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UK wealth: relationship managers shun social media
Jan 25, 2013 (Datamonitor via COMTEX) --
A number of UK wealth managers are using social media to promote their brand and announce corporate communications, but this usage has yet to extend to client contact. In contrast to many other wealth management markets, UK wealth managers do not use social media at all for client relationships. However, as new generations of HNW individuals come through, they must be prepared to change.
Wealth managers in the UK have given a resounding thumbs down to the use of social media for client contact. This is in contrast to other international wealth management markets, suggesting UK wealth managers are missing a trick.
Results from Datamonitor's 2012 Global Wealth Managers Survey show that wealth managers in the UK do not use social media at all to contact their clients. On a global level, however, the story is somewhat different. Survey data show that while client servicing through social media is a long way from becoming the norm, its role in maintaining relationships is increasing. Indeed, 7% of wealth managers surveyed globally stated they were in contact with clients through social media channels every week.
This is not to say that the UK's wealth managers are averse to social media altogether. On the contrary, there are notable examples of wealth managers (including Barclays Wealth & Investment Management and Coutts) that have a presence on Twitter and Facebook. Yet these social media activities are primarily linked to announcing corporate developments and promoting the brand, rather than client contact.
One explanation for this lack of activity is the demographics of local HNW individuals. Results from Datamonitor's 2011 Global Wealth Managers Survey show that 73% of UK HNW individuals are over 50. They may or may not be on social media, but even if they are, they are unlikely to be accustomed to managing their financial relationships through it.
A second factor will be compliance. Many relationship managers will be constrained by the internal policies of organizations wary of falling foul of client communication regulations. However, as times change and younger generations of HNW individuals come through, wealth managers must be ready to adapt their policies and prepare for a new means of client contact.
For more information about this topic, please contact Helen Allingham at hallingham@datamonitor.com.
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