20 more astonishing social media statistics for financial advisorsArticle added by Amy McIlwain on October 16, 2013
Amy McIlwain

Amy McIlwain

Denver, CO

Joined: August 26, 2010

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The recent article we did on social media statistics for financial advisors was such a hit that we decided to bring you another round with fresh data.

Have you been wondering if your target demographic is using social media? Can you reach them? Do they want to interact with a financial professional on social sites? The answer to each of these questions is yes! Not only are more boomers, seniors and affluent consumers using social media, they’re engaged and sharing information If you’re not on the social media bandwagon yet, you should be, and here’s the evidence to prove it.
Your target demographic is using social media
  • Two thirds of American adults with an investment account have profiles on Facebook, LinkedIn, or Twitter. (Crewnetwork)
  • The 55–64 age bracket is the fastest growing demographic on Twitter. (Business Insider)
  • More than half of investors over the age of 50 access Facebook regularly. (Millionaire Corner)
  • 75 percent of Senior Corporate Executives watch videos on business sites every week. 65 percent go on to visit a vendor’s website after watching a video. (Earnest Agency)
  • 71 percent of advisors say their target clients are active on LinkedIn.(LinkedIn)
  • 60 percent of boomers and 40 percent of seniors say watching online video on sites like YouTube has become an important part of their day. 75 percent of boomers and 68 percent of seniors report taking some sort of action after viewing a video. (Media Post)
  • 41 percent of seniors were encouraged by an online video to share a link of the video to someone. (Media Post)
Affluent consumers are using social media
  • 70 percent of millionaires have profiles on one or more platforms. (Millionaire Corner)
  • The average household income of a LinkedIn user is $109,000. (Advisor Websites)
  • The share of millionaires using social networking has doubled since 2010. 55 percent have Facebook profiles in 2013, compared to 26 percent in 2010. (Millionaire Corner)
  • More than two-thirds of millionaires age 47 and younger use LinkedIn. (Think Advisor)
  • Of all working professionals, senior corporate executives are the most active Twitter users. 45 percent check their accounts two to five times per day. (Millionaire Corner)
  • 98 percent of affluent social site users ($100,000–$1 million) agree that Facebook is for social rather than professional interaction, compared to Twitter (84 percent) and LinkedIn (78 percent). Ultra-high net users ($5 million+) are more likely to see LinkedIn as a social, rather than professional, site than other income groups. (Think Advisor)
Social media users are interacting with financial institutions
  • 90 percent of affluent consumers ($100,000–$1million not including primary residence) use social media. 44 percent of these users engage with financial institutions specifically. (Millionaire Corner)
  • 45 percent of mass affluent ($100,000–$1 million, not including primary residence) investors consider Facebook a source for investment and financial needs, while 42 percent would go first to LinkedIn. (Millionaire Corner)
  • 63 percent of mass affluent consumers take action after using social media to learn about financial products and services. (Think Advisor)
  • 45 percent of online U.S. adults who have a Twitter account are interested in interacting with financial services firms via Twitter. (Social Media Governance)
  • Of the U.S. consumers who opened a full-brokerage account last year, 40 percent researched their choices online. (CrewNetwork)
  • In 2012, 62 percent of advisors on LinkedIn were getting new clients. (Think Advisor)
  • Of that group, 32 percent used LinkedIn to bring in $1 million or more in assets under management. (LinkedIn)
  • Slightly more than one-third of U.S. online adult Twitter users agree with the statement, “I often recommend financial products and firms that I like to my friends and acquaintances,” compared with 21 percent of U.S. online adults overall. (Social Media Governance)
Conclusion:

The evidence is staggering! Social media is giving financial advisors access to a pool of affluent potential customers in specific target demographics. Even more importantly, social sites are creating the context and platforms for financial conversations and information sharing to take place. I’m not sure what’s more astonishing, the stats or the possibilities. Don’t get left behind.
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