One third of mass affluent investors use a smartphone to correspond with their financial advisor or provider, according to a new report.
Spectrem Group, a Chicago-based strategic consulting and market research firm specializing in the affluent and retirement markets, published this finding a survey of wealthy investors on mobile technology and social media usage. Spectrem polled 1,428 mass affluent, 1,619 millionaire and 408 ultra-high net worth investors.
The report reveals that 33% of mass affluent investors use a smartphone (such as an iPhone or Android-based phone) to correspond with their financial advisor or provider. Usage of tablet devices (such as the iPad, Android devices and Kindle Fire) for this purpose was slightly lower at 29%.
Half of all mass affluent investors still rely on a PC or Mac for correspondence with an advisor, the study reveals.
The survey defines the mass affluent as those investors with a net worth (not including their primary residence (NIPR)) of between $100,000 and $1 million. More than 4 in 10 (43%) of respondents fall into the lowest category with a net worth NIPR of $100,000-$499,000. Another 31% have $500,000 to $749,999. And the remaining 27% have a net worth valued at $750,000 to $999,999.
Usage of smartphones and tablets among the mass affluent for investment-trading stood at 22% and 30%, respectively, of respondents. The study notes higher usage rates for investment research purposes: 45% (smartphones) and 50% (tablets).
Usage of tablet devices among the mass affluent has more than doubled in 2012.
The study reveals that usage of tablet devices, such as the Apple iPad, e-readers without Internet access and Kindle Fire, stood at 34% of mass affluent Americans in 2012. This compares with 16% in 2011.
Usage of smart phones—including the Apple iPhone (46%) Android-based phones (34%) and other (20%) totaled 44% of mass affluent respondents in 2012. This is slightly higher than the 43% recorded in 2011.