Social Media in Wealth Management Business – Past, Present and Future Trends & Issues!
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.
- 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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- 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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