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Online advice dominates study finds

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Some 75 per cent of high-net-worth individuals (with a household income before tax of at least GBP100,000) now make financial decisions based solely on online advice, according to a new survey from Receptional.

Their findings show 44 per cent consume video and 58 per cent use social as key influencers in their research journey.

The firm writes that with three quarters of HNWIs surveyed making an investment decision based solely on online advice, it’s clear that the need for face-to-face consultations has declined (only 26 per cent thought they were worthwhile). Interestingly, individuals with an investment portfolio over GBP10 million are most comfortable with online-only advice – and they turn to YouTube for guidance above all other social channels. This demonstrates the need for high-quality video content as part of any strong digital marketing campaign targeting those individuals.
 
The survey also revealed an impressive increase in the use of search engines in making investment decisions, up to 67 per cent from 36 per cent in 2020. This is no doubt due to the effect of the pandemic as many turned online to search, buy and seek advice. It also underscores the need for finance firms to invest in search engine optimisation (SEO) and high-quality web content, to ensure they’re top of these searches. 

 Further findings are that the most trusted publications are The Financial Times, The Times and Forbes, while recommendations from friends or colleagues have declined as a deciding factor in investment decisions – from 36 per cent last year to around 25 per cent this year. The firm also notes that according to a report from Google for Q2 2021, 67 per cent of investment-related searches took place on mobile phones.  

 

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