A new survey from Global X on what Generation X and Millennials want from their financial advisors in terms of communication. We’re talking about 68 million and 73 million people respectively, by the way…
The survey also yielded insightful data on how advisors communicate and connect with Millennial and Gen X investors. When asked how often they prefer to speak with their advisors, 78% of Gen Xers and 71% Millennials would like to interact with their advisors quarterly or more frequently. Eighty-three percent of Millennials said they are connected with their financial advisor on Facebook, and 68% responded that they are connected on Instagram. Though, Gen Xers are less frequently connected with their advisors on these social media platforms, with 64% connected on Facebook and 43% connected on Instagram, when “less frequently” equals almost two-thirds – again, these percentages are still material and should be noted.
Why would anyone want to work with a firm that didn’t exist in the modern era. Why would anyone want to hire a financial advisor who didn’t speak the language of our day, and didn’t present herself and her ideas publicly, permitting them to withstand the same critiques and scrutiny that all other ideas must now face?
The social web can be harsh, noisy, aggressive and even intrusive. But it’s where everything is happening, including the lives of a financial advisor’s clients. All ages, all backgrounds, all genders, all walks of life. Look around an airport the next time you’re traveling and just count how many people out of ten are staring into their device. Then do the next ten, then the next. Seventy year olds. Ten year olds. Everyone in between. If the phone isn’t in their hands, it’s about to be.
If you have something worthwhile to bring to people’s attention, it will transcend the harshness, the noisiness, the aggression and the intrusiveness. The cream will rise to the top of people’s timelines. If it doesn’t, then perhaps it wasn’t particularly worthwhile after all. Or original or meaningful or interesting. This includes investing information; why wouldn’t it?
You can follow Ritholtz Wealth Management on Twitter, Facebook and Instagram.We put a ton of effort into talking to our clients in their phones, where they live, every day. If they pick up just one or two new insights or fresh ways of thinking about investing each week, then we’re doing worthwhile work there.