Younger clients give thumbs down to face time: Survey

Not interested in taking a meeting — at least, not in person
DEC 07, 2012
Financial advisers who are serious about attracting young investors may need to revamp their idea of client meetings. High-net-worth people under 55 want more-frequent interactions with advisers, but not necessarily in person. About 62% of these investors want the option of having video meetings, along with some face time, according to a survey of by Cisco Internet Business Solutions Group found. In fact, about 57% of younger investors would consider moving a portion of their assets to firms that offer video as a way to connect with advisers and other experts, the survey showed. Only about 19% of investors over 55 said they would assets specifically because a firm offered video meetings. “Video capabilities are going to be important for advisers interested in attracting and retaining those investors who will be the future for their businesses,” said Robert Waitman, director of global financial services for Cisco's Internet group, a unit of Cisco Systems Inc. It appears that a small number of advisers are hosting client meetings via video technologies. The survey showed that only 6% of investors had used video to communicate with their financial advisers or firms. Ted Jenkin, cofounder of oXYGen Financial Inc., which caters to clients between 20 and 50, said he meets with clients an average of three times a year and that at least one of those meetings occurs remotely. He expects his firm to increasingly use such technologies to communicate with clients. “Anything that saves this group time is important,” he said. Investors' interest in using video and other technologies to manage their holdings seems to be rising, as is the age of people with that interest. The results of a similar Cisco survey in 2011 suggested that 49 was the cutoff age for significant investor interest in using technology to interact with advisers. This year's survey indicates that 54 is the point of no return.

Latest News

GLP-1 users are trading retirement savings for their prescriptions
GLP-1 users are trading retirement savings for their prescriptions

A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.

Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors
Inspired Healthcare sale price of properties is 59% of $1.2 billion sold by advisors

The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.

Class action alleges Webull misled investors about China operations
Class action alleges Webull misled investors about China operations

Its SEC filings said one thing - a congressional probe said another.

Investors accuse Netcapital of inflating revenue through sham deals
Investors accuse Netcapital of inflating revenue through sham deals

Sham agreements allegedly padded revenue by 345%.

Pre-retirees are looking for flexibility, security, and guidance when it comes to retirement income: Cerulli
Pre-retirees are looking for flexibility, security, and guidance when it comes to retirement income: Cerulli

"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor