Millionaire 2011, Volume 2 - Use of Mobile Technology, Tablets, Online Tools and Social Media
The use of smartphones, tablets and computers has changed the financial services landscape dramatically in the past decade and more change is on the horizon. Millionaire investors today are using their tablets and smartphones to access financial information 24/7. They are experimenting with new communication channels that have the potential to dominate the landscape within a very short time. Financial providers and advisors must be strategically aware of the needs of their existing and future clients to adequately prepare to meet their expanding technological and communication needs.
Spectrem Group’s report Use of Mobile Technology, Tablets, Online Tools and Social Media is the second volume of the Millionaire Wealth Segmentation Series 2011. This report, fielded online with almost 1300 Millionaires in the summer of 2011, contains in-depth data and analysis of the behaviors of those households with $1,000,000 to $4,999,999 of net worth, not including their primary residences. This information is a powerful tool for financial services providers and advisors as they develop their strategies to effectively service and grow their millionaire customers.
Key findings include the following: -Most Millionaires use their smartphones for financial information. More than half email their advisors from their smartphones.
- Millionaires spend 12 hours each week on their tablets with wealthier households spending even more time on their tablets.
- Although older Millionaires spend less time on the PCs/Macs, more of their time is spent on financial activities.
- Half of Millionaires use Facebook with two-thirds of those under the age of 54 using it more frequently.
- A third of younger Millionaires rely more on social media to communicate than traditional channels such as the telephone.
This report will help financial providers and advisors to determine whether they are implementing the right services to meet the needs of Millionaires.
