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Millionaires Not Afraid of Mobile: Spectrem

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Advisors’ websites are still the most trusted source of information for clients, but increasingly those websites are being accessed by mobile devices.

Well-designed websites are much more valuable to advisors trying to attract millionaire clients, according to a study by Spectrem. The report found over half of millionaires prefer to go to a financial firm’s website for information. Just 12% prefer using an app. Advisors need to make sure that their website is mobile-friendly and updated frequently, the report suggested.

(Related: 4 Ways to Keep More Clients)

“While many investors continue to use their computers to access financial sites, be assured that many will start to rely more on their phones in the future. Make sure your site is mobile optimized,” according to the report.

The report found 16% of millionaires have texted with their advisor, and they’re more likely to email than communicate by voice, the report found. Ultra-high-net-worth investors are more likely than less affluent clients to connect with their advisor by text: 9% compared with 6% of mass affluent and 7% of millionaire clients.

George Walper, president of Spectrem, stressed that “there is no ‘right way’ to communicate with investors any longer; advisors must be available and active on social media, their website and via mobile technology.’’ 

Walper said, “Investors are on their smartphones and tablets all day long. More of them are working and communicating with those devices than with their desktop computers.”

Some things for advisors to keep in mind as they develop strategies to grow their millionaire client base:

  • Attracting millionaire clients means having a presence on Facebook and LinkedIn. Just 12% of the millionaires surveyed use Twitter.
  • “Event-driven” investors, those who go looking for an advisor when life changes necessitate a professional’s help, are the most likely to value social media communications. Advisors should target these life changes in their social media messaging.
  • Video messaging works best with the youngest, wealthiest millionaires, who prefer content focused on stock decisions rather than financial market updates.

— Read How to Move Upmarket With Clients and Assets on ThinkAdvisor. 


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