If Gen X, Gen Y Turn To Social Media, And If Some Advisors Are Discoverable…
The article was based on TDAmeritrade Investor INDEX research of 963 adults conducted at the end of last year and reported in February. While, to my disappointment, there’s no mention of Twitter specifically in the key findings document, the survey reported greater reliance by Gen Y on social media than on professional investment advisors.
We created the graph below but be sure to see the full five-page document which reports data on sentiments, preferences and behaviors of investors across the generations.
In earlier times, the younger generations’ use of financial advisors would be predictable—fewer assets, fewer advisor relationships is what would be assumed.
But another finding was that 62% of Gen X and 69% of Gen Y took responsibility for their finances in their teens versus 41% of Matures and 63% of Boomers. Signs point to Gen X and Gen Y accumulating investable assets sooner.
Hmm, if younger generations are relying on social media for their financial information, that would seem to favor the advisors who are discoverable via their social media activities, including blogging, Facebook, Twitter, LinkedIn, etc.