How Older Generations Are Using Social Media and What This Means For Advisors

How Older Generations Are Using Social Media and What This Means For Advisors

Do you know what the fastest growing demographic is on Twitter? The answer will surprise you.  The fastest growing demographic is the 55-64 year age bracket, which has grown 79% since 2012.

Are you reaching the fastest growing demographic online?

Social media is everywhere, and it is growing in all demographics. Some social network sites have user bases larger than the populations of most world countries. People are increasingly basing their purchase decisions around a business or individual’s online presence. The growth of older generations using social media has been staggering over the past three years. In fact, the 50 and over age group is the fastest growing demographic online, and constitutes a majority of the online consumer population.

This Infographic from Accredited Online Colleges looks at the Internet and social media usage amongst the older generations:

So, what does this mean for financial and insurance advisors?

It is easy to overlook the importance of Social Media in an industry such as Finance or Insurance however; everything we know about Social Media applies to these industries as well. Your clients and prospects are online and they are searching for news and helpful information. Social Media is an excellent and effective channel to engage with these prospects, build trust and position yourself as a thought leader in the industry. Share tips, discuss recent news, offer advice, and expand your reach online through sharing helpful content.

Investors often picked Advisors based on trust and the ability to build relationships . Think about it this way. Who would you trust more? The Advisor who is open about their business and expertise on Social Media, discussing industry updates, insights and advice. Or an Advisor, without a website or with a website that only publishes the services they provide and contact information.  The older generations have the most spending power, of any group, so it is important that they are being reached through the channels that they are using to make their buying decisions.

Social Media has become an essential part of the lives of millions of people around the world, and is a powerful platform to reach all demographics. Social  networking sites have created the context and platforms for financial conversations and information sharing to take place.  Used in the wrong way, Social Media can also have a negative impact on your business and brand. Check out the most common social media mistakes by Advisors here.

 

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