Have you been wondering if your target demographic is using social media? The answer is yes! Not only are more boomers, seniors and affluent consumers using social media, they’re sharing information. If you’re not on the social-media bandwagon yet, you should be. Here are some data to prove it.

Your target demographic is using social media:

  1. Two-thirds of American adults with an investment account have profiles on Facebook, LinkedIn or Twitter.
  2. The 55-to-64 age bracket is the fastest growing demographic on Twitter.
  3. More than half of investors over age 50 access Facebook regularly.
  4. Seventy-five percent of senior corporate executives watch videos on business sites every week. And 65 percent of them visit a vendor’s website after watching a video.
  5. Seventy-one percent of advisors say their target clients are active on LinkedIn.
  6. Sixty percent of boomers and 40 percent of seniors say watching online video on sites such as YouTube has become an important part of their day. Seventy-five percent of boomers and 68 percent of seniors report taking some sort of action after viewing a video.
  7. Forty-one percent of seniors were encouraged by an online video to share it with someone else.

Affluent consumers are using social media:

  1. Seventy percent of millionaires have profiles on one or more platforms.
  2. The average household income of a LinkedIn user is $109,000.
  3. The number of millionaires using social networking has doubled since 2010. In 2013, 55 percent reported having Facebook profiles in 2013 compared to 26 percent in 2010.
  4. More than two-thirds of millionaires 47 and younger use LinkedIn. 
  5. Of all working professionals, senior corporate executives are the most active Twitter users. Forty-five percent check their accounts two to five times per day.
  6. Ninety-eight percent of affluent social-media users say Facebook is for social rather than professional interaction. This is compared to 84 percent for Twitter and 78 percent for LinkedIn. Ultra-high-net-worth users ($5 million and above) are more likely to see LinkedIn as a social rather than professional site compared to other income groups.

The evidence is staggering: Social media is giving financial advisors access to a pool of affluent potential clients who want to work with them. Even more important, social-media sites are creating the contexts and platforms for financial conversations and information-sharing to take place. Don’t get left behind; opportunity awaits you online!

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Amy McIlwain is a professional speaker on social media and President of Financial Social Media, an online marketing firm specializing in the financial industry. She can be reached through her website www.financialsocialmedia.com and on Facebook, LinkedIn and Twitter.