Social Media in Wealth Management; Reaching clients and prospects on social media

Summary
The majority of investors are now active on social media on a daily basis, and wealth managers should embrace this both on the company-level and on the relationship manager-level. Social media adds value in a number of ways. Companies can benefit from social media in promoting their brand, enhancing thought leadership and investment opportunities, reaching out to a younger target audience, as well as servicing customers. Relationship managers can leverage social media in researching and reaching out to prospective clients, nurturing client relationships, and building their personal brands.

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Key Findings
– While the majority of consumers are now active on social media on a daily basis, the frequency of social media use decreases with age: 94.2% of investors aged 18-24 use social media at least daily, while just 44.1% of those aged 65+ log in daily.

– Company policy and the feeling that social media is too public are the most often cited reasons for wealth managers not being active on social media channels.

– The most popular activity companies undertake on social media is brand promotion, at 72.6% of respondents, followed by the promotion of new investment opportunities, thought leadership, and services.

– Client servicing is not yet among the activities wealth management companies regularly practice via social media. Only 31.7% of firms respond to client queries via social media – a very low percentage given the amount of time customers spend on social media.

– For relationship managers contacting prospects, the leading use of social media is the opportunity to build their personal brand followed by the opportunities to research and contact prospects.

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Synopsis
This report analyzes how wealth management companies and relationship managers can benefit from using social media. The report is based on our proprietary Global Wealth Managers Survey.

Specifically the report:

– Analyzes how social media can be useful across the client value chain and what the barriers are to social media use in companies.

– Provides context on how common social media usage is across different demographic segments.

– Examines how wealth management companies can use social media to promote their brand and promote thought leadership and investment products, and analyzes the most popular platforms for each purpose.

– Examines how relationship managers can leverage social media in researching and contacting clients and prospects as well as use it in strengthening client relationships and building their personal brand.

– Analyzes the use of social media in client servicing and analyses the most popular platforms for each purpose.

– Analyzes how wealth management companies tackle social media compliance issues.

– Provides an international overview of the recent regulatory developments on social media

Reasons To Buy
– Review your current social media strategy and benchmark your social media activities against competitors.

– Understand how to tailor content and social media strategy to fit each platform and benefit from competitor examples across different platforms and use cases.

– Proactively shape social media activities in light of emerging platforms and social media trends.

– Broaden the use of social media from mere marketing or brand-building activities.

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This release was published on openPR.