Study: How “social” are the Mass Affluent?

Study: How “social” are the Mass Affluent?

Can financial advisors reach affluent individuals via social media? A recent Cogent Research survey suggests you can. The survey, which explored engagement among high-net-worth individuals, found that 63% of respondents use social media to stay up to date on financial trends and to gather information to make a financial decision.

Building relationships on social media
Excerpted from a March 2013 study by LinkedIn in partnership with Cogent Research
A highly valued segmentThe Mass Affluent are current investors with $100,000 to $1 million in assets, excluding the value of their homes. According to Forrester, there are an estimated 40 million Mass Affluent Americans.
Overall social media adoptionNearing total adoption of social media, nearly nine in ten Mass Affluent have used social media in the past year (87%).

Social engagement with financial institutionsWhen it come to using social media for professional purposes, the Mass Affluent aren't just making connections with other professionals – they are highly engaged with companies as well.

Financial research and education on socialMass Affluent use social media as an educational resource for financial information and are greatly influenced by what they learn.

Expectations and outcomesTop 3 most valuable results Mass Affluent receive from financial institution's presence on social media:

Source: LinkedIn, Cogent Research, March 2013.

Methodology: A 15-minute online survey was conducted among 502 U.S. individuals with between $100,000 and $1 million in investable assets. This includes cash, savings, mutual funds, stocks, bonds, retirement accounts, and all other types of investments and real estate ventures, but excludes primary residence and vacation homes. Readable base sizes were targeted for key financial organization types — banks, credit card companies, and brokerages. Individuals did not have to be social media users to participate. Thus, results are meant to represent the greater Mass Affluent population.