As if it wasn’t hard enough to get young people off their smartphones, research from Spectrem Goup released Thursday found that defined contribution plan participants are likely to increase their use of social media and mobile technology in the near future.
Although LinkedIn is frequently found to be the most popular social media platform among advisors, their clients are more likely to prefer Facebook. Almost three-quarters of plan participants use Facebook, Spectrem found, and usage varies only slightly by age.
Participants are looking for two things from social media and mobile technology, George Walper, president of Spectrem Group, told AdvisorOne on Monday. One is information regarding their own account, he said. The other is general information and education.
Although Facebook is more popular among participants, they’re not ignoring other media. Forty percent of respondents said they were interested in getting financial information and advice through LinkedIn.