As we have just released our new report on Wealth Management and Social Media we would like to give another peak preview on its content. One of the objections we hear a lot from private bankers against social media is that typical private banking clients are too old, too conservative and too busy to spend their time on Facebook & co. Well, we beg to differ. This is only a small piece from the report, summarizing our market research:
An important trend for wealth managers to appreciate is that affluent or wealthy individuals use the general platforms like Facebook or LinkedIn most frequently, visiting niche platforms only occasionally. In conclusion, our findings show that wealthy individuals who are active on the Internet typically use two or more platforms in parallel:
Broad-based social networks like Facebook are used to communicate with friends, relatives or neighbors but also to exchange opinions with strangers about a diverse range of topics.
Professional networks like LinkedIn or Xing, are visited in order to find and re-connect to former co-workers, to expand one’s professional network and to identify potential new business partners.
Micro-blogging-networks like Twitter help users to stay informed and to read the comments of specific people on recent news topics in real-time - but also to comment themselves extensively on all matters of personal or professional interest.
Niche-networks are used to communicate with other people who have the same, very specific interests (such as certain hobbies or sharing the same challenges or life situations.