accessing personal accounts, researching investments, conducting trades and paying bills.
Tablets and e-readers are primarily used for reading books, sending and receiving email, playing games, and accessing the news. The high net worth use their tablets for financial purposes in much the same way they use smartphones. About 8 percent of the time, the tablets serve as a tool to manage wealth, and are used to access accounts, research, trade and pay bills.
A personal computer is the primary online investment tool used by the high net worth. These wealthy investors spend 18 percent of their computer time conducting financial activities, making financial management the second-most common computer activity, following email.
Close to three-fourths of high net worth investors use their computers to correspond with their financial advisors. More than 90 percent access their personal accounts on their computers, while 83 percent conduct investment research via the computer and 80 percent use their computers to pay bills. Nearly 60 percent conduct trades on their computers, and 63 percent use computers for financial planning. More than half of the high net worth uses their computers as a tool for evaluating financial service firms.