This rises to 34% for affluent investors. While most investors continue to rely on a variety of resources for investment information, nearly 70% have reallocated investments, or began or altered relationships with investment providers, based on content found through social media, the study found.
Investors who use social media for personal finance and investing purposes are using various platforms to form first impressions about providers and inform their decision to use a firm’s investment solutions. Regardless of the platform, investors primarily turn to social media to conduct research on investing, products and companies, or to seek advice regarding investment decisions.
This reflects the importance of a strong social media strategy for asset managers and distributors, Cogent said.
Cogent’s findings are included in a new report, “Social Media’s Impact on Personal Finance and Investing.” The report is based on a nationally representative survey of more than 4,000 investors with more than $100,000 in investable assets.
The study identifies the financial brands with the greatest exposure on each network—company blogs, Facebook, LinkedIn, Twitter and YouTube—and analyzes investors’ impressions of their content, as well as its influence on perceptions and connection to specific brands. Information about purchasing the report is here.