Key Questions from Financial Services Firms around Wealth Management and Social Media

July 12, 2012 § Leave a comment


July 12, 2012 Over the last couple of months, I have been working on a research project looking at how social and digital channels impact wealth management, especially the advisor and investor relationship. The research project is taking the form of focus groups in LA and NYC and through a survey of 1000 investors along with 400 financial advisors.

We are looking to understand several trends:

  • What is the future role of digital and social channels in the relationship between investors and advisors?
  • What do financial services firms need to do differently to address digital needs across generations (and especially in preparing for Generation Y)

We started our journey by talking to over a dozen financial services firms Рwealth managers, asset managers, insurance firms, and the social vendors that support them. Across all of these discussion, there is genuine excitement for the research and a hunger to know the following:

  • How will social shopping behaviors spill into wealth management?
  • What digital interactions (i.e. read a Facebook update, saw a Tweet, read a blog) spark someone to think about their financial health, and then act? What does that next action look like and how can firms/advisors be there to support?
  • What is the profile of a social advisor?
  • What is the specific role that social and digital channels can play in shaping experiences with wealth management firms (especially given a sense of distrust in the market)?
  • What tools and experiences are needed across devices?

While the list is of questions that firms care about are extensive, these are a few that stick out to me. We hope to provide answers as we go through our research phases.

For anyone reading this, if there are any other questions that come to mind…fire away. As usual, all comments welcome.

 

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