Ken Research has announced its latest publication “Social Media in Wealth Management; Reaching clients and prospects on social media.” which describes role of social media in wealth management. It inclusively examines chief industrial and market trends which escalated the influence of social media in wealth management practices. It provides information about the major social media platforms globally which are used by both investors and firms aggressively. It provides information about regulatory framework and policies which are examining social media globally. It elucidates the advantages a firm can exploit by making optimum use of social media.
Overview of impact of social media on wealth management
With increasing impact of globalization and interlinkages between economies trade is becoming highly interdependent and inclusive globally. Globalization became even more widespread with introduction of social media platforms with rising impact of internet in people’s lives throughout the world. More than 90% of investors aged between 18-24 years of age are using social media regularly for wealth management purposes. Trade has become smoother and easier through social media platforms since companies can now reach target audience and clients in a cost effective manner. Many social media platforms like Facebook, Instagram, Snapchat, LinkedIn, Google+, Pinterest, Vine, Tumblr, twitter, etc. is becoming extremely popular. Many major market players of this sector globally include Deutsche Bank, Goldman Sachs, Morgan Stanley, Klout, Credit Suisse, UBS, Julius Baer, Flickr, CreditEase, Deutsche Bank, JP Morgan, Nutmeg, Standard Bank, WeChat, Fidelity Investments, AJ Bell, Youinvest, American Century Investments, Salesforce, Vouched For, LinkedIn ProFinder, Socialware, Hearsay Social, Coutts, Ritholtz Wealth Management, GremIn, Financial Conduct Authority, FCA, FINRA and Hong Kong Monetary Authority.
Key drivers in the sector
Rising influence of social media has increased substantially in last two decades due to various factors which are listed below:
Technological progress
With technological advancement and improvement a large chunk of global population is active user of smartphones, laptops, PC and tablets. Boom in use of internet service has been witnessed in every single nation throughout the world. This is why use of social media for wealth management is increasing due to easy accessibility.
Cost effective method
Both normal and HNW investors are using social media for researching about various investment prospects on social media in an inexpensive way. Companies use social media as an inexpensive way of building firm-client relationship, for rising brand awareness, for researching about prospective clients and to reach target audience.
Ease of using social media
Social media can be used in an effortless manner to provide and impart information easily. This simplicity associated with use of social media is making it a popular platform for wealth management.
Conclusion
Thus, we can say that social media has played a crucial role in wealth management across the world. Investors are using social media on a regular basis to understand current investment trends. Companies are using social media for building client-firm relationship, for targeting prospective clients, to provide customer services, to build brand reputation and to research about potential customers and existing clients.
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