Social Media to boost Wealth Management Market: Ken Research
Posted on 02 August 2016 by KenResearch Banking Financial Services and Insurance,
Key topics covered in the Report
- Rising role of social media globally in client value chain.
- Comprehensive analysis of key consumer and market trends which led to increasing impact of social media in wealth management decisions.
- Detailed discussion of leading social media platforms globally.
- Global insights of the regulatory framework monitoring social media.
Ken Research has announced its latest publication “Social Media in Wealth Management; Reaching clients and prospects on social media” which is comprehensive analysis of role of social media in wealth management globally. The report is based on Global Wealth Managers Survey which explains the process via which relationship managers of companies maintain healthy association with their target audience. It provides the details of use of social media platforms by firms for aggressive advertisement campaigns, for handling customer complaint, to research about target consumers and get insights of strategies of competitive firms. This report aptly explains how social media is an emerging platform that is indispensable for survival of companies in current scenario. It elucidates the importance of custom made content and strategies for success of business.
Global economic scenario
With rapid globalization, privatization and liberalization globally, interlinkages between different economies is increasing drastically. Global trade and business is completely interdependent and this interlinkage has resulted in massive cross border trade, global revenue and profits. This globalization is further fueled by social media which connects entire world via internet. World trade has enlarged substantially after introduction of social media and internet. Global income has significantly escalated since people can connect to each other with just a click of mouse. Social media has become platform for cost effective campaigns which helps in promoting a brand across border in an inexpensive manner. Thus, with rising impact of social media on people and with simplification of trading across border, global economy has witnessed rapid proliferation of income.
Brief overview of social media in wealth management
With rising reliance of people on gadgets, gizmos and internet, social media platform is becoming extremely vast and powerful. Nearly 95% of investors between age group 18-25 are active users of social media and uses it regularly for the purpose of wealth management. However, this use of social media is less evident in older population. Not only this, companies also use social media since it plays a pivotal role in business plans and strategies in current scenario.
Various key global market trends showing the importance of social media in wealth management and business are given below:
v Use of social media as a reliable source of information by high net worth investors. Use of LinkedIn and Twitter is becoming extremely popular amongst such investors for market research.
v Companies use social media for cost effective way of brand promotion.
v Aggressive advertisement campaigns are launched by firms on social media which helps in providing global recognition to the product in an inexpensive manner.
v Used for reaching target clients and audience in an economical way
v Helps to establish client and firms relationships. Complaint redressal cell and customer care services are now provided on social media platforms.
v Firms are able to monitor the strategies and plans of the competitors via. Social media which aids at developing their own business plans and policy.
Major market players
Facebook, Instagram, Snapchat, LinkedIn, Google+, Pinterest, Vine, Tumblr, Deutsche Bank, Goldman Sachs, Morgan Stanley, Klout, Credit Suisse, UBS, Julius Baer, Flickr, CreditEase, Deutsche Bank, JPMorgan, 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, Hong Kong Monetary Authority are some social media platforms which are used by both companies and investors for wealth management.
Thus, it is quite evident that with the amplification of social media network, global economy is becoming more interlocked and interconnected. This sector is expected to intensify further in future and further firms are expected to ardently use social media as a part of their corporate policy. Awareness and education amongst investors is also increasing through social media who are expected to increase their access to social media in future.
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Ankur Gupta, Head Marketing and Communications