A recent study on WealthManagement.com quoted findings from a survey of UHNW individuals ($5 to $25 million in investable assets). It turns out that 70% of this group used social media of some kind. While Facebook was the most widely used outlet, about a third of the UHNW were regular YouTube viewers. YouTube use by this group was shown to be growing rapidly at well over 10% year over year.
With regard to content, a healthy 42% of UHNW YouTube viewers turn to the site for financial videos. Especially favored with regard to content were financial information videos and videos on current financial events. In fact, 70% of UHNW YouTube viewers of financial videos selected financial information videos.
We believe this interest in education is consistent with broader trends in the wealth market toward greater transparency and client engagement. Particularly in investment management, educated consumers expect more information expressed with less jargon and obfuscation. Also, while not fully do-it-yourselfers, they recognize the need to be educated in relevant areas so that they can make informed purchase decisions and can work more effectively in concert with their provider once those decisions are made.
The general takeaway from these findings is that video is becoming a more attractive and widely used media choice among high-value segments for wealth managers.
Marketers should strongly consider this media option as an important way to reach prospects and clients. Also, the most valued videos are likely those that provide relevant instructional information, briefly, clearly and objectively (not that we don’t love a cute cat video ourselves from time to time).