This chart summarizes a lot of our insights with regard to segmentation of wealthy customers and their usage of social media and mobile apps. Put in a nutshell, we are seeing that particularly the entrepreneurial segment and the “young & hungry” are aggressively using social and mobile media, followed by “Old Money” and the “Mittelstand” (managerial class and owners of medium-sized businesses) segments.
It is a development that will profoundly influence the business of wealth management over the next decade. As social media are increasingly entering the financial industry, clients will demand new solutions and communication patterns from their banks and advisors. Another development shows, that recommendations from peers will become critical in the decision making process when choosing a new provider. The brand of financial players can also be heavily influenced through discussions and sentiment on social networks. In summary, social and mobile media are a strategic challenge, involving communication, sales and marketing efforts of every financial player. Be ready.