87% of Mass Affluents (current investors with $100,000 – $1 million in assets, excluding the value of their homes) have used social media in the past year, with about three-quarters using Facebook, half using LinkedIn, and roughly one-quarter on Twitter, per results [download page] from a study conducted by LinkedIn in partnership with Cogent Research. Almost 40% of Mass Affluents report using social media for discovery (21%) or consideration (32%) of financial companies: interestingly, they’re more likely to learn about financial information through an ad or brand content than through an individual.
Asked the specific source of the financial information they learned via social media, 60% of those who had learned about a financial company said it was through an ad, easily the most common response. 38% said that company sponsored content and updates was their source of information, slightly ahead of the proportion citing a member of their social network (34%) or an industry expert or executive (30%).
A similar pattern emerged when looking at how respondents have learned about financial products or accounts: a leading 55% did so through an ad, with brand content (34%) a more common response than industry experts (28%) and social network members (25%).
Reaching those Mass Affluents is particularly important: among those 36% who use social for both discovery (staying up-to-date on financial trends or companies) and consideration (seeking advice or gathering info to make a financial decision), an impressive 63% have taken some form of action as a result, such as opening or closing an account of purchase a new product or policy.
- 44% of Mass Affluent social media users engage with financial companies: 31% read their content; 30% follow or like them; and 23% review multimedia content from them.
- 34% of Mass Affluent social media users engage with the content they consume from financial institutions.
- The most valuable results Mass Affluents receive from financial institutions on social media are: improved customer service; timely updates; and relevant content.
- The type of content considered most valuable on social are new information on products or services, though there is a gap between what Mass Affluents expect and what they receive in this area.
- Mass Affluents trust traditional sources of financial information (such as from peers, friends and family across non-social platforms) more than information from social media, with LinkedIn the most trusted social platform.
About the Data: The data is based on a study conducted in March 2013 by LinkedIn in partnership with Cogent Research. A 15-minute online survey was conducted among 502 U.S. individuals with between $100,000 and $1 million in investable assets. This included 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. These individuals did not have to be social media users to participate. Thus, results are meant to represent the greater Mass Affluent population.